[Gmac]

http://finance.yahoo.com/news/tomorrowla...29283.html

Quote:

Soon, guests at the Walt Disney World Resort in Orlando will no longer need to keep track of tickets or cards to gain access to the park or rides. Instead, they’ll simply have to don a wearable band.

Called MagicBands, the high-tech bracelets are designed to be an all-in-one device that connects park visitors to everything.

Using Radio Frequency technology, guests need only tap their band at the various touch points being installed throughout the Walt Disney World Resort to enter the theme parks or their hotel room. They can even be used to buy food and souvenirs.

Quote:

Also, the bands can be disabled if lost or stolen, and if you connected a credit card to the MagicBand, a PIN code is required to finalize any purchases. Parents can also place restrictions on their kids’ MagicBands to disable the ability to purchase items or limit the amount of spending.

Ok, so let's forget for one moment that it's Disney Land. What do you think this means for all-inclusive resorts? For society? Think we might see a decline in credit cards and cash usage if future generations of this tech go mainstream?

[Genghis Khan]

Isn't this effectively a preview of Google Wallet...no more CC or cash, just use your phone?

[Gmac]

How do you figure? No phone no problem. Go on vacation and not have to worry about carrying anything with you at all.

[Grit]

Fashion statement written all over this.

[Sourcecode]

What are we talking about here?
That people arent gonna be social if they dont have to physically talke to someone? Or that the world is going cashless.

I was one of the people early on to have the google android phones that used google wallet.

Its pretty awesome..but its not gonna be widespread for a while..the "infrastructure" isnt set up to make it widespread yet.
Cash has been long in decline.
And this wont be anything more than the new credit card. instead being in your wallets, its on your wrist or your phone.

The only problem I see. Is that a group of smart kids are gonna hack these and or clone signal and steal peoples money.
Anything can be broken in these systems...fake checks..card skimmer..wifi hacking..
Ever member and anyone affiliated with DefCon will need to be banned from Disney otherwise theyll all ride for free

[Thomas the Rhymer]

For guys who have been reading Taleb, do you think cashlessness is fragilising or not?

The way I see it, the more complicated the underlying cash infrastructure has to be, the more likely a black swan event can occur. It's like the easier the system becomes for usability, the more dramatic potential random events can be.

In the 1950's, to rob a bank, you had to physically go in, blow the safe, get out. In the end, the damage would always be limited to one bank at a time.

Today guys are stealing millions remotely from multiple banks from a computer. The damage is no longer self-limiting.

At some point some clever but alienated guy may decide to destroy the world's banking system just to spite everyone. That sort of destruction and mayhem can only occur in a cashless world. To physically destroy your money, a man has to physically take your wallet - but when cash is mere data, it's vulnerable to anyone with skillz and a computer from anywhere.