Cloudmoney audiobook cover - Cash, Cards, Crypto, and the War for Our Wallets

Cloudmoney

Cash, Cards, Crypto, and the War for Our Wallets

Brett Scott

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Categories:
EconomicsMoney & InvestmentsTechnology & the Future

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Cloudmoney
The War on Cash+
The Value of Cash+
The Future of Money+

Quiz — Test Your Understanding

Question 1 of 7
What was the original promise of the fintech industry following the 2008 financial crisis, and what was the actual outcome?
  • A. It promised to eliminate fiat currency, but ended up creating highly volatile, unregulated digital assets.
  • B. It promised to disrupt the power of banks, but ultimately became an interface that embedded the traditional financial order further into our lives.
  • C. It promised to make all transactions anonymous, but ended up selling consumer data directly to the government.
  • D. It promised to replace cash entirely by 2015, but failed due to massive consumer protests and pushback.
Question 2 of 7
According to the text, what are the two primary motivations behind the top-down push for a cashless society by powerful financial institutions?
  • A. Hygiene and transaction speed
  • B. Government surveillance and tax collection
  • C. Profit and data collection
  • D. Environmental sustainability and reduced printing costs
Question 3 of 7
How does the author redefine the common 'horse cart vs. car' metaphor used by anti-cash advocates?
  • A. Cash is actually a 'horse cart' that simply needs to be upgraded to a 'train' through central banking.
  • B. Cash is a 'walking path' compared to the 'airplane' of modern digital finance.
  • C. Cash is a 'shield' protecting consumers from the 'sword' of big tech data harvesting.
  • D. Cash is a 'bicycle' running alongside cars; it may be slower, but it is safer, doesn't pollute, and reduces traffic.
Question 4 of 7
Why is cash considered particularly important for working-class individuals, according to the book's arguments on class and society?
  • A. It allows them to invest in speculative assets without paying exorbitant commercial banking fees.
  • B. It provides a tangible way to participate in capitalism while offering protection from exploitation and the accumulation of debt.
  • C. It is the only form of payment legally accepted by local businesses in historically marginalized neighborhoods.
  • D. It enables them to bypass central bank inflation rates by storing physical value.
Question 5 of 7
What role has cash historically played in progressive social change?
  • A. It allowed governments to secretly fund progressive social programs without facing public backlash.
  • B. It was the primary method used to legally lobby politicians for landmark civil rights legislation.
  • C. It forced large commercial banks to lower their interest rates to compete with underground community lenders.
  • D. It provided life support for marginalized or previously illegal activities, allowing for creative deviance and gradual social acceptance.
Question 6 of 7
Why did cryptocurrencies ultimately fail to fulfill their original goal of becoming a 'peer-to-peer electronic cash system'?
  • A. They became highly speculative assets ('digital gold') and failed to act as a reliable 'means of account' for pricing goods.
  • B. Central banks worldwide successfully banned their use in everyday retail transactions.
  • C. The underlying blockchain technology was too slow to handle the volume of global retail purchases.
  • D. Tech giants like Google and Facebook bought out the major cryptocurrency platforms, centralizing their control.
Question 7 of 7
What is identified as the biggest potential downside of Central Bank Digital Currencies (CBDCs), and how might it be addressed to create true 'digital cash'?
  • A. High transaction fees; which can be addressed by legally capping commercial bank profits.
  • B. State surveillance; which can be addressed by combining CBDCs with a private blockchain system for anonymity.
  • C. Vulnerability to cyberhacking; which can be addressed by backing the digital currency with physical gold reserves.
  • D. Inability to distribute universal basic income; which can be addressed by linking CBDCs directly to PayPal accounts.

Cloudmoney — Full Chapter Overview

Cloudmoney Summary & Overview

Cloudmoney (2022) provides an overview of our present payment landscape. As it turns out, the age-old question of “cash or card” is not as simple as it seems. Underneath the push toward cashless is a murky world of powerful interests trying to extract profit and data from people’s purchases. And the disappearance of cash has more disadvantages than you might think. 

Who Should Listen to Cloudmoney?

  • Literally everyone – we all use money
  • Anyone considering getting rid of cash altogether
  • Students of finance, economics, or politics

About the Author: Brett Scott

Brett Scott is a journalist, campaigner, and author. He used to be a broker, and knows the financial system inside out. He is a fellow at the Finance Innovation Lab, and has published other books such as The Heretic’s Guide to Global Finance.

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