For one, poor people don't usually have any money left over to save after covering most immediate expenses. The average person sucks at saving, but it's tougher to do with weak or volatile income.
The unfortunate reality is that (most) subprime borrowers don't have the luxury to consider catastrophic events that can occur in the future because they are too busy worried about today.
Technology will continue to have a material impact on the amount of cash in circulation, of course. The evolution of money is fascinating to watch, though I believe it is important to consider that not everyone will be able to participate in this fantasy we dream of.
Open-loop prepaid cards have helped eliminate paper transfer channels to a degree (which is a positive step in the right direction) but we cannot ignore the 2.5B people on this planet who do not have access to modern financial services at all. For the rural farmer in Southeast Asia, cash is all he/she knows.
It's incredible how ignorant some folks can be when it comes to why cash is still considered king today. For one, half of all small transactions (less than $50) are made in cash.
OH the other day in Palo Alto: "Cash will no longer be a thing in 5 years."
Sorry, we are still roughly 200 years away from achieving this authoritarian fantasy, if we are to consider the current rate of decline of payments made in cash. I wish folks would leave their suburban bubble for once and talk with real people across America, especially those living at the bottom of the pyramid.
Sorry, I have to disagree with you here. Google Glass never achieved mass adoption amongst consumers due to the simple fact that they weren't fashionable, imo. Excluding SV, many people saw them as ugly and creepy.
It's fascinating to see this game making such a cultural impact in a matter of days, with much more room to grow on both the social and business side of things. It has massive potential to double as a wallet not only for digital goods, but items that can be purchased in the physical world.
I think entrepreneurs often forget that VC's are deploying OPM, which puts an enormous amount of pressure on the firm to deliver outsized returns. I've met a few entrepreneurs over the years that fail to understand this fully - sad!
1 month too late? Try 5 years too late. $BBRY should just give up and try to sell off any remaining IP they have left. Don't see BBM generating any real revenue for a company that is already experience extreme decay.
Agreed. LI has become far too intrusive as of late, and I really hate that some folks in different industries, specifically tech, value this as the end-all, be-all. If I have to miss out on certain opportunities due to my lack visibility on LNKD, then so be it. Just not a fan of what they're doing over there-at all.
While this may not be true to everyone contributing their 2 cents on this piece, most folks here cannot possibly fathom nor understands what it's like to be buried in stress due to poverty or near poverty experiences. I, too, have experienced my fair share of impoverished conditions throughout the course of my life, but it is a bit difficult, even frustrating, trying to explain to someone the effects of poverty. The emotional and physical toll poverty takes on one individual is beyond belief, but some folks will never get it, to be honest. Furthermore, the effects never quite diminish, even if one is able to climb out of poverty, unfortunately.
Always better to nail one thing down really well before you start thinking of other possibilities for a project/product, because it can most certainly distract you from accomplishing the small wins. Dwelling too much on all the things you can do over what you need to do at that very moment has proven to be toxic time and time again. As someone who has committed this very crime, I definitely understand where you're coming from.
Hmmm, very interesting and strong viewpoints. However, wouldn't you say this is what is wrong with the industry now? Investors looking to make a few bucks rather quickly than having patience and seeing something flourish over time? Granted, not all startups, if any, actually quite blossom after a longer period of time, but I think it's a bit unfair to expect such rapid growth or success in such a small time. Nevertheless, I believe founders must be more cautious when it comes to taking money from folks who may have such narrow vision for the future. Due diligence should be happening on both sides of the table, and all entrepreneurs must understand the reality of the industry now compared to 10, 15 years ago where there was much more tolerance for high risk ventures and little bit more patience.
"Well, to be honest, she can always sign up for One to One if she needs to learn how to interact with iOS 7's magical new interface." - Apple employee's response in a few months.