Editing 2335: Photo Deposit
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The title text states that the app recognizes the {{w|serial number}}s on the bills and prevents users from depositing them multiple times. However, this would not solve the fundamental problem. Clients could still deposit all of their cash and retain ownership of it. And they could then exchange those bills for different ones and deposit the new bills, repeating the process indefinitely (which explains Cueball's comment about "a lucrative six hours"). It is possible that Megan and Cueball are deliberately depositing the same bills to each of their accounts, given their close proximity. | The title text states that the app recognizes the {{w|serial number}}s on the bills and prevents users from depositing them multiple times. However, this would not solve the fundamental problem. Clients could still deposit all of their cash and retain ownership of it. And they could then exchange those bills for different ones and deposit the new bills, repeating the process indefinitely (which explains Cueball's comment about "a lucrative six hours"). It is possible that Megan and Cueball are deliberately depositing the same bills to each of their accounts, given their close proximity. | ||
| β | The only way such a system could work is if every entity that accepted cash payments or deposits operated from a common database, functioning in real-time, which kept track of each transaction, and disallowed any further use of that specific bill. This would have the ultimate impact of making cash virtually useless, as once every bill had been spent once, all future transactions would need to be electronic (unless there were a system in place to physically distribute the appropriate bills to the appropriate people, which would defeat the entire point). Such a system is essentially the basis for {{w| | + | The only way such a system could work is if every entity that accepted cash payments or deposits operated from a common database, functioning in real-time, which kept track of each transaction, and disallowed any further use of that specific bill. This would have the ultimate impact of making cash virtually useless, as once every bill had been spent once, all future transactions would need to be electronic (unless there were a system in place to physically distribute the appropriate bills to the appropriate people, which would defeat the entire point). Such a system is essentially the basis for {{w|Cryptocurrency}}, which uses a crowd-sourced system to track the movement of money. But such a system would require virtually universal acceptance in a given country, and could not be implemented by a single bank. |
In addition, the system would be highly vulnerable to {{w|Counterfeit money|counterfeiting}}. Common anti-counterfeiting measures include using distinctive materials and fine details, both of which are difficult to duplicate well enough to fool a human. Smartphone cameras, on the other hand, can't distinguish texture and may not have sufficient resolution to make out that level of detail. Counterfeiters could produce and deposit an almost unlimited number of bills, then destroy them, leaving little evidence of their crime. | In addition, the system would be highly vulnerable to {{w|Counterfeit money|counterfeiting}}. Common anti-counterfeiting measures include using distinctive materials and fine details, both of which are difficult to duplicate well enough to fool a human. Smartphone cameras, on the other hand, can't distinguish texture and may not have sufficient resolution to make out that level of detail. Counterfeiters could produce and deposit an almost unlimited number of bills, then destroy them, leaving little evidence of their crime. | ||
