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Paul Mampilly is an American investor and former hedge fund manager. Paul has been featured on CNBC, Fox Business News and Bloomberg TV. He is the founder of the popular investment newsletter Profits Unlimited, where he uses his skills, experience and knowledge as a former Wall ... more

I’d Put A Chip In Me To Keep My Wallet At Home

Date: Thursday, July 27, 2017 5:34 PM EDT

RFID chips

“That’s ridiculous,” said one of my friends. “And lazy. It’s crazy that people would do this just to buy some snacks.”

Another friend whom I go rock climbing with was unabashedly enthusiastic when I asked her about it.

Text exchange

These are just two of the most opposite responses I got after chatting with my friend about the news that employees at a Wisconsin-based company called Three Square Market are getting “chipped.”

By chipped, we’re talking about grain-sized radio-frequency ID (RFID) chips, which are injected between the thumb and the forefinger. And of the 80 employees at Three Square, 50 are voluntarily agreeing to put this chip into their body to remove inconveniences from their life.

Modern Conveniences

Chipped employees will no longer need passwords for their work computers, or security cards to unlock doors or copy machines. Also, employees can use the snack room without cash or a credit card … they can just pick a snack up, and it’ll be automatically billed to him or her. That’s because Three Square Market is a self-checkout technology company.

RFID implants

Three Square Market’s customers are companies that provide self-checkout snack rooms … so, of course, getting self-checked-out is really the main benefit of getting chipped for the employees.

Now, many people are against these kinds of technologies, usually because of privacy concerns. However, when you look back at history, the pessimists have been utterly and completely wrong on technological developments.

For example, Conrad Gessner, a respected Swiss scientist, worried about information overload in the 1500s … when books were beginning to be published more commonly.

In 2005, CNN reported that using email makes you dumber and hurts your IQ more than smoking pot.

More recently, news reports claimed that “Twitter and Facebook could harm moral values” and that “using Facebook could raise your risk of cancer.”

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