Ted Bauman Blog | I Won’t Get Chipped … and Neither Should You | Talkmarkets
Editor, The Bauman Letter
Contributor's Links: Banyan Hill Publishing

Ted Bauman joined Banyan Hill Publishing in 2013 and serves as the editor of The Bauman Letter, Plan B Club and Smart Money Alert, specializing in asset protection, privacy, international migration issues and low-risk investment strategies. He lives ... more

I Won’t Get Chipped … and Neither Should You

Date: Tuesday, August 1, 2017 10:16 AM EST

Technology

Paranoiac [par-uh-noi-ak]: A tendency on the part of an individual or group toward excessive or irrational suspiciousness and distrustfulness of others

If you’ve followed the entertaining saga of former White House communications chief Anthony “The Mooch” Scaramucci, you’ll be familiar with the term “paranoiac.” Apparently the Mooch thinks ex-Chief of Staff Reince Priebus is one.

The question is: Am I one, too?

Recently my colleague Paul Mampilly wrote that he’d be perfectly happy to have a microchip implanted in his body if it made his life easier.

I disagree, to put it mildly. Does that make me a paranoiac, a Luddite … or prescient?

Privacy or Convenience?

Three Square Market, a Wisconsin company that makes self-checkout gear for corporate and prison cafeterias, recently started implanting microchips in its employees.

The company claims it’s doing this to make life easier for those employees. They won’t have to use cash or cards to pay for snacks, enter a password in their computer, or use a key or card to unlock doors.

All they must do is consent to a rice-sized radio-frequency ID (RFID) microchip in their hand.

(A skeptic might argue that this exercise is really a form of viral marketing — by creating a media stir, it attracts attention and business. It might just work … especially in the prison warden market, where such technologies are the stuff of dreams. But I digress.)

This has led to a big outcry. Paul Mampilly feels this is wrong: He says initial resistance to innovative technology is always misguided:

… I’m skeptical of media stories that question new technology that can make our lives better … especially when it comes to something that’s as frequent as paying for things, like how RFID chips are being used. …  The bottom line for me on this is that there is a revolution brewing in financial technology. And it’s clear that many people are ready to throw off old ways in terms of paying for things in order to have greater convenience, and the freedom of being able to do things without a wallet or a form of payment.

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