The Daily Valet. - 6/23/22, Thursday

✔️ The War on Cash

June 23, 2022

Thursday, June 23rd Edition

Cory Ohlendorf, Editor in Chief of Valet.

He’s a 10, but he’s always talking about this damn newsletter.

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s edition is presented by

Today’s Big Story

The War on Cash

Cash payments are on the wane ... but is that a good or a bad thing?

Can you recall the last time you used cash to pay for something? I can, only because my local donut joint still refuses to allow me to pay by card. So I still pull out a few bills and then get change—more bills and actual coins—in return. I toss it all in the tip jar just so I don't have to deal with it.

Of all the futuristic promises that were made at the end of the 20th century, digital payments is one of the handful that our society has delivered. Whenever you have to pay for something, there is a very good chance you can do it with a simple card swipe or by tapping your phone, even your watch.

During the first decades of the 21st century, cash has gone from the primary American form of payment to third place. Debit cards overtook cash back in 2018, then credit cards followed in the first pandemic year, 2020. Cash usage has dipped below 20% of all transactions—only seven points above direct bank transfers and only five above “other,” whatever that is ... bartering?

Cards and digital banking has made traveling simpler too. The start of a trip used to involve the ritual of obtaining local currency, but swiping a card takes care of the exchange rate and saves you from fumbling with unfamiliar bills and coins.

Every day, we inch closer to the mythical cashless society. But according to Intelligencer, this transition might be great for the companies that manage the digital money system but not necessarily wonderful for the rest of us. Experts fear that a cashless society would be so fast it’s guaranteed to leave some people behind.

Then there’s the “cashless effect,” which describes our increased willingness to buy products and to pay more for them when no physical money changes hands. Further research has shown that, compared to people who use cash, people who use credit cards are happy to spend more, are less likely to recall their past expenditures, and make more unplanned and unhealthy purchases.

↦ My Take: Personally, I hate using cash but I carry it anway. Here’s why I think you should at least have an emergency $20 in your wallet.

Westminster’s Top Dog Is Trumpet

Meet the first bloodhound to ever win the prestigious dog show

A bloodhound named Trumpet won the Westminster Kennel Club Dog Show on Wednesday night, besting six other finalists to snare U.S. dogdom's most coveted best in show prize.

The droopy-eared good boy became the first bloodhound to win Westminster, often described as the Super Bowl of dog shows. Nearly 3,500 dogs—epresenting more than 200 breeds and varieties—took part in the competition, reports CNN. The goal is to crown the dog that most represents the ideal for its breed.

I, unfortunately missed the show because I was prepping this newsletter. But according to ESPN, Trumpet posed patiently for photos after his win, standing proudly but eventually starting to do what bloodhounds do best—sniff around. He examined some decorative flowers that had been set up for the pictures, not appearing to find anything of note. But I hope he got all the treats when they got back to the hotel.

↦ FYI: Winston, a French bulldog co-owned by NFL defensive lineman Morgan Fox, took second place.

Partner

Weight loss is not just about what you eat. Perhaps even more important is how, when and why you eat it.

Daily Harvest Made a Mess

Amid recall and severe illness claims, the meal service enlists FDA

Have you been hearing about this Daily Harvest debacle? The celebrity-backed food brand that's popular on social media for its ready-to-blend smoothies and other frozen foods is grappling with serious allegations that one of its products made people really sick.

About a week ago, the Daily Harvest subreddit began filling up with stories about people experiencing stomach pain, fevers and liver problems after eating the company's lentil crumbles. The conversation eventually spilled onto other social media platforms as well. (The company had supposedly been responding to complaints about health concerns regarding the lentils since last Wednesday.)

Daily Harvest published a statement Sunday advising consumers to throw out the dish but received backlash for not being more forthcoming on social media. Wednesday afternoon, they put out more statements and updated their Instagram with more information. But customers are outraged at the company's nonchalant response and apparent delay in recalling the product.

According to the Washington Post, Daily Harvest has now enlisted the Food and Drug Administration, “microbiologists, toxin and pathogen experts as well as allergists” to identify any problems with the food. But it makes you wonder, can a health food company survive a scandal that sent people to the ER?

↦ FYI: Bon Appétit points out that raw lentils are generally dangerous to consume, as the lectin protein they contain can supposedly cause a variety of toxic reactions.

Rebranding a Fish

An unpopular, invasive fish gets a makeover

Speaking of food, this is a really interesting story ... last February, the Illinois Department of Natural Resources announced that it would be proposing a new name for Asian carp, the name used interchangeably for the bighead, black, grass and silver carp, in order to make it sound more palatable to diners.

Despite being a wild-caught, tasty and healthy fish, it simply wasn't appealing to people. Apparently, the word “carp” is off-putting, because people tend to think of that fish as being “dirty.” So now it will officially be rebranded as copi.

The fish were originally imported into the U.S. in the 1970s but after an accidental dump into the Mississippi River, they migrated and multiplied. This is a pretty clever solution to controlling the population. According to AdAge, a host of retailers and chefs have aleady committed to putting copi on their menus and in stores, offering the public a variety of ways to enjoy copi.

If this seems crazy, just know that it's been done before. Chilean sea bass? It's not sea bass at all. It's actually a Patagonian toothfish. Orange roughy was originally known as slimehead. And prunes now go by dried plums. So maybe we'll be eating some grilled copi tacos in no time.

↦ Meanwhile: Kraft’s legendary Macaroni & Cheese is changing its name as well.

In Other News

↦ Why Conspiracy Theories Flourish in Trump’s America

↦ See How Much This Proposed Gas Tax Holiday Would Actually Save You

↦ Hong Kong’s Famed Jumbo Floating Restaurant Has Sunk to the Bottom of the Sea

Other Things We’re Talking About Today

Vape ‘em while you got ‘em

Tote bags

Daniel Arsham

Partner

Push Past Your Plateau

Want to get in shape this summer? Noom has the solution.

A fitness journey is never a straight line. There are ups and downs. There are questions and mistakes. And, maybe most frustratingly, there are plateaus—when your progress stops but you're not sure why.

Now you can get the answers. Join half a million people learning to push past plateaus and tame temptations without starving or stressing out. Noom's weight program shares the behavioral change tools needed to forgive, practice and stick to a plan that works for you and your lifestyle.

The real magic of Noom Weight? Total doability. Noom Weight's daily psych-based lessons help build healthy eating habits to keep the weight off for the long run. With a unique combination of human coaches and technology, the digital health platform empowers you to achieve proven health outcomes. Noom guides you through the ups and downs of your daily journey, providing tailored guidance to help you along the way.

This will help you change unhealthy habits one step at time: No restrictive diets, no impossible workout plans. That means you lose the weight, not the foods you love. You'll start seeing results because this is backed by genuine science, not gimmicks. And best of all, it only takes 10 minutes a day.

↦ Get Started: Take Noom's free quiz to kickstart your health journey today

What We’re Buying

These blacked-out adidas slides are perfect for lounging by the pool, but are also cool enough to wear around the house or with your laidback summer fits. If you're like me and not a huge fan of logos, then the subtlety of the three stripes in black is a welcome change. A smooth molded construction with a soft Cloudfoam footbed makes for a comfortable sandal that can be worn all day. Super lightweight and quick to dry, there's no need to be gentle with these; plus, for the price, go ahead and buy in bulk for summers to come.

↦ Get It: $27 / $19 by adidas