[2019-02-18] Tim Draper Predicts Crypto Will Rule, Only Criminals Will Use Cash - page 2.

Lucius

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Quote from: gentlemand on February 19, 2019, 10:29:50 AM

I think we underestimate the speed at which cash is going out of fashion. It's pretty darned alarming depending on your country. On top of that they're squeezing cash ever harder in how it interacts with banking.

There is another good reason why cash will not go so quickly to oblivion, and it is the global availability of the Internet. By data posted on Wikipedia, only 55.1 % of world population has internet access, and we can say that almost 50% of people living today can not use any digital currencies. It certainly can not be changed in the next five years, but with the development of new technologies we can expect more and more people to get internet access.

For me it's incredible that 45% people in today's world is living almost in stone age, completely disconnected of everything that is available to us.

Naida_BR

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Quote from: tyz on February 18, 2019, 02:36:21 PM

Tim Draper Predicts Crypto Will Rule, Only Criminals Will Use Cash in Five Years

Billionaire investor and known Bitcoin (BTC) bull Tim Draper argued that in five years, only criminals will use fiat as crypto becomes universally widespread. Draper made his claims in an interview with American financial news tv channel Fox Business released on Feb. 18.

https://cointelegraph.com/news/tim-draper-predicts-crypto-will-rule-only-criminals-will-use-cash-in-five-years

It is clever. Just turn the tables. Something like that is called framing.

These statements are public only in order to try and manipulate the crowd. He is somehow right that criminals prefer cash because of anonymity. Even in the bitcoin network, the transactions are traceable but with cash, they aren't.
Five years is a very very short period, the elderly who are not exposed to the internet will still use cash for their daily transactions.

orions.belt19

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Quote from: Ozero on February 19, 2019, 12:05:35 AM

Quote from: tyz on February 18, 2019, 02:36:21 PM

Tim Draper Predicts Crypto Will Rule, Only Criminals Will Use Cash in Five Years

Billionaire investor and known Bitcoin (BTC) bull Tim Draper argued that in five years, only criminals will use fiat as crypto becomes universally widespread. Draper made his claims in an interview with American financial news tv channel Fox Business released on Feb. 18.

https://cointelegraph.com/news/tim-draper-predicts-crypto-will-rule-only-criminals-will-use-cash-in-five-years

It is clever. Just turn the tables. Something like that is called framing.

Does he mean that in five years cash will be less traceable than cryptocurrency? It is unlikely that in five years everything will change so much that a cryptocurrency will be more common than cash. In five years, of course, much will change, but not so much. During this time, the state will have to decide on the legalization of cryptocurrency. The status of cryptocurrency in each of the states will be officially determined. However, it is very difficult to say what the result will be. For five years, ordinary people will not switch to the use of cryptocurrency. This, apparently, will never happen. Cryptocurrency will always be used along with the national money of the states, and part of the population will use only cash for now.

I think what he meant was we could expect vast use of cryptocurrency in 5 years time by the masses while cash will be outdated by then (which I doubt) only to be used by criminals. He may be hinting that it would be more anonymous for you to use cash in the future as compared to crypto which may become traceable. Either way, I think its unlikely for only criminals to use cash in the near future because adoption of crypto use will take long. Many will still opt for the use of cash, especially in small countries or economies.

BitHodler

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Quote from: squatter on February 19, 2019, 03:05:17 PM

He's either acting completely delusional or has some other motive for saying things like this.

He just says what most of the get rich quick noobs want to hear, so from that perspective it's a smart move because people really seem to like that statement after all the rehashed Bitcoin is a scam or fraud nonsense.

Repeating the same $250k prediction during the bear market has no longer much effect with how the price keeps tanking. This is quite a desperate attempt to generate publicity, but it works, we're talking about him again.

At least he's actively investing in various startups that are meant to help Bitcoin become more mainstream and less dependent on shitty services that are owned by big blockers only out to work against Bitcoin.

Taki

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Haha it's like opposite the situation which has place to be five years ago, criminals used crypto for buying drugs and so on. Now we are kind of in the middle and in five years everything will turn from head to feet. Interesting, but not real.

gentlemand

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Quote from: squatter on February 19, 2019, 03:05:17 PM

It must really depend where you live. I live in the states, and everyone loves cash here.

Oh yeah totally. America will be one of the last developed nations to fall. But in Denmark and Sweden they are likely to have totally exterminated cash within 5-10 years. It's already rejected in the majority of transactions. Cash usage is falling rapidly in the UK but it's going to take a while longer.

squatter

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Quote from: gentlemand on February 19, 2019, 10:29:50 AM

I think we underestimate the speed at which cash is going out of fashion. It's pretty darned alarming depending on your country. On top of that they're squeezing cash ever harder in how it interacts with banking.

It must really depend where you live. I live in the states, and everyone loves cash here. Literally everyone I know always carries some crisp bills in their wallet. All the gas stations list different cash and credit prices on their signage. A couple of my local restaurants only accept cash. There's also a huge food truck / food cart industry here and those are mostly cash only. My auto mechanic knocks 3% off my invoice when I pay him cash. And with so many undocumented immigrants here and also big grey markets like cannabis and hemp production, that adds huge demand for a cash economy. There are also things like laundromats, street vending, nail salons, etc. that are predominantly cash businesses.

I've also noticed that people here are becoming increasingly skeptical that service workers are receiving tips via apps and credit cards. There is a big culture of tipping service workers in cash for that reason.

Draper lives in California so he shouldn't be ignorant to this stuff. He's either acting completely delusional or has some other motive for saying things like this.

tyz

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Quote from: bhadz on February 19, 2019, 05:13:46 AM

Cash is less traceable if it won't go through any bank or third party agencies. Sort of hand to hand cash payment.

Cash is an anonymous way to pay. But no less than some private blockchain-based technology. Thus, Tim Draper can relate his statement only to traceable blockchain transactions.

gentlemand

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Quote from: Lucius on February 19, 2019, 07:13:10 AM

I do not agree with Draper that only criminals will use cash in five years, simple for a reason that five years is too short time period that the majority of financial transactions is switch to cryptocurrency. People just are not ready to accept such a challenge, especially as bitcoin as a decentralized currency what is something quite different from what exist in the world of finance for hundreds of years.

I think we underestimate the speed at which cash is going out of fashion. It's pretty darned alarming depending on your country. On top of that they're squeezing cash ever harder in how it interacts with banking.

There may come a time sooner than we think where having tens of thousands of Euros in cash is a liability rather than an asset, let alone hundreds of thousands or millions.

Lucius

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I do not agree with Draper that only criminals will use cash in five years, simple for a reason that five years is too short time period that the majority of financial transactions is switch to cryptocurrency. People just are not ready to accept such a challenge, especially as bitcoin as a decentralized currency what is something quite different from what exist in the world of finance for hundreds of years.

Tim Draper is a smart man, and I personally appreciate his thoughts regarding cryptocurrency, so even if he say something like this it does not diminish all the good things he did for cryptocurrency over the past years. They all laughed to him back in 2014 about his prediction "10 000$ in next 3 years", and when he bought 30 000 bitcoin when price was around 600$, and we see now that he was right and that he has a nose for business.

1Referee

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I will continue to use fiat, regardless of where Bitcoin stands in terms of adoption in the forthcoming decades. It's so convenient to have different forms of money work for you whenever you want, where one day Bitcoin is the better option to go for, and the next day it might be fiat.

I don't understand how people trash something they pay attention to the most. People pretend that Bitcoin will be the bomb, but all they care about is the fiat value to go up so they can cash out to fiat. If people were really so anti fiat, they wouldn't whine about the current bear market. Fiat is what matters here, and will continue to do so in the future, let's see things how they are. Roll Eyes

DooMAD

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I don't know why people set themselves up to fail like this. We live in an age of unprecedented record keeping. Someone is going to dig up this quote in 5 years and throw it back at him if he isn't right.

Quote from: elda34b on February 18, 2019, 11:49:33 PM

I don't know why news like this keep being made though, is there no more important news that can be shared except prediction from some guy?

Not in the quantity that they'd like, no. There's always going to be "filler" material about which vaguely recognisable person said what.

bhadz

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His prediction and statement is timely. We all knew it that in the future crypto will rule and it's just getting started today. And what he is trying to do now is encouraging people and telling "get in" before that day comes.

Quote from: Ozero on February 19, 2019, 12:05:35 AM

Does he mean that in five years cash will be less traceable than cryptocurrency?

Cash is less traceable if it won't go through any bank or third party agencies. Sort of hand to hand cash payment.

CryptoBry

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Quote from: tyz on February 18, 2019, 02:36:21 PM

Tim Draper Predicts Crypto Will Rule, Only Criminals Will Use Cash in Five Years

Billionaire investor and known Bitcoin (BTC) bull Tim Draper argued that in five years, only criminals will use fiat as crypto becomes universally widespread. Draper made his claims in an interview with American financial news tv channel Fox Business released on Feb. 18.

https://cointelegraph.com/news/tim-draper-predicts-crypto-will-rule-only-criminals-will-use-cash-in-five-years

It is clever. Just turn the tables. Something like that is called framing.

Well, this is good entertainment for all bitcoin holders and lovers. Who would refuse a very positive and upbeat prediction like that but we who are the wise can be raising our eyebrows. Though I have to disagree why fiat has to be relegated to the use of the criminals when ordinary guys like you and me are still using them and I don't think fiat money can completely disappear into the future...though the use of the digital counterparts can really be increasing. We have to remember that as a global society we are into niches...one thing may decrease in popularity and use but certainly there will always be people and situations where fiats can still be called on. But then again...let's just consume what Draper can be saying and sleep tonight with some bull runs coming.

Ozero

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Quote from: tyz on February 18, 2019, 02:36:21 PM

Tim Draper Predicts Crypto Will Rule, Only Criminals Will Use Cash in Five Years

Billionaire investor and known Bitcoin (BTC) bull Tim Draper argued that in five years, only criminals will use fiat as crypto becomes universally widespread. Draper made his claims in an interview with American financial news tv channel Fox Business released on Feb. 18.

https://cointelegraph.com/news/tim-draper-predicts-crypto-will-rule-only-criminals-will-use-cash-in-five-years

It is clever. Just turn the tables. Something like that is called framing.

Does he mean that in five years cash will be less traceable than cryptocurrency? It is unlikely that in five years everything will change so much that a cryptocurrency will be more common than cash. In five years, of course, much will change, but not so much. During this time, the state will have to decide on the legalization of cryptocurrency. The status of cryptocurrency in each of the states will be officially determined. However, it is very difficult to say what the result will be. For five years, ordinary people will not switch to the use of cryptocurrency. This, apparently, will never happen. Cryptocurrency will always be used along with the national money of the states, and part of the population will use only cash for now.

elda34b

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Another ridiculous, baseless and weak prediction. Too much generalization and too much assumption that is far from reality. I don't know why news like this keep being made though, is there no more important news that can be shared except prediction from some guy?

Cointelegraph should know better which kind of news is important, which one is laughable.

squatter

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I don't mind Draper, but this statement is ridiculous. Non-criminals have very legitimate reasons to use cash. Some merchants offer lower prices for cash payment (vs. credit cards) so it can be cheaper to use. There are no fees to spend cash, so again, it's cheaper to use. Not to mention, cash is much more private than most cryptocurrencies.

And in 5 years, no less? Give me some of what he's smoking, please.

Carlton Banks

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Tim Draper knowingly bought stolen Bitcoin to get into the market, so that's a bit of a questionable statement

tyz

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Tim Draper Predicts Crypto Will Rule, Only Criminals Will Use Cash in Five Years

Billionaire investor and known Bitcoin (BTC) bull Tim Draper argued that in five years, only criminals will use fiat as crypto becomes universally widespread. Draper made his claims in an interview with American financial news tv channel Fox Business released on Feb. 18.

https://cointelegraph.com/news/tim-draper-predicts-crypto-will-rule-only-criminals-will-use-cash-in-five-years

It is clever. Just turn the tables. Something like that is called framing.

Topic: [2019-02-18] Tim Draper Predicts Crypto Will Rule, Only Criminals Will Use Cash - page 2. (Read 406 times)