The Death of Money - page 2. | Bitcointalksearch.org

Hazir

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★Nitrogensports.eu★

Quote from: Huobi-USD on October 14, 2015, 02:11:03 AM

“Tangible money, old-fashioned money … is a phantom from the past, an anachronism. In its place is an entirely new form of money based not on metal or paper, but on technology, mathematics, and science. This new ‘megabyte’ money is creating a new and different world wherever it proceeds. Money now is an image.”
-snip-

There is huge problem with money 'created' by science, mathematics and existing only on technological plane of cyberspace.
They need POWER to be viable. That is making them simply not usable in certain situations. I doubt if we'll ever switch to 'virtual' currency without
solving this 'source of energy' problem.

chennan

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Quote from: SerenaL on October 14, 2015, 10:52:10 PM

People will always seek some sort of currency to trade with others. Prisoners use cigarettes, canned fish. People in zimbabwe used rand or usd when their currency collapsed.

You seemed to have forgotten to mention toilet wine... prisoners love toilet wine... and soap on a rope. High value commodities there. Roll Eyes

SerenaL

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People will always seek some sort of currency to trade with others. Prisoners use cigarettes, canned fish. People in zimbabwe used rand or usd when their currency collapsed.

chennan

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Quote from: Amph on October 14, 2015, 09:52:25 AM

cash are bound to disappear eventually, not because of bitcoin, but because of their own issues with governments, which are known already

bitcoin is not even in match vs cash but vs electronic payment in general, i only really doubt that bitcoin would be the king, i could see it working side by side with other forms of payment

Couldn't agree more... More and more people are coming to realize the problems we have with a centralized bank issuing money out of then air to lend to banks. It just becomes a matter of time before people will realize that cryptos are the way to go, because it's a finite currency that can be transferred anywhere. The main obstacles to over come would be tx times, fungibility, and the fact that people will really have to over come the fear of not possessing cold hard cash.

I think there will be other cryptos out there in the future that can provide those quick tx times, and then another one that can provide the secure fungible crypto. Bitcoin will be mainly valuable in the far future, I think, as the "gold standard" these cryptos depend on for a "pricing" or to see how much purchasing power it has... because I believe in the far future, bitcoin will become the very stable and highly priced crypto which ideally represents gold itself.

Soros Shorts

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Quote from: Fabrizio89 on October 14, 2015, 02:46:54 PM

Money will eventually become obsolete in the full sense of it

Gee, I hope we don't go back to bartering.

VCLChief

newbie

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THIS SAYS IT ALL!

http://georgewashington2.blogspot.com/2011/08/average-life-expectancy-for-fiat.html

Monetary scholar Edwin Vieira ... pointed out that every 30 to 40 years the reigning monetary system fails and has to be retooled. The last time around for the U.S. was in 1971, when Nixon cancelled the convertibility of dollars into gold. Remarkably, the world bought into the unbacked dollar as its reserve currency, but only because that was the path of least resistance. But here we are 40 years later, and it is clear to anyone paying attention that the monetary system is irretrievably broken and will fail.

Fabrizio89

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Money will eventually become obsolete in the full sense of it

OROBTC

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...

"Money" is a slippery concept...

I am in the camp that "money" should perform the three below roles:

-- Unit of Account ("how much" different things cost)

-- Means of Exchange (transferring value between sellers and buyers)

-- Store of Value (worth about as much tomorrow as today)

* * *

Currency (US$, etc.) are almost always used by everyone, even in hyperinflations. This is a historical fact. My reading is that there have been ZERO recent hyperinflations where silver or gold were used over currency. I NEVER saw silver coins (for example) being used in Peru's hyperinflation in the late 1980s.

Bitcoin, at least for now, basically FAILS as a "Means of Exchange", too clumsy and not enough acceptance.

BTC is more volatile, at least for now, so somewhat fails as a Unit of Account and Store of Value.

As BTC matures, its role may gain more traction as a MofE as well as, perhaps, a SofV.

It's hard to see BTC being better than gold as a Store of Value. Could happen, but I suspect that is way in the future, if ever.

coinpr0n

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Cashless society has both benefits and drawbacks. Something like that can be used to control or oppress people. I like the idea of Bitcoin as the cash of cashless society.

Sir Lagsalot

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The lion roars!

Quote from: BTChaintrader on October 14, 2015, 09:09:08 AM

Quote from: Mickeyb on October 14, 2015, 06:39:14 AM

I don't think that traditional money will die just like that. I think that people all over the world would be lost if that happens in the next 20 years. In a 100 years, this will probably happen.

Until then, blockchain tokens like Bitcoin will need to coexist with the traditional money. Is Bitcoin and money the future you asked? Most definitely in my opinion! Otherwise I wouldn't be here!

Hyperinflation happens very fast so you never know. There are many example where you can see that.

Sure, but fiat's source is tyranny, specifically the power to impose your currency on others and make them play your game. Fiat is a fruit of human nature's darker side; I believe it'll survive as long as we do. The best we can hope for is to force it underground or relegate it to warlords.

Kprawn

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It makes me think of the evolution of man depicted by these fools.. http://www.telegraphcrossfit.com/wp-content/uploads/2013/05/evolution-man-computer.gif

We have the same type of evolution in money --> (i) Commodity Money (ii) Metallic Money (iii) Paper Money (iv) Credit Money (v) Digital money

As with anything else in life... We need to evolve and change over time.... Bitcoin is the next step in the evolution of money. Roll Eyes

n2004al

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Quote from: Huobi-USD on October 14, 2015, 02:11:03 AM

“Tangible money, old-fashioned money … is a phantom from the past, an anachronism. In its place is an entirely new form of money based not on metal or paper, but on technology, mathematics, and science. This new ‘megabyte’ money is creating a new and different world wherever it proceeds. Money now is an image.”

What do you think of that? What is your position?
Do you believe in bitcoin?
Do you think the economic future is related to blockchain and bitcoin?

I strongly believe in the value of bitcoin and the value of the cryptos as an invention. I hope that they have a great future because with those every economy will have for sure new ways to explore, to have growth and to have stability.

As about my believe in bitcoin I have explained in the thread below my meaning of its role in the world of currencies:

https://bitcointalksearch.org/topic/bitcoin-as-currency-of-currencies-1191118

Every comment on this thread is welcomed.

Amph

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cash are bound to disappear eventually, not because of bitcoin, but because of their own issues with governments, which are known already

bitcoin is not even in match vs cash but vs electronic payment in general, i only really doubt that bitcoin would be the king, i could see it working side by side with other forms of payment

BTChaintrader

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Quote from: Mickeyb on October 14, 2015, 06:39:14 AM

I don't think that traditional money will die just like that. I think that people all over the world would be lost if that happens in the next 20 years. In a 100 years, this will probably happen.

Until then, blockchain tokens like Bitcoin will need to coexist with the traditional money. Is Bitcoin and money the future you asked? Most definitely in my opinion! Otherwise I wouldn't be here!

Hyperinflation happens very fast so you never know. There are many example where you can see that.

Sir Lagsalot

sr. member

Activity: 323

Merit: 250

The lion roars!

OP, you pasted this exact same question on Reddit. Are you testing the response to some copywriting or something?

Here's my same answer from there:

Reads like hype. History tends to make fools of those who proclaim the death of monetary forms. Gold was dismissed as a relic of barbarism in the late 19th and early 20th centuries - but look at its price today (spiking as China devalues the Yuan once again).

What does seem to be on the way out is the credibility of fiat currency. Fiat's inflationary and centrally-planned nature will be its undoing.

Wealth will flow into trustless currencies like precious metals and cryptocurrencies, though I doubt fiat will ever entirely disappear. PM is as trustless as it gets and the safest option for long-term wealth storage. Cryptocurrency is superior for all other tradtional monetary functions, plus it allows new functions.

This process will take time however, it's premature to say that decentralised money has replaced other forms or redefined money as "an image."

Elwar

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Viva Ut Vivas

Quote from: Denker on October 14, 2015, 06:17:16 AM

Quote from: Elwar on October 14, 2015, 04:11:54 AM

Bitcoin and gold is money. The paper that you pass around and digits in your "account" are IOUs.

I tried to explain it to so many people in my circle of friends and buddies. However they are either not really interested, say it is too complicated to understand it or they are of the opinion they can't do anything to change that. This is why this system is existing since such a long time. They are living in a kind of matrix and don't bother getting screwed.

This is a good video about money.
https://www.youtube.com/watch?v=jqvKjsIxT_8

Mickeyb

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Move On !!!!!!

I don't think that traditional money will die just like that. I think that people all over the world would be lost if that happens in the next 20 years. In a 100 years, this will probably happen.

Until then, blockchain tokens like Bitcoin will need to coexist with the traditional money. Is Bitcoin and money the future you asked? Most definitely in my opinion! Otherwise I wouldn't be here!

BossMacko

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the death of money will only occur if the value become 0 .

gon

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Quote from: jacee on October 14, 2015, 05:55:08 AM

Nothing could ever replace fiat or physical money, not even bicoins. Not that I don't believe in bitcoins, I do but I think bitcoins needs a lot more time to fully reach it's full potential.

your right i think bitcoin is just like an alternative source when fiat becomes dead in a country then bitcoin is their solution to that

Denker

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Quote from: Elwar on October 14, 2015, 04:11:54 AM

Bitcoin and gold is money. The paper that you pass around and digits in your "account" are IOUs.

I tried to explain it to so many people in my circle of friends and buddies. However they are either not really interested, say it is too complicated to understand it or they are of the opinion they can't do anything to change that. This is why this system is existing since such a long time. They are living in a kind of matrix and don't bother getting screwed.

Topic: The Death of Money - page 2. (Read 2151 times)