The Internet is Changing the Very Definition of Money - page 2.

pereira4

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Quote from: aso118 on June 05, 2015, 10:11:27 PM

Quote from: AtheistAKASaneBrain on June 05, 2015, 11:56:06 AM

Our current money was never designed with the internet in mind. We are dealing with deprecated forms of money in the modern internet era, this is why Bitcoin is the objective superior way to move and store value. Those that get it now, will reap the benefits later, this is pure physics.

Bitcoin may be superior to our current money, but will that be sufficient to succeed? Money evolves - we have had the gold standard, Bretton Woods system, floating exchange rate, etc. Bitcoin may be the flavour of today, but we can't be sure it will stay that way.

There's only one way to find out... wait and see. I don't personally think a new coin will come and dethrone Bitcoin, it's network effect is way too powerful. What could potentially happen is the abolition of cash and all transactions done digitally, either in the old way or with a government issued digital currency to compete against Bitcoin, to keep their fiat scam going.

victoryboy

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We will see even much more in coming years.Internet already has changed many old concepts.Financial system will not escape from its effects too.Digital era needs digital money in future.

boopy265420

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The mankind is going through evolution from the very start so does the money.At start was barter system then gold and silver were used long time as currency.Later paper money took the place of those two metals and was doing great job.Now this is era of high speeding internet and future is for sure belonging to digital currencies.Digital currencies will replace the current paper money successfully as these are fast,easy and secure to transfer and transaction are transparent on blockchain.

azguard

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Quote from: aso118 on June 07, 2015, 08:05:49 PM

Quote from: azguard on June 06, 2015, 02:07:43 AM

Quote from: aso118 on June 05, 2015, 10:11:27 PM

Quote from: AtheistAKASaneBrain on June 05, 2015, 11:56:06 AM

Our current money was never designed with the internet in mind. We are dealing with deprecated forms of money in the modern internet era, this is why Bitcoin is the objective superior way to move and store value. Those that get it now, will reap the benefits later, this is pure physics.

Bitcoin may be superior to our current money, but will that be sufficient to succeed? Money evolves - we have had the gold standard, Bretton Woods system, floating exchange rate, etc. Bitcoin may be the flavour of today, but we can't be sure it will stay that way.

first step would be to accept all countries btc ass payment (something like most of europe euro)

That is not going to happen anytime soon. Countries will not let this happen unless they are forced to.
Even when they see the virtues of the blockchain, they are going to try to set up their own e-currency.

I know but still i have some fait in it. If we dont have something to hope for what it is good for.

aso118

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Quote from: azguard on June 06, 2015, 02:07:43 AM

Quote from: aso118 on June 05, 2015, 10:11:27 PM

Quote from: AtheistAKASaneBrain on June 05, 2015, 11:56:06 AM

Our current money was never designed with the internet in mind. We are dealing with deprecated forms of money in the modern internet era, this is why Bitcoin is the objective superior way to move and store value. Those that get it now, will reap the benefits later, this is pure physics.

Bitcoin may be superior to our current money, but will that be sufficient to succeed? Money evolves - we have had the gold standard, Bretton Woods system, floating exchange rate, etc. Bitcoin may be the flavour of today, but we can't be sure it will stay that way.

first step would be to accept all countries btc ass payment (something like most of europe euro)

That is not going to happen anytime soon. Countries will not let this happen unless they are forced to.
Even when they see the virtues of the blockchain, they are going to try to set up their own e-currency.

V for Varoufakis

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Quote from: yayayo on June 06, 2015, 07:32:32 PM

Quote from: V for Varoufakis on June 05, 2015, 10:44:04 AM

Austrian economics is nonsense. Money is a medium of exchange and nothing else.

Experience suggests otherwise. Austrian economics is the only sane economic school out there. Keynesians will be added to the trash heap of history once their experiment comes to an end (very soon).

The Internet enables efficient bartering through modern technology. But people will always be interested in holding an universal unit of value. Bitcoin fits in perfectly. I agree with Pztorc, that limited supply is an essential property of Bitcoin - but it's not the only one. Decentralization is of equal importance, because it ensures that holders of Bitcoin can not be expropriated.

ya.ya.yo!

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yayayo

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Quote from: V for Varoufakis on June 05, 2015, 10:44:04 AM

Austrian economics is nonsense. Money is a medium of exchange and nothing else.

Experience suggests otherwise. Austrian economics is the only sane economic school out there. Keynesians will be added to the trash heap of history once their experiment comes to an end (very soon).

The Internet enables efficient bartering through modern technology. But people will always be interested in holding an universal unit of value. Bitcoin fits in perfectly. I agree with Pztorc, that limited supply is an essential property of Bitcoin - but it's not the only one. Decentralization is of equal importance, because it ensures that holders of Bitcoin can not be expropriated.

ya.ya.yo!

ThEmporium

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Quote from: azguard on June 06, 2015, 02:07:43 AM

Quote from: aso118 on June 05, 2015, 10:11:27 PM

Quote from: AtheistAKASaneBrain on June 05, 2015, 11:56:06 AM

Our current money was never designed with the internet in mind. We are dealing with deprecated forms of money in the modern internet era, this is why Bitcoin is the objective superior way to move and store value. Those that get it now, will reap the benefits later, this is pure physics.

Bitcoin may be superior to our current money, but will that be sufficient to succeed? Money evolves - we have had the gold standard, Bretton Woods system, floating exchange rate, etc. Bitcoin may be the flavour of today, but we can't be sure it will stay that way.

first step would be to accept all countries btc ass payment (something like most of europe euro)

Good thought, But it need rigorous campaign around the world to introduce Bitcoin, there should be some innovative campaign to be initiated in block wise in all the regions, most of the targets to be implemented on urban areas. It needs real and effective planning, and also it is not so easy to convince all the Government sectors, it requires greater understanding for them to study about Bitcoin as well as to get trained in selling and buying Bitcoin transatctions.

Q7

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First of all, bitcoin does not have to refer or take the fiat value as a benchmark to determine the price. Maybe for now, yes, it's happening but I foresee that one day when the infrastructure has expanded and bitcoin has reached mainstream adoption, we really don't need to refer to that anymore. I hope you take that into consideration.

Amph

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Quote from: Buttknuckle on June 06, 2015, 03:19:07 AM

I disagree with much of the conclusions. I will only tackle one because I don't feel like writing an essay right now.

The only reason that bitcoin is not useful as a unit of account is because it is not widely adopted. For example if I want to start a business making cakes I have to adjust to local or international fiat whether or not I want to. The suppliers that provide sugar, flour, etc do not accept bitcoins for payment yet. When they do this conclusion becomes null and void.

Edit: The second conclusion can be refuted in a similar manner.

this is vastly related to regulation, many merchants/suppliers are also waiting for regulation in they country, before start to move in the bitcoin jungle, they don't want to deal with possible hassle with their government in the future

they want that everything is settled in the right way before starting

Buttknuckle

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I disagree with much of the conclusions. I will only tackle one because I don't feel like writing an essay right now.

The only reason that bitcoin is not useful as a unit of account is because it is not widely adopted. For example if I want to start a business making cakes I have to adjust to local or international fiat whether or not I want to. The suppliers that provide sugar, flour, etc do not accept bitcoins for payment yet. When they do this conclusion becomes null and void.

Edit: The second conclusion can be refuted in a similar manner.

qiwoman2

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With more and more world governments and politicians being exposed, digital currency in general might slowly overtake fiat money, not just from a technological standpoint but from a moral one as well. Also many people don't have access to bank accounts or just can't get a bank account but they do have access to the Internet, so for many it will be the only way to use money through a digital source.

azguard

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Quote from: aso118 on June 05, 2015, 10:11:27 PM

Quote from: AtheistAKASaneBrain on June 05, 2015, 11:56:06 AM

Our current money was never designed with the internet in mind. We are dealing with deprecated forms of money in the modern internet era, this is why Bitcoin is the objective superior way to move and store value. Those that get it now, will reap the benefits later, this is pure physics.

Bitcoin may be superior to our current money, but will that be sufficient to succeed? Money evolves - we have had the gold standard, Bretton Woods system, floating exchange rate, etc. Bitcoin may be the flavour of today, but we can't be sure it will stay that way.

first step would be to accept all countries btc ass payment (something like most of europe euro)

aso118

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Quote from: AtheistAKASaneBrain on June 05, 2015, 11:56:06 AM

Our current money was never designed with the internet in mind. We are dealing with deprecated forms of money in the modern internet era, this is why Bitcoin is the objective superior way to move and store value. Those that get it now, will reap the benefits later, this is pure physics.

Bitcoin may be superior to our current money, but will that be sufficient to succeed? Money evolves - we have had the gold standard, Bretton Woods system, floating exchange rate, etc. Bitcoin may be the flavour of today, but we can't be sure it will stay that way.

edric

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Quote from: AtheistAKASaneBrain on June 05, 2015, 11:56:06 AM

Our current money was never designed with the internet in mind. We are dealing with deprecated forms of money in the modern internet era, this is why Bitcoin is the objective superior way to move and store value. Those that get it now, will reap the benefits later, this is pure physics.

Couldn't agree more. We're headed towards the future with crypto currency leading the helm.
Internet is indeed changing the 'conventional' definition of money.

BillyBobZorton

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Everyone running any kind of ledger or storage of data and transactions knows blockchain technology does it better. No longer you need to store hundreds of papers, HDs and whatnot, filled with excel spreadsheets prone to modification and corruption. Now the ultimate ledger is possible: non-modifiable, non-corruptible, non-fallible and spread-worldwide across every sing computer running a node. It's pretty insane.

vvv8

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Quote from: AtheistAKASaneBrain on June 05, 2015, 11:56:06 AM

Our current money was never designed with the internet in mind. We are dealing with deprecated forms of money in the modern internet era, this is why Bitcoin is the objective superior way to move and store value. Those that get it now, will reap the benefits later, this is pure physics.

well put

azguard

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Quote from: AtheistAKASaneBrain on June 05, 2015, 11:56:06 AM

Our current money was never designed with the internet in mind. We are dealing with deprecated forms of money in the modern internet era, this is why Bitcoin is the objective superior way to move and store value. Those that get it now, will reap the benefits later, this is pure physics.

You are right. Money is just paper or card to pay/buy but bitcoin or any other crypto for that mater is something completely different. BTC is key and primary for internet sales or similar in near future for that. Key thing is small transaction fee that will be most used in future of transaction.

AtheistAKASaneBrain

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Our current money was never designed with the internet in mind. We are dealing with deprecated forms of money in the modern internet era, this is why Bitcoin is the objective superior way to move and store value. Those that get it now, will reap the benefits later, this is pure physics.

V for Varoufakis

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Austrian economics is nonsense. Money is a medium of exchange and nothing else.

Topic: The Internet is Changing the Very Definition of Money - page 2. (Read 2349 times)