Will gold and silver coins return as currency?

paxmao

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Quote from: steve_rogers on April 25, 2018, 09:20:18 AM

Quote from: paxmao on April 24, 2018, 04:02:37 PM

Quote from: steve_rogers on April 24, 2018, 09:53:10 AM

Gold and Silver coins couldn't provide current money flow in the world, it will just stop economic and its growth (which will lead to ruining almost every business spheres). I don't see any reasons if its use in modern world. They are totally archaic.

nope and nope also. If you make gold and silver move as crypto they can provide a huge trade base. The reason to use these is very clear: Governments mismanage the fiat coins at their will serving interests that are alien to the people.

You are talking about crypto supported by gold/silver, it is not the same thing.
Sure if crypto-currencies will be supported by real gold,silver, etc., it will just increase the public´s trust which will lead to globalization of crypto usage in entire world. In this case it makes sense, but to trade with real silver coins in your pocket is ridiculous!

Yes, I am talking about 21st century technology because that is what we have now. You see, highways would serve little purpose if you insist on using horses.

crwth

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If this is happening or going to happen worldwide, this could actually be exciting. Especially for those countries with gold and silver resources, it would be an advantage for them. Once gold and silver coins make a comeback, I hope everyone is prepared for it (if it happens)

steve_rogers

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Quote from: paxmao on April 24, 2018, 04:02:37 PM

Quote from: steve_rogers on April 24, 2018, 09:53:10 AM

Gold and Silver coins couldn't provide current money flow in the world, it will just stop economic and its growth (which will lead to ruining almost every business spheres). I don't see any reasons if its use in modern world. They are totally archaic.

nope and nope also. If you make gold and silver move as crypto they can provide a huge trade base. The reason to use these is very clear: Governments mismanage the fiat coins at their will serving interests that are alien to the people.

You are talking about crypto supported by gold/silver, it is not the same thing.
Sure if crypto-currencies will be supported by real gold,silver, etc., it will just increase the public´s trust which will lead to globalization of crypto usage in entire world. In this case it makes sense, but to trade with real silver coins in your pocket is ridiculous!

mrsbee

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In the past history they are using gold and silver coins to buy something,why should we go back in the currency that the world can provide advance and state of the art currency like bitcoin or crypto currency?

paxmao

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Quote from: steve_rogers on April 24, 2018, 09:53:10 AM

Gold and Silver coins couldn't provide current money flow in the world, it will just stop economic and its growth (which will lead to ruining almost every business spheres). I don't see any reasons if its use in modern world. They are totally archaic.

nope and nope also. If you make gold and silver move as crypto they can provide a huge trade base. The reason to use these is very clear: Governments mismanage the fiat coins at their will serving interests that are alien to the people.

First77

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Quote from: steve_rogers on April 24, 2018, 09:53:10 AM

Gold and Silver coins couldn't provide current money flow in the world, it will just stop economic and its growth (which will lead to ruining almost every business spheres). I don't see any reasons if its use in modern world. They are totally archaic.

A cruise missile has 16 Kgs silver which gets destroyed when the missile is fired. For gold and Silver to be used as currency, Gold will be $5000/ounce and Silver $600/ounce because all their limited supply as compared to world economy. USA is $18,000,000,000,000/year economy.

World economy is around $150,000,000,000,000/year.

btcprospecter

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It is possible to use gold or other precious metals but it isn't very practical. Like any mode of trade you can use anything aslong as both parties are happy with the trade.
Once again it comes back to a store of value.

steve_rogers

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Gold and Silver coins couldn't provide current money flow in the world, it will just stop economic and its growth (which will lead to ruining almost every business spheres). I don't see any reasons if its use in modern world. They are totally archaic.

Mc_Moneysack

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Quote from: paxmao on April 24, 2018, 03:25:21 AM

Or.... you ignore governments and their monolithic authority and use silver and gold backed tokens/coins. The good think about gold is that you don't need a central bank, because the value does not need backup.

I think what creates stability for fiat will do the same for cryptos. So if you back cryptos with gold this would create an obvious intrinsic value and make it more stable.

paxmao

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Quote from: guybrushthreepwood on March 21, 2018, 06:11:32 AM

Even large denomination notes are currently being suggested or discussed to be phased out by the UK, USA and EURO because they're favored by drug dealers/criminals and counterfeiters:

Absolutely, that issue was present since they made 500 euro notes. I've never seen one, nor I will ever need it. However, I can think of use cases indeed.

paxmao

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Quote from: Mc_Moneysack on April 24, 2018, 01:36:15 AM

I think we have to differentiate between two aspects here:

1.) Will we go back to a system like Bretton Woods, i.e. a system in which currencies are tied to gold?
I don't think so, since I believe that governments would currently not be able to agree on such a big step, although it would arguably give us more stability. Moreover, the system, if not designed properly, could fail just like Bretton Woods, in which the US, during the Nixon shock, could not guarantee any longer that it would exchange USD for gold.

2.) Will we use gold and silver coins as currency?
Absolutely not! As has already been argued by several other users here the tendency goes towards abolishing the use of paper money and coins at all. The only situation in which we could see a return of precious metals as currency would be during a severe economic shock like a war or hyperinflation.

Or.... you ignore governments and their monolithic authority and use silver and gold backed tokens/coins. The good think about gold is that you don't need a central bank, because the value does not need backup.

Mc_Moneysack

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I think we have to differentiate between two aspects here:

1.) Will we go back to a system like Bretton Woods, i.e. a system in which currencies are tied to gold?
I don't think so, since I believe that governments would currently not be able to agree on such a big step, although it would arguably give us more stability. Moreover, the system, if not designed properly, could fail just like Bretton Woods, in which the US, during the Nixon shock, could not guarantee any longer that it would exchange USD for gold.

2.) Will we use gold and silver coins as currency?
Absolutely not! As has already been argued by several other users here the tendency goes towards abolishing the use of paper money and coins at all. The only situation in which we could see a return of precious metals as currency would be during a severe economic shock like a war or hyperinflation.

Jet Cash

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Quote from: tora on April 22, 2018, 01:19:11 PM

Most gold coins minted today eg krugers,sovereigns and maple leafs are aimed at collectors not to be used as currency.

Again not completely true. Russia and China are trading oil for gold, and so are some other countries. I don't think gold coins will be used in the supermarket, but as traceable digital currencies become more dominant, gold can be used for private transactions if the items are valuable enough.

paxmao

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They should return, but "cryptified", that is, deposited in an audited "vault" and represented as digital tokens that you could instantly send. True fully gold-backed crypto, instantly and privately transferable, no shitty FIAT inflated and deflated at will by Central Banks.

tora

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Most gold coins minted today eg krugers,sovereigns and maple leafs are aimed at collectors not to be used as currency.

EnricoGomez

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In my opinion, I don't think so.
Digital money is the future of all currencies in relative to now.
I do not see the point of turning back to it rather than just develop technology that is more convenient and secure compared to it - though it greatly has a lot of considerations to be put upon.

Quote from: guybrushthreepwood on April 07, 2018, 06:39:22 AM

Why would they want to collapse the fiat currencies that they already own and control the supply of? It costs time, money and resources to produce these coins compared to printing the digital money out of thin air for free that fiat is.

Yes, exactly what I thought.
Paper is more easily accessible than either of the minerals so why change back to it.

IndzheborgC

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The use of paper money allows you to make economic regulation - the implementation of the inflationary model. This allows you to stimulate investment and cover part of the budget through inflation.

Jet Cash

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Quote from: guybrushthreepwood on April 07, 2018, 06:39:22 AM

Why would they want to collapse the fiat currencies that they already own and control the supply of?

Governments don't own or control the fiat currencies, the Rothschilds do. This includes the Bank of England, Bank of Japan, and the US Federal Reserve amongst others. They are so debt laden, that they have no choice but to collapse the fiat currencies and the current banking system.

guybrushthreepwood

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Quote from: Jet Cash on March 21, 2018, 01:34:01 PM

Sales of Sovereigns, Britannias, Eagles, Maples, Krugerrands and the gold coins of other countries are being minted in increasing numbers. Silver versions of many of them have been introduced as well. I think they are getting ready to collapse the fiat currencies, Yes, there will be a crypto replacement, but I believe that precious metal coins will be used alongside the cryptos.

Why would they want to collapse the fiat currencies that they already own and control the supply of? It costs time, money and resources to produce these coins compared to printing the digital money out of thin air for free that fiat is. These coins are likely only purchased as collectors items/potential investments as opposed to being used as actual currencies. The Royal Mail in the UK creates a new sovereign every year just out of tradition and they make a lot of money from them because the prices are well over spot. They also still produce postage stamps in fancy packaging every month for collectors which sell very well but many people don't actually even buy stamps any more to use on their mail where labels are just usually printed but snail mail is already dying out. Stamps are very archaic and currencies are going the same way but they will always have value to collectors and the like.

lili song

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Quote from: Jet Cash on March 20, 2018, 05:12:18 PM

Most of the major nations already have gold and silver coins that are nominally legal tender. For example, the UK has the Sovereign and the Britannia. You probably wouldn't use a Britannia at its nominal value of £100, as it will cost you around £1,000 to buy one, but it could be used based on the value of it's gold content. As an interesting historic note, the dollar became the main currency in America because of the silver and gold coins which gave it legitimacy. It was originally a Spanish coin I believe.

It looks as if Russia has been buying gold and silver in preparation of the launch of gold and silver ruble coins. Obviously these would be useful for interntional trade. China is talking about gold backed crypto, and England already has the RMG. The future of currencies looks to be very interesting.

Some of the informaation in this post was gleaned from this video on YouTube.

https://www.youtube.com/watch?v=qOKO2q_zNbY

I think still hard gold and silver coins as a currency, it's need regulation from the government and value of that coins.
Gold and silver people will treat as a assets. They can keep gold and silver and in the future they can sell again to earn some money.

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