Topic: Winklevoss Twins Is At It Again - page 2. (Read 3048 times)

soon there will be bitcoin satellite, im sure that hardware wallet will soon have ability to connect with it just like a gps and give us 24/7 coverage to do bussiness with btc even without internet or eletricity 

Well to be honest I believe that in 10 years physical cash will become obsolete in developed countries all together and we will be using all different sorts of debit cards, credit cards, gift cards, mobile payments etc.

With that being said if bitcoin replaced fiat currency in the next 20 years that'd be amazing. But I highly doubt bitcoin would replace fiat within the next 10 years even if it was super successful.

20 years from now hopefully some will necro this thread and quote me

For people who don't want to eliminate fiat currency entirely, let your thoughts be known in your desire to protect fiat. Tell your government that you don't want them to only allow BTC and that some fiat should be allowed.

I'd say that there'd always be a form of currency like "cash in hand" that would facilitate face to face transactions that leave no record of the transaction save in the memories of the participants. Even the privacy that could be realized with crypto will not entirely remove the want for an exchange of goods/services for a tangible object with accepted value(i.e. gold, cash, food). I feel that the black market, despite  SilkRoad and other darknet sites, will continue to move largely in this way.
I find it a source of unending irony when bankers/governments cry foul on BTC and crypto for being a haven for black market trade and terrorism when it's painfully obvious that it is USD, which is by far the biggest currency used by criminals and terrorists. You want something illegal? Best have some USD handy, it'll get you whatever you want. My two satoshi worth, if even that...

This website doesn't work, it just shows a blank white page.

I think there will be a role for it. But I use bitcoin 100% for online purchases. I use my bank card or wire transfers and such for 80%-90% of my other purchases. That leaves a few paper dollars for random things. I would tell you what the last thing I paid cash for was, but I honestly don't remember. I think I paid cash a few weeks ago for Starbucks. I guess that was it. That make a few dollars out of maybe $3000 paid out in the last month. A negligible amount. I spend FAR more bitcoin than cash.

I have an "if everything goes to hell" bag.  It contains some basics - MRE's, water filtration stuff, fishing hooks and line, matches (in waterproof container), candles, fish net, some protective clothing, field guide to edible/poisonous plants and wilderness survival (printed on paper, in waterproof bag), first aid including snakebite kit, crowbar for clearing rubble/breaking out of rubble, toolkit, replacement bits for things likely to be damaged by certain kinds of disasters or disabled by people's mistaken responses to disasters, radio, hand-crank recharger ....  and, oh yeah, some cash.  

I hope to spend the remainder of my life without needing to grab that bag in a real emergency, but ...  well, it would be kind of dumb not to have one.

Everyone in the future will have the right to issue his own money and that means the cash aka fiat money will die (with the actual economy system). I think Winklevoss brothers have right when they say : 'Cash will be killed' .

I haven't carried any considerable amount of my money in cash since I stopped waiting tables and started being paid electronically.

This is my post of the day. Seriously, the best summary of why bitcoin is not exactly supreme currency of the future. As it has a lot of flaws. Well done.
This is the reason for standard paper money are here to stay.

Brilliant. This line definitely deserves quoting.

I'll use cash until either no one accepts it anymore, or I die. If anything, I'll use it for nostalgia. I like cash.

It doesn't matter how off their prediction is, as long as it brings attention to bitcoin, it's a good thing, for them and for us.

I agree, however there's also the old saying "do not put all your eggs in the same basket". If we look at the US, there are frequent episodes of really bad weather, during such outages, people still need to trade, so even if cash is only a fraction of the total money used, it should not be removed entirely imo. Of course I'm nitpicking, but you won't really have the average Joe building a faraday cage and having power generators in their garden. :p

Here's an interesting article about EMP-attacks, Solar Storms and protective measures. The point is that IF it happens, the consequences can be quite devastating. As usual, nobody cares about these issues until they actually have happened, and perhaps they won't ever happen..

http://www.futurescience.com/emp/emp-protection.html

I think you have some good examples. But perhaps we have turned a corner when we have to think up examples of where cash is still the best choice. I like cash, but it accounts for a tiny fraction of the money I spend.

Cryptowatch.com you are a party popper 

I wonder if they even actually believe it or are they just hyping up their interests? I don't think it does them any good making these sorts of ridiculously exaggerated claims though.


Those are just payment processors or apps that allow you to send fiat. I'm sure paper cash might become obsolete over the next decade or two but I don't think bitcoin will replace it.

Well the Winklevoss twins will need to really pick up the pace to get that result
But it might become even less relevant in some countries but still needed in others.

As much as I like technology and electronic cash, bitcoin included, I think there's still a place for fiat cash.

- Children learning to save by taking physical coins and putting them in a piggy bank.
- People who just needs a way to pay, and forever reason cannot or willnot use electronical gadgets.
- EMP-attacks. What now - nobody has the means to pay for anything? If a country goes all electronic cash, what if a foreign country decides to EMP-blast the entire country - nobody can access their electronic devices anymore. Havoc withour war?
- Relying on you phone to make a payment is bad, as the phone can be stolen, it can be lost, it can be broken, or it can be decharged.
- Relying on having a network connection to make payments is bad, as when the network goes down, there's sometimes no way to pay.

I've experienced cases when electricity and network goes out, and it's not pretty. People are close to paralyzed as to what to do. Of course you can have backup solutions for electricity and network, but everyone will not have that. Also, in the event of the large scale EMP-attack, even the backup-solutions (unless protected properly), will be blown out. As long as you have fiat cash and street vendors accept it, you can get your eggs and breads.

And believe it or not, in some remote places, road tax is paid, simply by drivers putting coins into a metal box with a slot. The metal box has no power requirements, hardly no maintenance requirements, and needs to electronic equipment to function.

And not to mention those people who really are technologically challenged. Give them a fiat note, and they understand what they're looking at, but once you need to give them a smart phone, with all the added bells and whistles, not only will they have a hard time understanding how to use it, to protect themselves, but the funds can even vanish while they sleep by someone hacking them remotely. Of course there's potential for them to learn and evolve, but everybody is not interested in that. Some people are only interested in going to work, have their pay, then buy groceries locally and that's it.

Also cash brings a sense of security, maybe you will never use it, but as long as you have 1000 dollars in cash available, you know that in the event of some crisis, you will manage for a little while. If the power goes out for a couple of days, you can still buy stuff, whereas if no cards and mobile phones can be used, those people are out of luck.

An added security feature is that nobody can remotely confiscate your cash, police officers in the US confiscating cash on the highways from random drivers is another story.. But if you have 1000 dollars on your pocket, that's what you have, and even if you use 100 of them in some suspicious shop, the remaining 900 will not be frozen "pending investigation".

You could argue that you should control your coins yourself, but many people are lazy and keep them with centralized services, and then we're not much further than using traditional banks.

As much as electronic money is great, there's 7 billion people on earth, everyone with their unique spending patterns and use cases. Many people are not even aware the internet exists.. For many many years to come, there will still be communities were network access is not the norm, and I don't see abolishment of cash as the ideal, but it playing a smaller role in the world economy is much more realistic.

I also see some politicians and electronic cash advocates claim that tracking all purchases will prevent money laundering, prevent terrorist financing and in short create the perfect society.

This will never happen. Criminals will always find a way, no matter what, and to kill that argument completely, look at the large financial institutions of our time. With the strict regulations they've still been able to participate largely in criminal schemes. This will not change.

I think we're seeing a shift towards larger usage of electronic money, but physical cash still has it's place. It need not be fiat money, it could be "paper wallets", but then the trouble would be to verify the value of the bills, as funds could already be swiped when the bill is delivered..

There's also the element of control, would not any government just love to control everything the citizens do? Now they could make elaborate advanced systems to track everything. Isn't it great, from the government point of view?

Bitcoin is great in the way that it circumvents all the artificial barriers that the established system has raised.

There are a lot of things that are hard to believe, for starts, Bitcoin being worth 1000 USD. If back in 2010 anyone said this you would get called clinically insane.
10 years from now it's a lot of time. Things change fast these days. But yes, cash being replaced is a big, big thing. Winklevoss have balls to make such wild predictions because when the time passes and nothing happens they'll get shit.

Cash is already dead. Consider that most of the spending, receiving, and storing you currently do is electronic. Very little is transacted in cash anymore.  The choice is not whether your future money will be electronic, it's about which money you will use.