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What system will replace money?
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Tara Woods Turner
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Feb 09, 2017 07:11AM
Maybe the resource we need the most but happens to be most scarce will become the exchange standard.
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Faith wrote: "Gold would be good in a closed system as a limited resource but in the long term there's talk of off-planet mining, so excess gold could arrive and saturate the market."Ah, then the standard would shift from metals to energy. God help us all!
I know - how about written IOUs - oh drat I've just re-invented it
Faith wrote: "When it collapses, what happens next?"Is it about to happen? Some would wish that were an option.. Money rules the world, are the world, above the world. Collapse somewhere may mean enrichment elsewhere..
If money collapses, gangs and guns shall take over
Even if gold were brought in from the asteroids, it would still have inherent value as something that is both beautiful and useful. It's still very malleable, a great conductor, useful in electronics, and great for jewelry. So it will never be completely devalued. It's also very portable and easy to make coins with. As a side note, there have been many cultures who used something non-limited as a currency. Mesoamerican cultures used feathers and cacao beans, for example, as objects that had inherent worth.
I'd certainly love to see people go back to a hard currency rather than the fiat currency we use now. The fact is, money is really based on nothing other than the confidence people have in the market.
However, I suspect that most won't have enough sense to use hard currency or at least back the paper money on gold and silver again, and we'll go to some kind of digital currency. *eyeroll* I sincerely hope I'm wrong. From the US perspective, I wish Kennedy had been successful at putting us back on a silver standard instead of being assassinated.
After some corruption in the bitcoin market (which is completely digital and free-floating, if I'm not mistaken), it's rebounded.
So yes on bitcoin? Given that everything is going digital it seems only fitting that it would go in that direction
Justin wrote: "So yes on bitcoin? Given that everything is going digital it seems only fitting that it would go in that direction"Personally, I see the various governments simply retiring their paper currency and going entirely digital - debit cards etc - as India is starting to do.
Justin wrote: "So yes on bitcoin? Given that everything is going digital it seems only fitting that it would go in that direction"I was thinking of buying some bitcoin as an experiment. A friend of mine who has a Ph.D in Econ was on the fence (I don't recall why but I'll ask him again now that we're on the subject).
Rohvannyn wrote: "Personally, I see the various governments simply retiring their paper currency and going entirely digital - debit cards etc - as India is starting to do.
Oh, that's interesting! do you have a link to an article?
Alex G wrote: "Oh, that's interesting! do you have a link to an article? "India to Replace Largest Bank Notes - WSJ
https://www.wsj.com/articles/india-to...
India Takes a Big Step Back from Cash - The New Yorker
http://www.newyorker.com/business/cur...
New Rs 2,000 notes to be phased out within 5 years - India Today
http://indiatoday.intoday.in/story/20...
Many are seeing these steps as an incremental approach to a pure digital currency.
Rohvannyn wrote: "Alex G wrote: "Oh, that's interesting! do you have a link to an article? "India to Replace Largest Bank Notes - WSJ
https://www.wsj.com/articles/india-to......"
Well-vetted links. Thx! How about the Indiatoday one? Is that pretty well known?
Alex G wrote: "Rohvannyn wrote: "Alex G wrote: "Oh, that's interesting! do you have a link to an article? "India to Replace Largest Bank Notes - WSJ
https://www.wsj.com/articles/india-to......"
Seems to be pretty well known in India with four TV stations, a radio station, and a print magazine, and websites in several languages.
From what I understand, Sweden or Denmark is starting non-currency this year. Haven't heard anything more about it yet. I believe all currencies will come to a halt, for various reasons. Precious metals will not replace money or any form of currency, e.g., BitCoins. The currency exchange, and value, will be determined by individual nations at first. Later, there will be no currency of any kind or have any value--reason is for immobility of free travel and movement of people. Society will be controlled. Goods will be controlled. What will happen: the nation will distribute a currency card for the exchange of goods. Later, all people will have a currency-chip placed in them, which will eliminate virtual all forgeries.
Well, cryotocurrencies are one way in which traditional money - i.e. that which is dependent on centralized banking institutions - is being challenged. But I think in the long run, if we ever do get into a post-scarcity economic model, resources and peer-to-peer exchanges will be how things are done. Bring on the sharing economy!
I think you're right, Matthew, that's what will happen. But, not like the days of old. Since there will be no work, people will trade favors to one another. It'll be more on a communal basis. Some will call it communism, but US will call something of their own--maybe: co-op, or do-op. But, it will be something oppy!
