First  Prev  1  2  3  4  5  6  7  Next  Last
Post Reply Do you think cash will become obsolete in the future?
2524 cr points
Send Message: Send PM GB Post
18 / M / Out of sight (But...
Offline
Posted 7/8/15

biscuitnote wrote:

Bitcoin isn't backed by anything other than pure speculation there is no real value behind it. The US dollar is backed by the largest economy in the world. I think cashless systems will eventually be the norm as will living and working part time in virtual spaces. Barring some severe catastrophe I see our world becoming more digital not less.


You people always forget why money is valuble. You can trade the dollar for gold.

Or, you could, a few years ago. Now the government is refusing to exchange for gold, so the entire thing is just a Ponzi scheme on a huge scale.
2551 cr points
Send Message: Send PM GB Post
F / space
Offline
Posted 7/8/15
No, soon we will have electric money, cars, buildings, and even more! idk maybe money with be air in the future or something o.O
22986 cr points
Send Message: Send PM GB Post
52 / M / Bay Area
Offline
Posted 7/8/15
I hope so just like Star Trek
73322 cr points
Send Message: Send PM GB Post
37 / M
Offline
Posted 7/8/15
As long as there is a criminal element in this world cash won't be going anywhere. All electronic transactions can be tracked. Cash on the other hand is a lot harder to track. So it is the perfect choice when you don't want your purchases tracked. Not to mention it doesn't cost anything at the point of sale to use cash. Using a credit or debit card at a business cost not only the consumer but the business as well.
Posted 7/8/15
We're not ready yet.. someday, maybe. Sounds good.
27250 cr points
Send Message: Send PM GB Post
27 / M
Offline
Posted 7/8/15 , edited 7/8/15
I think it will. I forgot what country my aunt went to, but she said businesses there didn't even carry any cash and did everything by card. They told her they were too busy to be counting coins and bills. It wasn't just one store, either. It was apparently all of them. I wouldn't be surprised if cash was completely gone in most current first-world countries in, say...200 years. And I'm being generous. The change will probably happen much faster than this.

I do prefer to use cash myself, though. It feels more secure to me. And I'm less likely to spend when I'm staring at the money and feel its weight in my hand.
32324 cr points
Send Message: Send PM GB Post
24 / M / St.Louis - USA
Offline
Posted 7/8/15 , edited 7/14/15
Yes, in the future we will use bottle caps as currency.
12955 cr points
Send Message: Send PM GB Post
23 / M / Apple Valley, CA
Offline
Posted 7/8/15
Physical currency will definitely become obsolete, along with physical storage mediums. As much as people say they want these things, they will change their minds as digital versions become easier and more efficient. It's pretty much inevitable. Music has gone digital, gaming has gone digital, and currency has gone digital. It's just a matter of time before all of these things are unanimously accepted and the physical form dies.
15796 cr points
Send Message: Send PM GB Post
Offline
Posted 7/8/15
absolutely, but i mean only as obsolete as anything else does. I think that once a strong international currency has been developed and fully integrated into society, then yes. Long ways off from that happening as far as i can tell, countries definitely like to feel more valuable than one another
6655 cr points
Send Message: Send PM GB Post
24 / F / The moon
Offline
Posted 7/8/15
More likely it'll all go to credit. lol
21448 cr points
Send Message: Send PM GB Post
46 / M / Between yesterday...
Offline
Posted 7/8/15

Firedestroyer wrote:


biscuitnote wrote:

Bitcoin isn't backed by anything other than pure speculation there is no real value behind it. The US dollar is backed by the largest economy in the world. I think cashless systems will eventually be the norm as will living and working part time in virtual spaces. Barring some severe catastrophe I see our world becoming more digital not less.


You people always forget why money is valuble. You can trade the dollar for gold.

Or, you could, a few years ago. Now the government is refusing to exchange for gold, so the entire thing is just a Ponzi scheme on a huge scale.


For starters you can't trade money for gold at a bank as it was under the gold standard as for it being a Pozi scheme it doesn't even meet the requirements to be one there are requirements for this I will post them at the further on. To create money bonds are issued these treasury notes or bonds are then bought back at a later time after having incurred interest these are not IOUs, an IOU is a promissory note that is loan from either a bank or an individual. The money used to purchase bonds is not a loan but an investment in that government.

To use a gold standard introduces risks into the market that have when we have used one make things far worse when you have a crash. Study the first five great depressions all happened while under a gold standard the last one had part of the tools in place and resulted in the tools begin created to stop it from happening again. The 2008 recession could have been far worse, if we had been on a gold standard it would have been a depression as it is we are still digging our way out of it because folks fail to understand one basic tactic used to do so is to invest into the country and put people back to work.


What a Pozi scheme is. If you create a company that takes investments and then you pay back investors with monies brought in from new investors this is a Pozi scheme. This is not what happens with bonds the money collected from taxes goes to paying this back not the money from those investing in new bonds. Now a true Pozi scheme has the person running it vanishing or trying to run away withe the last investment money so that they don't get caught, this is not what happens with bonds they get paid out on time and with the correct interest.

Now if what you are truly complaining about is the fact you need to pay taxes guess what you are under an implied contract if you are a citizen of the United States what this means is you are granted rights and privileges under the law but you also have responsibilities to that society these include and are not limited to. Registering for the draft at the age of 18 paying your taxes in a timely fashion serving on a jury paying all fines and fees that have been leveed against you. If you don't agree with this find a country that doesn't have a constitution and move there. You will find in most cases they still have taxes and fines and fees what you won't find are the rights and privileges that are protected under the Constitution in this country.
21448 cr points
Send Message: Send PM GB Post
46 / M / Between yesterday...
Offline
Posted 7/8/15

jackrabbit92 wrote:

More likely it'll all go to credit. lol


No it won't credit is a form of loan which requires money to make so it isn't going to go this route.

What we will have is a cashless society in which you will have a device that is secure and ties into your bank similar to the newer debit cards or an electronic device that holds that information and inculdes your personal ID as well the best example of this type of device is the credstick from Shadowrun it fits the roll of wallet and ID in one.

Now this device would be attached to your bank account as I stated and if you had a line of credit you could make purchases against that rather then drawing directly on your account. But again credit is a loan from the creditor like the bank or the company offering the credit. There is an upswing to this criminals have a harder time laundering money since the is no cash they have to figure out how to do it through the banking system which is easier to catch. It also makes it harder to steal cash from someone since it is a device not actual money and would require a second form of Id to operate like finger print.
121 cr points
Send Message: Send PM GB Post
31 / M
Offline
Posted 7/8/15
Cash as in currency which we use to acquire goods and services? Eventually, probably. Perhaps I'll see it when I'm old and cranky but it'll take a long while.

Cash as in physical representation of the value of money? Sweden is already thinking about removing physical money entirely. Most people already pay with cards and the people without Internet bank are becoming a rarity. We've already removed our version of physical cents and if we don't go cashless we'll probably remove the smaller coins as well.

So yes, physical cash will definitely start going away in modern, rich countries.
1998 cr points
Send Message: Send PM GB Post
19 / M / Greensboro NC
Offline
Posted 7/8/15
I hope currency disappears
35140 cr points
Send Message: Send PM GB Post
42 / M
Offline
Posted 7/8/15 , edited 7/11/15
Physical currencies won't be obsolete--ever.

As someone said earlier, as long as there are criminals, there will be demand for difficult-to-trace physical currencies, and as long as demand exists, supply will meet it. Now, this physical currency for criminals may not be government-backed in the future, because gov'ts and central banks are all pushing for the abolition of physical currency so that they can control the money supply without currency hoarders interfering.

In other words, central bankers want to abolish physical cash so that they can freely slide the interest rate into negative territory when needed.

But, as long as there are central bankers who wish to do this, there will be demand from ordinary, non-criminal individuals for physical currency for precisely the reason that they don't want to see the value of their savings eroded, so add that demand from non-criminals to that of criminals.


There is another reason why physical currencies won't go away. Believe it or not, the longer a technology has been around, the longer it is likely to stay around.

http://www.fastcodesign.com/1671964/why-are-old-technologies-so-hard-to-kill-nassim-taleb-has-a-theory

Gold has been used as a store of value and a medium of exchange for far longer than paper cash. If Nassim Taleb's theory is right, gold will outlive paper cash. Paper cash has been around longer than Bitcoin. If the theory is right, paper cash will outlive Bitcoin. (For example, all it takes is a major power outage for people to find out how unsafe Bitcoin really is--how can you access your Bitcoins if you can't even turn on your computer or hit the Internet?)

Likewise, all it will take is one major fiat currency collapse here in the USA for people to start appreciating the usefulness of paper cash and gold again, and then the seemingly old technology will have its life extended.
First  Prev  1  2  3  4  5  6  7  Next  Last
You must be logged in to post.