The Death of Money

[Huobi-USD]

“Tangible money, old-fashioned money … is a phantom from the past, an anachronism. In its place is an entirely new form of money based not on metal or paper, but on technology, mathematics, and science. This new ‘megabyte’ money is creating a new and different world wherever it proceeds. Money now is an image.”

What do you think of that? What is your position?
Do you believe in bitcoin?
Do you think the economic future is related to blockchain and bitcoin?

[7788bitcoin]

I believe in bitcoin but I guess most people of our generation still believe in physical money which you can touch and do not need a device/electricity to use.

Digital money is the trend going forward but physical money will still be the main medium of exchange.

[gon]

“Tangible money, old-fashioned money … is a phantom from the past, an anachronism. In its place is an entirely new form of money based not on metal or paper, but on technology, mathematics, and science. This new ‘megabyte’ money is creating a new and different world wherever it proceeds. Money now is an image.”

What do you think of that? What is your position?
Do you believe in bitcoin?
Do you think the economic future is related to blockchain and bitcoin?

i think money is still on the rise because bitcoin for me is just starting its way up to dominate other currency
in the future bitcoin its true potential

[NeuroticFish]

“Tangible money, old-fashioned money … is a phantom from the past, an anachronism. In its place is an entirely new form of money based not on metal or paper, but on technology, mathematics, and science. This new ‘megabyte’ money is creating a new and different world wherever it proceeds. Money now is an image.”

What do you think of that? What is your position?
Do you believe in bitcoin?
Do you think the economic future is related to blockchain and bitcoin?

I do believe in cryptocurrencies (and bitcoin), also I believe that the money as metal and paper is close to become history.
But the current global decentralized way we have bitcoin is not the way the money will be in the near future. That's because the governments will always want to control their currency. So maybe currencies based on centralized ledgers will be the next step.
Maybe, if human race will become smart enough and we will have one global government and one global currency, that one could look like bitcoin. But that's.. a little too far in the future.

Until then bitcoin can become a stable global alternative. Good for exchange, good for fast sending around the world, good as alternative to local currencies.

[Elwar]

Bitcoin and gold is money. The paper that you pass around and digits in your "account" are IOUs.

[kingofbitcoin]

I used to believe, but seeing it stuck in 230-250 USD range for such a long time is not a good sign, so don't know what to think. Anyway I sold all of it, so I guess I don't believe much anymore in it.

[batesresearch]

Bitcoin and gold is money. The paper that you pass around and digits in your "account" are IOUs.

Very true and this is what alot of people don't understand! They think your talking madness when you try to explain it to them

[1Referee]

I think the death of money will probably never happen as there are parts of the world seriously depending on the current fiat currencies. I fully believe and trust in Bitcoin and will continue to support it throughout the upcomming years. The blockchain technology is a great piece of technology that can seriously change the financial world, but as always with technology, things do get replaced by better alternatives quite often. I only hope that the open source nature of Bitcoin will be used wisely to make it future proof and not let it fall behind.

[Carlton Banks]

“Tangible money, old-fashioned money … is a phantom from the past, an anachronism. In its place is an entirely new form of money based not on metal or paper, but on technology, mathematics, and science. This new ‘megabyte’ money is creating a new and different world wherever it proceeds. Money now is an image.”

What do you think of that? What is your position?

Who said it?

Another fallacious "digital money is coming" argument IMO; it's been here for years already. The whole monetary system is based on the exchange rate value of the US dollar, and in that monetary system, the birth, life and death of the overwhelming majority of US dollars is a digital system controlled by the Federal Reserve. Cash dollars only serve as a secondary or even tertiary mechanism for trade in 2015 and have done for at least a decade or two. All other cash (including Bitcoin and supposedly gold bullion also) derives it's value from the dollar, and so any other cash in any other currency is essenitally a pseudo-dollar (like pegged alts on sidechains to the US dollar mainchain, for those of us that think in purely bitcoin terms  )

The statement also claims that digital money is the beginning of money as a notional or abstract concept, but tangible money must possess abstract value in order for the "money" property to be fulfilled. The valuation of a money is subjective, or at least highly context dependent: gold was accepted as payment in 1913 USA, but from 1914 onwards, it wasn't sensible to continue that for reasons that didn't directly relate to the quality of gold as an instrument of exchange (although indirectly, that was the reason). Even simple haggling over a deal fulfills "context dependent value" for me

[jacee]

Nothing could ever replace fiat or physical money, not even bicoins. Not that I don't believe in bitcoins, I do but I think bitcoins needs a lot more time to fully reach it's full potential.

[pooya87]

“Tangible money, old-fashioned money … is a phantom from the past, an anachronism. In its place is an entirely new form of money based not on metal or paper, but on technology, mathematics, and science. This new ‘megabyte’ money is creating a new and different world wherever it proceeds. Money now is an image.”

What do you think of that? What is your position?
Do you believe in bitcoin?
Do you think the economic future is related to blockchain and bitcoin?

yeah, i agree that the current form of money is outdated and has to extinct and then be replaced by a new form of money in order to survive and satisfy the todays needs.

but i don't think that this need is met necessarily with bitcoin. or at least not this bitcoin that we know and has some flaws. but the technology is there ; based on blockchain or bitcoin itself with patched to fix the flaws. and it eventually would replace the paper money as we know it.

[MrsHash]

Paper money wouldn't be dead for at least 10 years, I am sure. It is slow process. I think we start using Bitcoin more, and the government could not resist it longer, but paper money are will be here too. We start using Bitcoin for investment more, maybe we would buy some property with it and make business deals, but buy food, pay in a restorauntand etc. we will be with paper money. Again, it's slow process to replace one form of money to another.

[Denker]

Bitcoin and gold is money. The paper that you pass around and digits in your "account" are IOUs.

I tried to explain it to so many people in my circle of friends and buddies. However they are either not really interested, say it is too complicated to understand it or they are of the opinion they can't do anything to change that. This is why this system is existing since such a long time. They are living in a kind of matrix and don't bother getting screwed.

[gon]

Nothing could ever replace fiat or physical money, not even bicoins. Not that I don't believe in bitcoins, I do but I think bitcoins needs a lot more time to fully reach it's full potential.

your right i think bitcoin is just like an alternative source when fiat becomes dead in a country then bitcoin is their solution to that

[BossMacko]

the death of money will only occur if the value become 0 .

[Mickeyb]

I don't think that traditional money will die just like that. I think that people all over the world would be lost if that happens in the next 20 years. In a 100 years, this will probably happen.

Until then, blockchain tokens like Bitcoin will need to coexist with the traditional money. Is Bitcoin and money the future you asked? Most definitely in my opinion! Otherwise I wouldn't be here!

[Elwar]

Bitcoin and gold is money. The paper that you pass around and digits in your "account" are IOUs.

I tried to explain it to so many people in my circle of friends and buddies. However they are either not really interested, say it is too complicated to understand it or they are of the opinion they can't do anything to change that. This is why this system is existing since such a long time. They are living in a kind of matrix and don't bother getting screwed.

This is a good video about money.
https://www.youtube.com/watch?v=jqvKjsIxT_8

[Sir Lagsalot]

OP, you pasted this exact same question on Reddit. Are you testing the response to some copywriting or something?

Here's my same answer from there:

Reads like hype. History tends to make fools of those who proclaim the death of monetary forms. Gold was dismissed as a relic of barbarism in the late 19th and early 20th centuries - but look at its price today (spiking as China devalues the Yuan once again).

What does seem to be on the way out is the credibility of fiat currency. Fiat's inflationary and centrally-planned nature will be its undoing.

Wealth will flow into trustless currencies like precious metals and cryptocurrencies, though I doubt fiat will ever entirely disappear. PM is as trustless as it gets and the safest option for long-term wealth storage. Cryptocurrency is superior for all other tradtional monetary functions, plus it allows new functions.

This process will take time however, it's premature to say that decentralised money has replaced other forms or redefined money as "an image."

[BTChaintrader]

I don't think that traditional money will die just like that. I think that people all over the world would be lost if that happens in the next 20 years. In a 100 years, this will probably happen.

Until then, blockchain tokens like Bitcoin will need to coexist with the traditional money. Is Bitcoin and money the future you asked? Most definitely in my opinion! Otherwise I wouldn't be here!

Hyperinflation happens very fast so you never know. There are many example where you can see that.

[Amph]

cash are bound to disappear eventually, not because of bitcoin, but because of their own issues with governments, which are known already

bitcoin is not even in match vs cash but vs electronic payment in general, i only really doubt that bitcoin would be the king, i could see it working side by side with other forms of payment