Apple CEO Tim Cook: “Your kids will not know what money is”

[Wapinter]

If our kids will not know what money is why are they introducing plastic bank notes? Most countries are planning to introduce them over the next few years because they last longer than paper money. Why put all that effort into designing and introducing them into circulation if all governments intend to get rid of paper money completely?

Well it's just a gradual and slow process. The plastic thing is just an intermediate step. Countries like denmark and other north european countries are close to getting rid of cash. Its the ultimate fate of every country to become 100% digital, so then you better pray that Bitcoin is widespread and people aren't stupid enough to use the centralized alternative.

If all currency become digital,wouldn't it create competition for bitcoin? instead of bitcoin getting widespread,I afraid it become less popular

[btckold24]

The good thing about btc is its global and even though our kids wont know what money is. We will still be using different currency I would think. U.S. will use dollars but just wont use cash etc. BTC is used in every country

[Yakamoto]

[uote author=thejaytiesto link=topic=1254161.msg13007350#msg13007350 date=1447873532]

If our kids will not know what money is why are they introducing plastic bank notes? Most countries are planning to introduce them over the next few years because they last longer than paper money. Why put all that effort into designing and introducing them into circulation if all governments intend to get rid of paper money completely?

Well it's just a gradual and slow process. The plastic thing is just an intermediate step. Countries like denmark and other north european countries are close to getting rid of cash. Its the ultimate fate of every country to become 100% digital, so then you better pray that Bitcoin is widespread and people aren't stupid enough to use the centralized alternative.

If all currency become digital,wouldn't it create competition for bitcoin? instead of bitcoin getting widespread,I afraid it become less popular
[/quote]
Well overall, yes, as currencies become digital there will be more competition for each currencies place, however I think what is being implied is that currencies such as the USD and Euro will become digital, so Bitcoin will still have it's niche.

Bitcoin, in fact, will likely become more popular, since people will have to spend more time on the internet, managing finances and so. This inevitably draws people towards other services, such as Bitcoin.

It may follow a similar path like how the internet was first adopted, it may not.

[WaterSupply]

Hello :-)

I think paper money is still here to stay for a little while. There are still places in the world where even getting basic electricity is quite a challenge, such as many parts of Africa. Also paper money is still used in developing countries and it will take a very very long time to get the proper systems in place against hackers etc if we did go completely digital

Cheers

[QuestionAuthority]

http://dcebrief.com/apple-ceo-tim-cook-your-kids-will-not-know-what-money-is/

Of course he means paper money, as physical cash, coins and bills. If you know how to interpret things, you can already see where we are headed, and that's a world were there is no way to hide your money from a massive surveillance state. Bitcoin is our only hope at having an alternative economy that it's outside any goverment. The network is already robust enough to survive terrible attacks, nothing has worked against it thus far, not even trying to disrupt it from within, but we need to keep making it better, better obfuscation features as well.
I don't expect anything good from mega corporations like Apple and so on, so Bitcoin is our chance for an open source way out of that Orwellian nightmare.

You realize Bitcoin isn't really a replacement for the anonymity of cash, right? Bitcoin is a impregnable worldwide running ledger of every financial transaction that has ever occurred. The U.S. Government has already proven itself to be very adept at parsing the blockchain during the Ross Ulbricht trial and they will continue to get better at it.

Take a dollar bill or any other of the worlds fiat notes and tell me everywhere it's been since it was printed. Most people don't launder their money before they use it because they don't have to and when they use bank notes they are already anonymous. If Bitcoin replaced fiat every hooker, sports bet at a bookie or bag of weed you buy on the street will require laundered Bitcoins. How ridiculously inconvenient.

I think you aren't being up to date to what's being developed right now for Bitcoin. Sure, right now Bitcoin still's got a long way to go to improve upon it's anonymity features, but if you knew about some of the up and coming BIPs such as the number 47, you would know that all those goverments trying to track people's businesses through the blockchain are going to get harder and harder until it gets simply pointless to do so.

https://www.reddit.com/r/Bitcoin/comments/3tbw2j/reusable_payment_codes_could_make_blockchain/

That's not a valid solution unless you never expect to use a mobile wallet. It doesn't matter anyway. I will never trust some volunteer coder to protect me against an army of paid government coders when I could just use the cash that I know is anonymous.

[johnyj]

Obviously he don't know what money is 

[Blue_Tiger73]

Big companies have always, and will always want to make a currency as good as Bitcoin. Frankly, I don't think that they would ever be able to beat Bitcoin. Year after year, Bitcoin has stood strong and improved. Apple Pay isn't going to go far with Bitcoin in it's way, and it is going to stay that way for a long time. So Tim Cook can say whatever bull shit he wants to, no one really cares what about what he has to say on this matter.

[Gleb Gamow]

If our kids will not know what money is why are they introducing plastic bank notes? Most countries are planning to introduce them over the next few years because they last longer than paper money. Why put all that effort into designing and introducing them into circulation if all governments intend to get rid of paper money completely?

Please, tell me more about this new plastic money. I think it has a future... I mean...

[Sundark]

http://dcebrief.com/apple-ceo-tim-cook-your-kids-will-not-know-what-money-is/

Of course he means paper money, as physical cash, coins and bills. If you know how to interpret things, you can already see where we are headed, and that's a world were there is no way to hide your money from a massive surveillance state. Bitcoin is our only hope at having an alternative economy that it's outside any goverment. The network is already robust enough to survive terrible attacks, nothing has worked against it thus far, not even trying to disrupt it from within, but we need to keep making it better, better obfuscation features as well.
I don't expect anything good from mega corporations like Apple and so on, so Bitcoin is our chance for an open source way out of that Orwellian nightmare.

Believe me, if government wanted seriously disrupt bitcoin they would do in within a week or 2 with no problems. They have arsenal of legal actions that would obliterate bitcoin to the point of being useless.

[USB-S]

If our kids will not know what money is why are they introducing plastic bank notes? Most countries are planning to introduce them over the next few years because they last longer than paper money. Why put all that effort into designing and introducing them into circulation if all governments intend to get rid of paper money completely?

Well it's just a gradual and slow process. The plastic thing is just an intermediate step. Countries like denmark and other north european countries are close to getting rid of cash. Its the ultimate fate of every country to become 100% digital, so then you better pray that Bitcoin is widespread and people aren't stupid enough to use the centralized alternative.

If all currency become digital,wouldn't it create competition for bitcoin? instead of bitcoin getting widespread,I afraid it become less popular

If you get our current financial system, you'll get, that you can't really move money efficiently from point a to point b. Just because paper money wasn't meant to do that. Current banks are trying to use a workaround by lending money to each other and keeping a private ledger of who I owe money to and who owes me money.  There really isn't anything at the market today that's like bitcoin and altcoins. You therefore should not fear competition from our traditional banking systems.

[Kakmakr]

There will be enough fiat money in museums for them to look at, and if you really worried about that, just collect some now and keep it in a bottle somewhere. It's value will increase with 1% every 20 years, if you lucky.
Kids will not miss something they did not know, it would be this generation that would miss it.

Digital is cool 

[Blue_Tiger73]

Hello :-)

I think paper money is still here to stay for a little while. There are still places in the world where even getting basic electricity is quite a challenge, such as many parts of Africa. Also paper money is still used in developing countries and it will take a very very long time to get the proper systems in place against hackers etc if we did go completely digital

Cheers

Of course paper money will be here for a long while more. Bitcoin is still in its early stages, it has only been around for 7 years, and when you look at fiat.....you know. Bitcoin is improving year by year and the security is becoming better and better. Of course there are going to be some places where you will not be able to use Bitcoin, it will be a long time before Bitcoin becomes mainstream.

[Yakamoto]

If our kids will not know what money is why are they introducing plastic bank notes? Most countries are planning to introduce them over the next few years because they last longer than paper money. Why put all that effort into designing and introducing them into circulation if all governments intend to get rid of paper money completely?

Please, tell me more about this new plastic money. I think it has a future... I mean...

I disagree with this example completely.

There's a huge bias with the photo; it's showing an intentional biodegradation of a material made to biodegrade. It isn't taking into account the different materials used in bank notes, and how they are made to handle the typical wear and tear that American bills would have to deal with.

PLA, the plastic used in the photo, is, according to Wikipedia, "derived from renewable resources, such as corn starch (in the United States and Canada), tapioca roots, chips or starch (mostly in Asia), or sugarcane (in the rest of the world)." The plastic it meant to degrade in such a dramatic way; it is intentionally not made to last.

[traderbit]

Fiat money will exists but as the game coins that are shown in our screen.
Maybe not 'your kids' but after 20-30 years there will be less paper money available.

[NorrisK]

If our kids will not know what money is why are they introducing plastic bank notes? Most countries are planning to introduce them over the next few years because they last longer than paper money. Why put all that effort into designing and introducing them into circulation if all governments intend to get rid of paper money completely?

Please, tell me more about this new plastic money. I think it has a future... I mean...

I disagree with this example completely.

There's a huge bias with the photo; it's showing an intentional biodegradation of a material made to biodegrade. It isn't taking into account the different materials used in bank notes, and how they are made to handle the typical wear and tear that American bills would have to deal with.

PLA, the plastic used in the photo, is, according to Wikipedia, "derived from renewable resources, such as corn starch (in the United States and Canada), tapioca roots, chips or starch (mostly in Asia), or sugarcane (in the rest of the world)." The plastic it meant to degrade in such a dramatic way; it is intentionally not made to last.

Indeed. I'm actually working with this material on a daily basis and it would never be used in banknotes because it actually degrades very fast. Not every material that has the word poly in it is a plastic that will last forever and become garbage in the oceans.

Cash money disappearing is just a matter of time, it is the evolution of fiat. We go from rocks to copper, silver and gold coins and then to fiat as we know it.

[Jeremycoin]

He is trying to promote Apple Pay, when in fact Bitcoin is better.
It would be very sad for him if in the future people would rather use Bitcoin than Apple Pay, and it seems that he had predicted it.

[traderbit]

He is trying to promote Apple Pay, when in fact Bitcoin is better.
It would be very sad for him if in the future people would rather use Bitcoin than Apple Pay, and it seems that he had predicted it.

Every giant company want to have its own payment processor.
So google wallet is, and also i think that Apple Pay will be similar to AliPay, paying with only one-click.

[Light]

Every giant company want to have its own payment processor.
So google wallet is, and also i think that Apple Pay will be similar to AliPay, paying with only one-click.

Of course all of them want to try - if one of them takes off and gains significant market share they'll make a killing on profits (and save on transactions costs as they won't have to interact as much with other processors - internal transactions are usually cheaper). It'd be a no brainer for any big tech company not to invest in a payment processor of their own. As to whether it'll succeed - that is a different story.

[HardForkComing]

That statement is pretty accurate to be honest. Everything is going plastic/digital nowadays.

[Wapinter]

He is trying to promote Apple Pay, when in fact Bitcoin is better.
It would be very sad for him if in the future people would rather use Bitcoin than Apple Pay, and it seems that he had predicted it.

ApplePay is not a currency like Bitcoin.Its is a payment processor like PayPal.People should understand the difference between two.No multinational would dare to introduce its own currency unless they risk getting banned from functioning