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Poll
Question: Did Bitcoin revolutionize the concept of money?
Yes, it is an entirely new form of money - 82 (78.1%)
No, there's nothing new conceptually - 23 (21.9%)
Total Voters: 105

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Author Topic: Next generation money  (Read 15943 times)
deisik
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June 09, 2016, 10:05:27 AM
 #1

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created through mining. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here as well...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys (and gals), what you think about the truly new money that is yet to be invented or implemented

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hermanhs09
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June 09, 2016, 10:09:45 AM
 #2

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

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June 09, 2016, 10:16:58 AM
 #3

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

But as of now Bitcoin can hardly be called a truly "good" money since its creation is as centralized as any of fiats. There are a few dozen fiat monies out there, and as many central banks that create money. There is one Bitcoin, and a few dozen mining pools (or just a few, lol) out there as well...

So what's the real difference in this regard?

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hermanhs09
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June 09, 2016, 10:20:19 AM
 #4

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

But as of now Bitcoin can hardly be called a truly "good" money since its creation is as centralized as any of fiats. There are a few dozen fiat monies out there, and as many central banks that create money. There is one Bitcoin, and a few dozen mining polls (or just a few) out there as well...

So what's the real difference in this regard?

If you're talking about centralization within the mining of bitcoin, then yes, this problem does exist and this will be something that the bitcoin community have to work out a solution eventually.

But bitcoin is still fundamentally better than fiat currencies, as there is a cap to its creation. Also, it's not subject to monetary and fiscal policies of the government. So it's pretty impossible for someone to pump double the entire volume of bitcoins known right now into the market.

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June 09, 2016, 10:25:11 AM
 #5

But bitcoin is still fundamentally better than fiat currencies, as there is a cap to its creation. Also, it's not subject to monetary and fiscal policies of the government. So it's pretty impossible for someone to pump double the entire volume of bitcoins known right now into the market.

It is still debatable whether it is fundamentally better, or just better, for the fact that Bitcoin has a cap on the number of coins to be created. But in any case, this is surely not something that can be called a revolution in the history of money, right?

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June 09, 2016, 11:32:42 AM
 #6

not in the absolute sense, but i think it revoluzionaze the way you handle money, because it is based on trustless mechanism, and don't rely on a centralized authority, also gold is not centralized when used, and never was, bitcoin instead is always decentralized when used
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June 09, 2016, 01:06:39 PM
 #7

The total majority of Bitcoin holders think of their favorite toy as the next step in the evolution of money (less so for active users). I don't deny the technological innovation in respect to the blockchain and the decentralized nature of how new money is created. With that said, I still don't think that Bitcoin did actually revolutionize the concept of money itself. Gold as money existed long before fiat, and it was "created" in a decentralized way too, so nothing particularly new here also...

I have an idea what could be an entirely new form of money (actually, it is not my idea), but first I would like to hear from you, guys, what you think about the truly new money that is yet to be invented or implemented

I think that the real money is the ones that are decentralized. Over the years people have been going back and forth between good money(money that is not controlled by government) and fiat currencies.

And bitcoin in my opinion is the next gen good money. Just like gold.

I think the creation of the bitcoin is decentralised. Any body can afford a ASIC miner can make the money.



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June 09, 2016, 01:21:03 PM
 #8

Money need to pay interest and represent value of economys,national currencys need to stay,but dervatives and debt have to be limited


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June 09, 2016, 01:55:02 PM
 #9

there is no argument that bitcoin and blockchain technology is a revolution and have already changed the way we look at money.

but this doesn't mean bitcoin is the next money or even it doesn't mean it will replace money, that would be a very hard process with a lot of obstacles in front of it.














 

 

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June 09, 2016, 02:06:00 PM
 #10

there is no argument that bitcoin and blockchain technology is a revolution and have already changed the way we look at money

I agree that the blockchain technology is something new, but if it ever comes to calling it a revolution, a revolution in what? What exactly has it revolutionized, what did it change in the way people live, communicate or merchandise? I think that just being new, in the sense of something not seen before, is not enough...

For example, Internet altered dramatically the whole societies in the ways we don't yet fully understand or even encompass

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June 09, 2016, 02:52:33 PM
 #11

Money need to pay interest and represent value of economys,national currencys need to stay,but dervatives and debt have to be limited

This may be true in the abstract, but who decides how much money and debt to create?

Bitcoin, gold, etc. are market-based monies, whereas national currencies are centrally planned money.  Central planning has always led to fundamental abuse and the enrichment of the few at the expense of the many.

Wouldn't it be nice if everyone was polite?  But to create a Bureau of Politeness to monitor and control everyone's behavior would obviously make things worse.
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June 09, 2016, 02:56:47 PM
 #12


I agree that the blockchain technology is something new, but if it ever comes to calling it a revolution, a revolution in what? What exactly has it revolutionized, what did it change in the way people live, communicate or merchandise? I think that just being new, in the sense of something not seen before, is not enough...

For example, Internet altered dramatically the whole societies in the ways we don't yet fully understand or even encompass

I hold the opposite view, actually.  The blockchain is just a piece of technology.  Bitcoin, on the other hand, if it succeeds as a currency or a store of value, changes the power relationship between the political and financial elites and the public.  It would help lead to a fundamentally more open and healthy society as well as economy.
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June 09, 2016, 05:19:40 PM
 #13


I agree that the blockchain technology is something new, but if it ever comes to calling it a revolution, a revolution in what? What exactly has it revolutionized, what did it change in the way people live, communicate or merchandise? I think that just being new, in the sense of something not seen before, is not enough...

For example, Internet altered dramatically the whole societies in the ways we don't yet fully understand or even encompass

I hold the opposite view, actually.  The blockchain is just a piece of technology.  Bitcoin, on the other hand, if it succeeds as a currency or a store of value, changes the power relationship between the political and financial elites and the public.  It would help lead to a fundamentally more open and healthy society as well as economy.

I see what you mean, but I can't agree with this, though I wish you were right. So far it didn't change a thing in that direction. Let's face the facts, the fields where Bitcoin prospers, that is, trading and gambling, can't possibly lead to a better society and healthier economy by any means...

And I'm not even mentioning the DarkNet where Bitcoin also flourishes

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June 09, 2016, 05:39:06 PM
 #14

I do not think we could classify BTC solely as 'money'. It's a whole new asset class that has no classification at the moment. Even the regulators are confused. It's neither a currency or a commodity, but it has the qualities of both.

And in response to OP's point that 'Bitcoin didn't revolutionize money', sure you can say that. But one good thing about it is it makes banks unnecessary when making transactions online. That's really something in a world where all our financial transactions depend on banks for the longest time. Although Bitcoin didn't revolutionize money, it started a revolution nevertheless.


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June 09, 2016, 06:03:05 PM
 #15

I do not think we could classify BTC solely as 'money'. It's a whole new asset class that has no classification at the moment. Even the regulators are confused. It's neither a currency or a commodity, but it has the qualities of both

It was envisaged as a currency, but now serves as a commodity which doesn't have a utility of its own, save only for the transactional utility, which is the only utility money is conceptually required to have. In this regard Bitcoin didn't (and couldn't) add anything new to the concept of money...

Whereas a "commodity" without value (or highly overvalued) is the object of various tulipomanias

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June 09, 2016, 06:05:57 PM
 #16

Bitcoin is an entirely new form of money... can't argue that. It's an asset that has never existed before. You can carry billions of dollars inside a pendrive and use them anywhere in the world without no one knowing, plus all the smart contracts stuff, makes it in fact next generation money.
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June 09, 2016, 06:10:36 PM
 #17

And in response to OP's point that 'Bitcoin didn't revolutionize money', sure you can say that. But one good thing about it is it makes banks unnecessary when making transactions online. That's really something in a world where all our financial transactions depend on banks for the longest time. Although Bitcoin didn't revolutionize money, it started a revolution nevertheless

Again I have to disagree. At first look, things are as you say, but the devil is, as always, in the detail. You don't need banks to transact in Bitcoins. Nevertheless, since Bitcoin doesn't act on its own in the majority of cases (closed loops with only Bitcoin as a mediating agent are tight and far in between), you still need fiat...

And with fiat you obviously need banks

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June 09, 2016, 06:25:16 PM
 #18

Bitcoin and cryptocurrency are in reality the next generation money however it is still market compared to fiat and only accessed majorly by tech guys. The decentralized and crypto technology can be spreaded to common people in upcoming days with much simpler wallet forms comming out which will be easy for all common people who already know how to use digital wallet.

We can't compare bitcoin and gold with same eyes.

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June 09, 2016, 06:26:20 PM
 #19

Bitcoin is an entirely new form of money... can't argue that. It's an asset that has never existed before. You can carry billions of dollars inside a pendrive and use them anywhere in the world without no one knowing, plus all the smart contracts stuff, makes it in fact next generation money.

New assets that never existed before are created on a daily basis. A few dozen (or, maybe, just a few, idk) entirely new drugs enter the market each year. But only some made a revolution in medicine (for example, penicillin). So just being new per se is evidently not enough. Billion dollars inside your pen-drive make up an illusory welath. You won't be able to exchange them for real wealth, so don't get any illusion about that...

Whereas a few million paper dollars in your pocket (well, case) are fully exchangeable for real wealth, and no one could know about them either

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June 09, 2016, 06:34:49 PM
 #20

Bitcoin and cryptocurrency are in reality the next generation money however it is still market compared to fiat and only accessed majorly by tech guys. The decentralized and crypto technology can be spreaded to common people in upcoming days with much simpler wallet forms comming out which will be easy for all common people who already know how to use digital wallet

Neither decentralized nature nor cryptographic technology are new or revolutionary. Though I would agree that public-key cryptography was a revolutionary step forward in cryptography as such (just like quantum cryptography afterwards)...

But its use in the Blockchain technology doesn't make the latter a revolution too

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