The Future of Money?

[BobK71]

That seems to be the direction that's being pursued behind closed doors (R3CEV); however, the social and political changes that drive the adoption of bitcoin and similar technologies will be lost if controlled by a group of elites.  A value that is inherent in the blockchain technologies that I believe is being underestimated is the value associated with their networking possibilities themselves.  Our currencies are changing in such a way that their utility is far more relevant than merely a tool used as means of exchange or a device to store wealth....The monetizing of information propagation thru micro-payments and peer to peer networking is enormously important in a world which is controlled by an elitist group....Think about it.

While I agree with your drift, we have to remember that politics is the art of the least common denominator.  When a technology, methodology or ideology has evolved far beyond the understanding of most common folk, the elites will use the lack of public awareness to squash the new thing, or, even worse, use the power of the thing to solidify their power.

[BobK71]

It is sure that future money will be digitalizedone but there is no assurity that blockchain concept will be used unless everyone is literate enough to understand just a hint of what they are handling.

No way blockchain will be use, we are talking here of the entire human race, there's a big question on who will represent for bitcoin and how the government will ensure that system of bitcoin to comply with the laws of the state, I think that is not possible.

I think it's possible (but not assured) that the elites will be able to use the large no. of people who already understand blockchains to spread their propaganda.  Since financial market confidence is the key, it's possible that enough financial participants will understand blockchains to uphold the faith in the blockchain the elites want to promote.

[BobK71]

Actually they can pre-mine the coin and well, if they are creating a coin, for sure they will make things like put your name on the wallet and track all your transactions, don't matter how the future will be, for sure the government will regule your life and you will have to pay taxes.

Or, if they want ImfCoin to be more acceptable to the markets, the can preserve the anonymity feature.  This kind of approach worked well for the gold standard.

[BobK71]

Actually they can pre-mine the coin and well, if they are creating a coin, for sure they will make things like put your name on the wallet and track all your transactions, don't matter how the future will be, for sure the government will regule your life and you will have to pay taxes.

Exactly, no government would accept a currency as their own if they have no access on it at all, if bitcoin is legalized it would probably be an alternative currency but the main currency of a country always be the ones that is in control of government.

Remember, totally fiat money has been around only since 1971.  The previous 300+ years of modern money saw state issued paper money pegged against gold and/or silver, and you can easily argue that the elites did even better under the gold and silver standards (since the system was more stable even though the wealth came slower to the elites.)

ImfCoin would be essentially the same as a new gold standard, but allow the elites to claim they're doing it to 'modernize money by making it electronic,' and not because their fiat system is so unstable.

[BobK71]

There IS a flaw in the ImfCoin plan.

All major countries will have to agree to base their money on ImfCoin.  That is getting harder, not easier these days, as countries like China, Russia and India are beginning to think that the IMF claims to be a multi-lateral, rules-based institution, but is in fact dominated by the US.

If trusting the IMF is the same as trusting the US, the trust is not likely to be forthcoming, unless a major geopolitical event gives a big boost to US power from its current state.  It's hard to see that happening at this point.

[Reid]

Very unique and good thinking.

Yeah if they are the ones who created this flow of bitcoin then it is very much likely they could create another.
But there is an "if" so are we just making an opinion here or does it have facts? Just want to know my friend.

[serjent05]

There IS a flaw in the ImfCoin plan.

All major countries will have to agree to base their money on ImfCoin.  That is getting harder, not easier these days, as countries like China, Russia and India are beginning to think that the IMF claims to be a multi-lateral, rules-based institution, but is in fact dominated by the US.

If trusting the IMF is the same as trusting the US, the trust is not likely to be forthcoming, unless a major geopolitical event gives a big boost to US power from its current state.  It's hard to see that happening at this point.

I agree, if IMF issue or release a coin called IMFCOIN, there are lots of country that will oppose it.  The same example as you said, several strong country don't want to be controlled by a centralized system.  More probably they will just laugh at it, not accept it , not honor it and ignore it.  So probably IMF coin will be DOA.

[whizter]

Money will likely keep all current forms, despite how popular one is over another.

Although new ideas on how to make transactions evolve, every prior one still kicks it.

There's no point in removing any types because money is already in circulation with no stopping point... That's the hard part, the next goal is to put diverse amounts so none become underdeveloped.

Maybe the system of paper money would change in future because of the advancement in technology but as you said the currencies would probably stay the same in future as well i guess, just the methods of usages may change accordingly to the new era.

yes that is a fact, we can  see that now the trend of using currency is changing from time to time, as the new generation is now taking interest in online trading and shopping, therefor they like to use crypto currency for that and i think bitcoin is the best option for them.

[BobK71]

Very unique and good thinking.

Yeah if they are the ones who created this flow of bitcoin then it is very much likely they could create another.
But there is an "if" so are we just making an opinion here or does it have facts? Just want to know my friend.

Thank you.  Certainly everything is just opinion and prediction here.  The answer to your question is IMO fundamentally unknowable.  If I fool you once, can I fool you again?  Or can I even fool you once?  It all depends on how you respond, which is impossible to know with certainty.

My opinion, given the modern history of money, unfortunately, is that the public can be fooled.  Maybe not the second time (ie ImfCoin2), and even less likely the third time, but the first time is possible.

But, as I mentioned, the IMF needs the trust of all major countries for this to work (the last thing the Western elites want is for the West to get on ImfCoin while Russia and China go to gold.)  This is not looking likely right now.

[BobK71]

I agree, if IMF issue or release a coin called IMFCOIN, there are lots of country that will oppose it.  The same example as you said, several strong country don't want to be controlled by a centralized system.  More probably they will just laugh at it, not accept it , not honor it and ignore it.  So probably IMF coin will be DOA.

I think the true function of the IMF is to keep small and poor countries in line according to the wishes of the Western elites.  The IMF doesn't have enough money or power to deal with larger or richer countries.

The reason I originally brought out the IMF is that I have read multiple times that the IMF will likely be the venue through which the world goes back to the gold standard, if that happens.  But if you think about it, gold has a naturally strong following (especially if the IMF gets more gold from members by agreement,) so faith would not be a problem there.

[X-ray]

Money will likely keep all current forms, despite how popular one is over another.

Although new ideas on how to make transactions evolve, every prior one still kicks it.

There's no point in removing any types because money is already in circulation with no stopping point... That's the hard part, the next goal is to put diverse amounts so none become underdeveloped.

Maybe the system of paper money would change in future because of the advancement in technology but as you said the currencies would probably stay the same in future as well i guess, just the methods of usages may change accordingly to the new era.

in the future i'm sure that paper money will no more exist ,even the currencies still remain the same,the paper money will be replaced with something nature friendly in order to reduce the logging,so paper money is not going to be exist anymore

[MTBTT]

Actually they can pre-mine the coin and well, if they are creating a coin, for sure they will make things like put your name on the wallet and track all your transactions, don't matter how the future will be, for sure the government will regule your life and you will have to pay taxes.

Or, if they want ImfCoin to be more acceptable to the markets, the can preserve the anonymity feature.  This kind of approach worked well for the gold standard.

I think the future later, cryptocurrency will remain an option or currency online, I still would believe that fiat will continue to rule the world, because there are many governments in tow

[deisik]

Money will likely keep all current forms, despite how popular one is over another.

Although new ideas on how to make transactions evolve, every prior one still kicks it.

There's no point in removing any types because money is already in circulation with no stopping point... That's the hard part, the next goal is to put diverse amounts so none become underdeveloped.

Maybe the system of paper money would change in future because of the advancement in technology but as you said the currencies would probably stay the same in future as well i guess, just the methods of usages may change accordingly to the new era.

in the future i'm sure that paper money will no more exist ,even the currencies still remain the same,the paper money will be replaced with something nature friendly in order to reduce the logging,so paper money is not going to be exist anymore

Of all the materials that humanity produced, paper is one of the most "nature friendly" ones (unlike, for example, plastic packaging). It is just a form of processed cellulose from which plants mainly consist of. Regarding logging, I think paper money is not the major factor contributing to it. Furthermore, modern banknotes are often made from cotton paper, which is superior to wood paper...

It can last for hundreds of years without deterioration, that's why it is preferred in paper money

[BobK71]

So, after all our discussion (thank you all for participating,) it appears our conclusion is that modern money is as much a political as an economic animal.  This is what I have read multiple times from authors I trust.  We have to watch the news!

Please correct me if you think otherwise.

[South Park]

I think it is very unlikely that we will see a worldwide crypto currency issued by a central bank since that will require a government so powerful that it can impose his will above the will of the other countries and while the U.S is very powerful is not that powerful.

[pitham1]

I think it is very unlikely that we will see a worldwide crypto currency issued by a central bank since that will require a government so powerful that it can impose his will above the will of the other countries and while the U.S is very powerful is not that powerful.

Never say never. There was no single country which was very powerful in the Euro zone. Yet, we did see the Euro replace the lira, drachma and the deutsche mark.

[Hazir]

I think it is very unlikely that we will see a worldwide crypto currency issued by a central bank since that will require a government so powerful that it can impose his will above the will of the other countries and while the U.S is very powerful is not that powerful.

Never say never. There was no single country which was very powerful in the Euro zone. Yet, we did see the Euro replace the lira, drachma and the deutsche mark.

Eurozone is a different story - it is a monetary union. And it was introduced despite rules of an OCA (Optimum currency area theory) says it would be a foolish thing to do.
Euro (the currency) is not even 20 years old and there is high possibility (at least, I believe so) that European Union will split during next 20 years.

We also have examples of other currency unions existing:
US Dollar is currency of Ecuador, Panama, El Salvador, Puerto Rico, Palau and couple other countries.

[financetalks]

I think it is very unlikely that we will see a worldwide crypto currency issued by a central bank since that will require a government so powerful that it can impose his will above the will of the other countries and while the U.S is very powerful is not that powerful.

It is possible if the central bank finds a way they can still control the crypto currency.

Central banks only care about if they can control the currency they issue, they don't care too much whether it is crypto or not.

[uname]

I think it is very unlikely that we will see a worldwide crypto currency issued by a central bank since that will require a government so powerful that it can impose his will above the will of the other countries and while the U.S is very powerful is not that powerful.

I think cryptocurrency will not be able to master the major currencies in the future, as long as the government has a fiat then it will be difficult for cryptocurrency to be the main currency in the future

[Bugor2]

I think it is very unlikely that we will see a worldwide crypto currency issued by a central bank since that will require a government so powerful that it can impose his will above the will of the other countries and while the U.S is very powerful is not that powerful.

I think cryptocurrency will not be able to master the major currencies in the future, as long as the government has a fiat then it will be difficult for cryptocurrency to be the main currency in the future

I'm sure cryptocurrency never become the main currency countries. It always is and will remain an alternative currency. People do not like something new. And do not trust