The extinction of paper and fiat coinage before the decade is out. (2020)

larkin

Ad Honorem
Sep 2009
3,698
#1
It is not only possible, but easy to go through a day, carry out your errands and even travel without ever handling coin or cash.

Because of this, I see the extinction of paper and fiat coinage before the decade is out. (2020)

I can see banks favoring the elimination of all printed of currency and the minting of expensive and heavy coinage as too costly and being in favorite of disposable or refillable money cards.

Under this system, banks will reap a tiny percentage of "both" sides of every single transaction that occurs on the planet. This will be their objective.

Unfortunately this will extend the life of fiat money beyond its predicted demise and allow for even more exotic manipulations and prorietorial adaptations.

A bank containing only virtual cash cannot be robbed using traditional methods.

The government will do you taxes while you are asleep at night.

I can't imagine what is taking them so long?

If you accidentally or intentionally cross the line, you can be remotely turned off banishing you economically from society.

This would be a one-sided proposition benefiting banks and the state and yet, you will see people on the Cable News clambering for it. As if out of Orwell.

If there was ever a case for junk silver coinage, this is it...
 

Lowell2

Ad Honorem
Jun 2014
6,541
California
#2
Hackers will extend the use of paper and metal money. And taxes / usage fees will bring back barter in a larger form. For every computer control, there's a person or persons who will try to find a loophole or vulnerability in it.
 

Lowell2

Ad Honorem
Jun 2014
6,541
California
#5
Heinlein predicted hard money would never go away. To important to crime.

Yes, although a good computer geek can probably "disappear" illicit money pretty effectively, and there are some very circuitous routes one can use for payoffs, it's just easier to pay in "cold hard cash".

Moreover, while the modern coinage and paper money is symbolic, it still represents a reality that just doesn't exist with a plastic card. Even the penny was retained until 2015 -- and odds are it will get yet another extension.
[ame=http://en.wikipedia.org/wiki/Penny_debate_in_the_United_States]Penny debate in the United States - Wikipedia, the free encyclopedia[/ame]
Taxpayers lost $105 million on pennies and nickels last year - The Washington Post
 

larkin

Ad Honorem
Sep 2009
3,698
#7
Hackers will extend the use of paper and metal money. And taxes / usage fees will bring back barter in a larger form. For every computer control, there's a person or persons who will try to find a loophole or vulnerability in it.
That is my point.
Taxes and usage fees will be extracted electronically and in the order that they want, not you. It happens today, every time you approve an automatic payment from your debit account.

Owning a bank or hacking will be the only way to rob a bank.

Heinlein predicted hard money would never go away. To important to crime.
I suspect that Heinlein may be right but there will be two options, non-governmental coinage with intrinsic value like silver and gold traded by weight and digital money like bit-coin.

Whether bitcoin survives or not, is not known but it is a rebellion against legally proscribed currency.

Why would anyone want to see the demise of hard cash ?
We don't want to see the demise of cash. Cash represents independence and freedom, but the money we are using is only symbolic. It isn't real and we will have no say in the matter.

There are no incentives for people to want electronic money, but there are many incentives for government and banks to want it and they working towards it as we speak.

With or without governmental approval, a bartering economy will appear and they will not be using dollars.
It should be noted that governments do not tolerate competing currencies. They require a monopoly in the money system.

Money's just our way of keeping score.
Yes it is but another thing that will hasten the the move towards all electronic is the prospect of hyper-inflation.
 
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