How long will the fiat money system stay alive?

[Laz]

Times they are a changing. I myself don't trust very much in the stability of global economics anymore. Big changes will need to happen on the planet to sustain our being here, and I believe the change has to start from the world of economics because money rules the world nowadays. To change the world we need to change the money. What do you think?

[Kazing]

Well obviously no one knows, but I don't think it's gonna disappear completely during our life time.

The guy who invented paypal is saying that in the future he might allow his website to be used with crypto's so I think that's gonna be a major step in the right direction.

[MadeTran]

A long time, it's controlled by very powerful people that  have a lot of wealth.....even beyond the paper they print......they have vast material resources and armies at their disposal.....police willing to enforce just about anything these guys say o enforce. They will not go quietly into the night and just hand away the power they have to create money whenever they want to.

[lophie]

Well obviously no one knows, but I don't think it's gonna disappear completely during our life time.

The guy who invented paypal is saying that in the future he might allow his website to be used with crypto's so I think that's gonna be a major step in the right direction.

The guy who invented paypal doesn't have anything to do with paypal anymore, it's owned by ebay.   I agree that Fiat won't be going anywhere, as long as it's backed and financed for military.

[jkeets444]

Crypto-Currencies are fiat money just like any other currency.  Not even gold has any real value to it.  All currencies derive their value from there network of acceptance as a tool to transfer value.

There are really three main reasons that crypto-currencies hold so much promise to the future of currency.
1.) They are accessible by anyone, anywhere.  They are decentralized in the same way the internet does not belong to anyone.
2.) Transaction costs are extremely low compared to physical currencies. Essentially eliminating the need for the trillions of dollars wasted in the financial industry today.
3.)  Because no government controls them. They cannot be devalued by printing more money which, by the way is the real reason behind inflation and why the standard of living has been flat, or even shrinking.

Thoughts?


18200648738410082998

[emmocks]

Fiats will stay, because states can demand taxes in a particular currency, and the banks will enforce debt based fiats. Hopefully cryptos will weaken the banks enough so that the fiats will be fiats and not debt. The major flaw cryptos have is that it has to make some long term guess about the appropriate quantity development. A state can regulate the quantity immediately according to the common good.

[mescalito]

I think it'll take like 50 years for crypto currencies to gain any significant share of the monetary market. Most of people are still living in the industrial age.

[Knapo]

A long time, it's controlled by very powerful people that  have a lot of wealth.....even beyond the paper they print......they have vast material resources and armies at their disposal.....police willing to enforce just about anything these guys say o enforce. They will not go quietly into the night and just hand away the power they have to create money whenever they want to.

Well, you may be happy to hear that you're actually very wrong. The system is not sustainable anymore, you cannot just print money without consequences, it's not working like this - thanks god.

Crypto-Currencies are fiat money just like any other currency.  Not even gold has any real value to it.  All currencies derive their value from there network of acceptance as a tool to transfer value.

There are really three main reasons that crypto-currencies hold so much promise to the future of currency.
1.) They are accessible by anyone, anywhere.  They are decentralized in the same way the internet does not belong to anyone.
2.) Transaction costs are extremely low compared to physical currencies. Essentially eliminating the need for the trillions of dollars wasted in the financial industry today.
3.)  Because no government controls them. They cannot be devalued by printing more money which, by the way is the real reason behind inflation and why the standard of living has been flat, or even shrinking.

Thoughts?

18200648738410082998

crypto-currencies are limited in terms that there is limited number of coins issued and this alone is a complete game changer comparing to fiat currencies like the dollar...

[uranian]

The median age for all existing currencies in circulation is only 39 years

The linked article is from a few years back now, but does a very good job at looking at this history of fiat currencies. Given that the USD went purely fiat in 1971, it's old already...and the credit bubble is bigger now than it was in 2007/8, when things very nearly went south.

http://dollardaze.org/blog/?post_id=00405

[Edward Snowden]

https://nextcoin.org/Smileys/default/smiley.gif :(It seems to be forever in my eyes while some countries will always have overwhelmingly controlling governments

[emperorofcoins]

it will stay as long as there are governments...

[marcos]

Until central banks get tired, maybe 5-10 years.

[emperorofcoins]

It's so funny how people want in the end to have everything for free... and if something goes wrong then the government is to blame or has to solve it. We will see what will happen when somebody will take all people's crypto savings. The government is there to prevent negative externalities and that is one of the reasons why governments will tend to ban it.
Some people want so much that the crypto coin will be considered as a regular currency. Why ? to find acceptance from the government ? Do we actually care? We want to evade taxes so that we can increase the tax burden on others? Do we want total anarchy ? I think that the developers should have a multidisciplinary team to come up with innovative solutions and services based on this coin. A platform for constructive discussions and not just because people are against..

In my opinion there would be less issues with crypto coins when it is not considered a currency. Why is that a problem for many ? Stocks and bonds represent a certain value, these are no currencies but I can relatively easy convert them into cash. What if we consider a crypto coin as an asset that can be quickly converted into cash  ? Think out of the box.. the so-called crypty currencies might be something completely new that we should not call a currency at all. It deserves better ...

[Knapo]

it will stay as long as there are governments...

For the records the average life of a fiat currency system is around 30 years. Now we have the petroldollar rulling the scene for 48years. This is an all time record that certainly will come to an end in 2014. China, Russia and India are already establishing bilateral agreement to trade in other currencies than dollar and the Est is rushing for gold like never before. I could write for pages why a global financial reset will occur, however don't want to get you bored.

[emperorofcoins]

it will stay as long as there are governments...

For the records the average life of a fiat currency system is around 30 years. Now we have the petroldollar rulling the scene for 48years. This is an all time record that certainly will come to an end in 2014. China, Russia and India are already establishing bilateral agreement to trade in other currencies than dollar and the Est is rushing for gold like never before. I could write for pages why a global financial reset will occur, however don't want to get you bored.

Curious to see those pages about a global financial reset.. That is what this is all about right ? So it can never be boring..