• Electronic Currency Only
    15 replies, posted
This is a question I've thought to myself for a while now. Do you think it would ever be possible for hard currency to go practically extinct in the same way gold and silver has. We already have Fiat Money i.e. money that is created to be valuable. Does this mean we can just stop money production and make electronic monies only? I think it's entirely possible. [highlight](User was banned for this post ("No debate presented" - Megafan))[/highlight]
wasn't there studies showing that people are less cautious at spending their money when it's not in any physical form? (i.e: paper money and coins)
[QUOTE=krten_2x 4b;40560341]wasn't there studies showing that people are less cautious at spending their money when it's not in any physical form? (i.e: paper money and coins)[/QUOTE] Not confirming or refuting this study, because I honestly have no idea about it, but when I spend cash I have a harder time making decisions and spending greater amounts than I do when I spend through a debit card.
Well, as long as it's not like the bitcoin I can see electronic currencies working. Bitcoins are a hilarious failure for anybody who wants to use a currency.
[QUOTE=krten_2x 4b;40560341]wasn't there studies showing that people are less cautious at spending their money when it's not in any physical form? (i.e: paper money and coins)[/QUOTE] I would not doubt it in the slightest. Them Steam sales. </3
The one main disadvantage of only electronic currency is when the system that does the transaction and stuff goes down, you won't be able to access your money until it goes back up.
[QUOTE=GoldenDargon;40562100]The one main disadvantage of only electronic currency is when the system that does the transaction and stuff goes down, you won't be able to access your money until it goes back up.[/QUOTE] That is very true. EDIT: Although I assume that capitalists that kinda rely on always having money would be able to buy super secure private servers.
[QUOTE=GoldenDargon;40562100]The one main disadvantage of only electronic currency is when the system that does the transaction and stuff goes down, you won't be able to access your money until it goes back up.[/QUOTE] Same thing with Mastercard and Visa, that's not been an issue.
Another problem is there's no actual value in the currency, It's pure made up value, though the dollar has the same problem, and it hasn't been too bad
[QUOTE=JayFeather1337;40563911]Another problem is there's no actual value in the currency, It's pure made up value, though the dollar has the same problem, and it hasn't been too bad[/QUOTE] That's what "Fiat Money" is. The more you know~
[QUOTE=GoldenDargon;40562100]The one main disadvantage of only electronic currency is when the system that does the transaction and stuff goes down, you won't be able to access your money until it goes back up.[/QUOTE] This issue can be mitigated by distributivity. Sticking a service like this on a cloud system would solve all but the most catastrophic system failures.
If there was some sort of device made that enabled all of your monies to be tracked and the amount displayed on the device then I would have no problem with an all electronic currency.
Sources of electricity have the unfortunate habit of failing occasionally, I don't see why making the entirety of your currency electronic would be more beneficial than the current mix of physical and electronic sources
Most of the fiat money is purely electronic and only 'exists' in electronic bank accounts.
It doesn't matter if it "exists" or not. Technically all money doesn't "exist" because only states are backing them up.
What I really hate about electronic currency is that it fluxuates a shit ton and fast.
Sorry, you need to Log In to post a reply to this thread.