digital currency/gold?

rabialiones

just been browsing some threads and the question just came into my mind as to what will the value of gold or other precious metals be when digital currency will take effect and there will be no physical money.

i understand that future plans are to insert digital chip into peoples wrists , i know this is already happening as a friend of mine has had to have one from his employers for when he clocks in and out of work.

so it doesnt look too far off in the future.

these chips apparantely will contain all your details e.g. bank accounts, passport etc.
how will transactions take place for people who hold physical precious metals?

The-Joker

rabialiones wrote: »

just been browsing some threads and the question just came into my mind as to what will the value of gold or other precious metals be when digital currency will take effect and there will be no physical money.

i understand that future plans are to insert digital chip into peoples wrists , i know this is already happening as a friend of mine has had to have one from his employers for when he clocks in and out of work.

so it doesnt look too far off in the future.

these chips apparantely will contain all your details e.g. bank accounts, passport etc.
how will transactions take place for people who hold physical precious metals?

This is when the value of gold and silver will really shine.

If we become 100% cashless society and somebody insists on transacting anonymously then how else but gold or silver can they transact?

Andy_L

The-Joker wrote: »

This is when the value of gold and silver will really shine.

If we become 100% cashless society and somebody insists on transacting anonymously then how else but gold or silver can they transact?

Barter
Crypto currency
Fake accounts

rabialiones

yes, but what about large purchases, e.g.property , vehicles, holidays etc
most transactions such as house purchases do have to go through bank accounts

GreatApe

By 2050 we will all be dead or living in the star trek economy

Gold and silver will be worthless
Digital currency will be worthless
Money will be worthless
Property will be worthless
Stocks and shares will be worthless

We will get true communism everyone will be equal in almost every way assuming the robots dont decide squashy humans are better off being squashed

Malthusian

rabialiones wrote: »

yes, but what about large purchases, e.g.property , vehicles, holidays etc
most transactions such as house purchases do have to go through bank accounts

1. Sell precious metals
2. Receive proceeds of metals into your bank account
3. Buy house / car / holiday

For as long as humans like shiny metal there will be someone who will give you electronic currency in exchange for shiny metal.

99% of shiny metal is exchanged for electronic currency as it is; people handing over physical metals in exchange for banknotes in pawnshops makes up a tiny fraction of the market. What effect do you think increasing this to 100% would make?

Norman_Castle

rabialiones wrote: »

just been browsing some threads and the question just came into my mind as to what will the value of gold or other precious metals be when digital currency will take effect and there will be no physical money.

i understand that future plans are to insert digital chip into peoples wrists , i know this is already happening as a friend of mine has had to have one from his employers for when he clocks in and out of work.

Physical money is worthless, the value is in the promise to pay. Holding this digitally will make no difference. Precious metals are worth what others value them at.


Would be interested in which employer insists on their employees being chipped.

snowqueen555

Norman_Castle wrote: »

Physical money is worthless, the value is in the promise to pay. Holding this digitally will make no difference. Precious metals are worth what others value them at.


Would be interested in which employer insists on their employees being chipped.

All value is contextual and not intrinsic. Doesn't matter if it's gold or cryptocurrency.

If anything the most valuable substance to us is water.

rabialiones

GreatApe wrote: »

By 2050 we will all be dead or living in the star trek economy

Gold and silver will be worthless
Digital currency will be worthless
Money will be worthless
Property will be worthless
Stocks and shares will be worthless

We will get true communism everyone will be equal in almost every way assuming the robots dont decide squashy humans are better off being squashed

wow!, thats scarey but probably true, (not the 'dead') part as thats a fact we all have to accept as its guaranteed sooner or later.
but the rest of it is , thinking about future of our kids, but i think they are slowly being programmed and brainwashed to prepare them for situations they will find themselves in.


'property will be worthless'- so it seems like theres no point in investing in btl. might as well be selfish and just 'spend, spend' ,spend.

rabialiones

pondering over this 'property will be worthless',

but how can this be as people will always need somewhere to live.

GreatApe

rabialiones wrote: »

pondering over this 'property will be worthless',

but how can this be as people will always need somewhere to live.

Need does not determine price, you need water without it you would be dead in 3-4 days but the price of drinking water is pennies a tonne

Property will become worthless for 2 reasons

1: The robots will be able to build an infinite number of homes at zero marginal 'cost'

2: We will live in simulated reality-ies

Or we could be wiped out, or we will shed our biology and somehow still be 'human' again valuing homes at ... nowt