The future of money

[Shaun @ Tru6]

The Sears thread makes you think. The future of retail is still evolving and will for the next few years. But what's the next great cultural change? I think it will be money itself. The nascent cryptocurrencies are almost purely experimental now. Where will they go? What will trigger their ultimate legitimacy? Or will they be a toy for a year or two and just fade away?

What is the future of money?

[Jims5543]

Originally Posted by Shaun @ Tru6

The Sears thread makes you think. The future of retail is still evolving and will for the next few years. But what's the next great cultural change? I think it will be money itself. The nascent cryptocurrencies are almost purely experimental now. Where will they go? What will trigger their ultimate legitimacy? Or will they be a toy for a year or two and just fade away?

What is the future of money?

Everything is going electronic so there is no real cash on hand to back up the money being spent.

I figured this out about 3-4 years ago, late to the party admittedly, and started to amass a decent amount of gold silver and some cash, the model at hand is not sustainable.

I have fortified that model with ammo, guns, and food stores. I am hoping to move onto acreage in the next year, get livestock, solar and wind generators with battery storage then be self sufficient.

I thought the election of 2016 was going to trigger the beginning of the end, I was very wrong and very happy to be wrong, it bought me more time and ability to get myself ready.


Am I a prepper? No I do not consume myself with things like that. Having been through 3 Hurricanes and being cut off for anywhere from 1 to 2 weeks from a supply chain, I have learned how to survive on my own, and know I am woefully unprepared for a long term run on my own. I am trying to fix that slowly. I have until 2020.

[Por_sha911]

A cashless society was predicted a long time ago.
A mark on (or chip in) the hand or forehead and without it you won't be able to buy or sell. This way the govt can track EVERYTHING you do. They will sell it to the public as being safe since you won't have cash be stolen but they will love it because you can't dodge taxes and Big Brother will be able to watch you.
I'm not a conspiracy theorist any more than Shaun is a prepper.

[Crowbob]

Originally Posted by Por_sha911

A cashless society was predicted a long time ago.
A mark on (or chip in) the hand or forehead and without it you won't be able to buy or sell. This way the govt can track EVERYTHING you do. They will sell it to the public as being safe since you won't have cash be stolen but they will love it because you can't dodge taxes and Big Brother will be able to watch you.
I'm not a conspiracy theorist any more than Shaun is a prepper.

Said chips are currently disguised as smartphones.

[wdfifteen]

We have five tillable acres and a good water source. We raise chickens and tons of produce. Deer in the ravine behind our house every morning.
I go through a lot of cash paying the men who occasionally work for me and buying off Craig’s list. Other than that it’s all MasterCard debit, an American Express, and a Visa. I pay recurring bills on line through an app at my bank. If I get a paper check I scan it and deposit it. I hardly ever write a paper check any more.
I don’t understand crypto currency at all.

[tabs]

One electro magnetic pulse and everybody is wiped clean.

[ckelly78z]

Originally Posted by wdfifteen

We have five tillable acres and a good water source. We raise chickens and tons of produce. Deer in the ravine behind our house every morning.
I go through a lot of cash paying the men who occasionally work for me and buying off Craig’s list. Other than that it’s all MasterCard debit, an American Express, and a Visa. I pay recurring bills on line through an app at my bank. If I get a paper check I scan it and deposit it. I hardly ever write a paper check any more.
I don’t understand crypto currency at all.

Sounds like my life, I could have written this response....love being out in the country, and not just another commuter/cog in the wheel.

[Crowbob]

I chuckle at the 'deer in my backyard' idea. When push comes to shove, the deer population will be decimated in about a week. Same with rabbits, pheasants, you name it.

[GH85Carrera]

Yea, the cashless society is a long way off I believe.

Look at all the physical dollars on the planet. There are few countries in the world that US dollars are not traded, even in illegal. Gold and silver are just too heavy to haul around. I use my Apple pay on a few occasions and as a computer nerd since the days of the Commodore Vic 20 is still amazes me that I can buy with my phone, tied to a credit or debit card.

Many forms of non government money are available, but with no regulation comes the easy manipulation of the value and no real security.

There are several very popular restaurants in Oklahoma that are cash only. They have big signs on the front door, no credit or debit cards accepted. They refuse to pay the huge fees of the credit card transaction. Eischen's Bar and grill is one. They are always full from the time they open until closing. They don't really take reservations and you have to fend for yourself to find a table. They have great fried chicken. And you have to ask for a fork. Cash only.

[Shaun @ Tru6]

^^^ off topic, but those restaurants aren't cash only because of credit card fees, they are cash only to avoid paying their fair share of taxes. Same goes on here in Boston, one of the most corrupt cities in the country.

[Jim Richards]

The barber shop I go to is a cash only place. I think that some of the cash-only businesses do that to avoid credit card transaction fees (2.5-3%), and some do that to avoid paying their fair share of taxes. I wonder how closely the cash-only businesses are scrutinized by the IRS.

[Seahawk]

Originally Posted by Crowbob

I chuckle at the 'deer in my backyard' idea. When push comes to shove, the deer population will be decimated in about a week. Same with rabbits, pheasants, you name it.

I do as well. I do, however, live on the Potomac so I'll have the fish option for a while.

I tried to find a book that was required reading for my econ undergraduates degree, basically the history of money.

No luck but I found some interesting sites: History of Money from Ancient Times to the Present Day

If I recall correctly, trust and belief that "money" as issued will retain value was the first leap from barter economies, the rise of trade, monetary exchanges, etc. and also the first step away from a currency, many of which have collapsed.

Sounds simplistic, but salt, for instance, was a cornerstone to economic growth. Why trade a precious commodity for a promise - which in the end, is really all "money" is.

One of the best books you can read on the salt phenomenon:



My financial wizard Nephew gave the book to me as a gift years ago.

The future of money? I think trust in whatever the media is will be key. Once those with a tactile need for money pass, the electronic Rubicon may be crossed.

[Seahawk]

Originally Posted by Shaun @ Tru6

^^^ off topic, but those restaurants aren't cash only because of credit card fees, they are cash only to avoid paying their fair share of taxes. Same goes on here in Boston, one of the most corrupt cities in the country.

Originally Posted by Jim Richards

The barber shop I go to is a cash only place. I think that some of the cash-only businesses do that to avoid credit card transaction fees (2.5-3%), and some do that to avoid paying their fair share of taxes. I wonder how closely the cash-only businesses are scrutinized by the IRS.

It is also the credit float...credit card companies are notorious for plus 30 day terms, etc.

A small business, like a barber shop, can be impacted by that. My barber shop, owned by the smartest Korean woman on the planet is cash only for that reason. I asked

[GH85Carrera]

Originally Posted by Shaun @ Tru6

^^^ off topic, but those restaurants aren't cash only because of credit card fees, they are cash only to avoid paying their fair share of taxes. Same goes on here in Boston, one of the most corrupt cities in the country.

Poppycock.

That bar is the oldest bar still in operation in Oklahoma. It is older than the state of Oklahoma. They pay their taxes. After 100+ years in business, I assure you, they have been audited. The other place that is cash only is a Route 66 tourist place, and one of my favorite restaurants, that is Famous. Ann's Chicken fry.

My business accepts credit cards ONLY to do business with government entities. Anyone that sells stuff to the US government will get a credit card number to process. Same with many universities.

[tabs]

Originally Posted by Jim Richards

The barber shop I go to is a cash only place. I think that some of the cash-only businesses do that to avoid credit card transaction fees (2.5-3%), and some do that to avoid paying their fair share of taxes. I wonder how closely the cash-only businesses are scrutinized by the IRS.

How much time does the IRS have and more over manpower?

[tabs]

Originally Posted by Seahawk

I do as well. I do, however, live on the Potomac so I'll have the fish option for a while.

I tried to find a book that was required reading for my econ undergraduates degree, basically the history of money.

No luck but I found some interesting sites: History of Money from Ancient Times to the Present Day

If I recall correctly, trust and belief that "money" as issued will retain value was the first leap from barter economies, the rise of trade, monetary exchanges, etc. and also the first step away from a currency, many of which have collapsed.

Sounds simplistic, but salt, for instance, was a cornerstone to economic growth. Why trade a precious commodity for a promise - which in the end, is really all "money" is.

One of the best books you can read on the salt phenomenon:



My financial wizard Nephew gave the book to me as a gift years ago.

The future of money? I think trust in whatever the media is will be key. Once those with a tactile need for money pass, the electronic Rubicon may be crossed.

You can TRUST IN GOLD AND SILVER...and that is why they have been universally used for millenniums.

[Shaun @ Tru6]

Originally Posted by GH85Carrera

Poppycock.

That bar is the oldest bar still in operation in Oklahoma. It is older than the state of Oklahoma. They pay their taxes. After 100+ years in business, I assure you, they have been audited. The other place that is cash only is a Route 66 tourist place, and one of my favorite restaurants, that is Famous. Ann's Chicken fry.

My business accepts credit cards ONLY to do business with government entities. Anyone that sells stuff to the US government will get a credit card number to process. Same with many universities.

They pay some of their taxes.

[Shaun @ Tru6]

Originally Posted by Jim Richards

The barber shop I go to is a cash only place. I think that some of the cash-only businesses do that to avoid credit card transaction fees (2.5-3%), and some do that to avoid paying their fair share of taxes. I wonder how closely the cash-only businesses are scrutinized by the IRS.

A cash only business can only be scrutinized when the IRS knows they are cash only which would probably be an auditing event. Otherwise, the IRS would never know. When you check Cash vs. Accrual on the company tax return, that's just the type of accounting you use.

It is interesting to me when cash only businesses I've been to for years suddenly start accepting credit cards. Same amount of business so probably safe to assume they were audited.

[Shaun @ Tru6]

Originally Posted by Seahawk

It is also the credit float...credit card companies are notorious for plus 30 day terms, etc.

A small business, like a barber shop, can be impacted by that. My barber shop, owned by the smartest Korean woman on the planet is cash only for that reason. I asked

You mean credit card companies pay net 30 on charges? I only use Paypal and checks now but took credit cards when doing the clothing for 10 years. I got paid 2 days after running a card.

[Seahawk]

Originally Posted by tabs

You can TRUST IN GOLD AND SILVER...and that is why they have been universally used for millenniums.

Nope. Millenniums (you are wrong) have no bearing of future worth. The gold and silver markets are as wispy as the value of art.

Gold and silver have been assigned arbitrary worth, just like diamonds.

Trust, portability, future predictability.

Why did Brexit happen?