Quote from: r0ach on March 27, 2017, 01:56:57 AM

Quote from: iamnotback on March 26, 2017, 09:30:14 PM

Everything associated with the Industrial Age will die, including government, fiat money, socialism, strip malls, precious metals, etc..

The world looks very different on the other side.

Stay in crypto.

Wouldn't be so sure of that!:

Quote from: r0ach on March 27, 2017, 01:25:31 AM

Quote from: BlindMayorBitcorn on March 27, 2017, 01:10:23 AM

Roger is teaching economics 101 out of his ass. If you're interested:
https://www.reddit.com/r/btc/comments/61oycs/substitute_goods/

He's kind of right there. I always thought if bitcoin doesn't scale and fees go too high transactions would bleed into an altcoin like litecoin. Then once litecoin fees go to high they would bleed into something else. At this point cryptocurrency would either be a slow march to the graveyard with continuous fracturing of the ecosystem, or you would end up with regional currencies developing to avoid the overhead of outside ecosystems.

It's possible the common link between each regional currency would be bitcoin, but it's also possible it would be some fiat note or gold/silver/oil whatever instead. The common link is what other nations would accept in international trade settlement. They currently accept useless things like tbills, but most people seem to be pushing towards settling international trade in gold. If you were the king of a country and selling oil to someone else, would you rather have gold or bitcoin?...

I'd probably want something more than imaginary electrons as payment if I was dumping my country's natural resources on the market. Bitcoin is similar to fiat paper promises in that regard - an IOU to receive goods or services from someone else at a later date. It requires another party to honor that contract, which is not legally binding nor even a gentlemen's agreement - just an assumption some random guy is going to give you stuff for it some day. It takes an actual physical commodity based currency that you can hold in your hand and defend with an AR15 to eleminate that counter party risk.

Someone might not agree to be your slave just because you have a bag of gold, but at least you don't end up with a bag of nothing out of the deal.

There are no more kings of countries if you didn't notice. Ideal money will keep on rolling, gold has been rolled on already.

Theres no better example of a failed IOU attempt than the economies of the past that used precious metals. That ship has sailed, some crypto will be the one to take over, better to have your money here than there imo. Precious metals will fall back to the price representing industrial demand (way below)