Crypto Currency to replace the Dollar? 1 1

[Henri Charriere]

On 10/19/2021 at 2:28 PM, Alex in PA. said:

How sad but true.  If you hand a youngster a Number 2 Pencil today they stare at you with this blank look.  No more Reading, Writing, Arithmetic for the children today.  Social Studies is the name of the game.

When I went to school, teachers dressed for business:  suits and ties for men and Lois Lan outfits for women or long dresses, with sensible shoes.  Now, anything goes.  I have never abandoned the simple No. 2 pencil ✏  A few years back, Henry Petroski wrote a book solely devoted to this pencil. I doubt anyone on this Forum has endured the abuse and ridicule I have in life for simply carrying one. Their hexagonal shape, color, length, crimped eraser using rubber (not plastic) and graphite (not lead) make them the greatest invention since the feather and quill. (Obviously, exceptions must be made for Chinese scribes, Hebrew scholars -- and pictorial cave dwellers.)   🐓 

[Alex in PA.]

On 10/19/2021 at 3:45 PM, EARLY-COMMEM-HUNTER said:

I’m also not a fan of the USD which is also essentially worthless and built on faith but at least it offers more stability. 

Neither am but unfortunately it is the only 'game' in town.  When the US kicked the Gold Standard and then the Silver Standard we were doomed to wind up with worthless paper.  I'm also surprised that the Yuan hasn't become the big money worldwide.  Everything is electronic today.  Credit/Debit Cards, Direct Deposit, etc.  May as well get rid of the paper.  

[EARLY-COMMEM-HUNTER]

On 10/19/2021 at 6:25 PM, Alex in PA. said:

Neither am but unfortunately it is the only 'game' in town.  When the US kicked the Gold Standard and then the Silver Standard we were doomed to wind up with worthless paper.  I'm also surprised that the Yuan hasn't become the big money worldwide.  Everything is electronic today.  Credit/Debit Cards, Direct Deposit, etc.  May as well get rid of the paper.  

We’re 100% on the same page. I’m pretty sure the only reason the Yuan isn’t THE big player is because the world in general doesn’t trust the communist “leadership” and their blatant currency manipulation. You can’t believe a word they say. And yes, cash is on its way out. Probably not completely  but the overwhelming majority once the USD goes digital which is what all the bankers want anyways. 

It will be interesting to see what happens to numismatics when the presses come to a  halt. 
 

sorry to the OP for going OT. 

[zadok]

On 10/19/2021 at 6:25 PM, Alex in PA. said:

Neither am but unfortunately it is the only 'game' in town.  When the US kicked the Gold Standard and then the Silver Standard we were doomed to wind up with worthless paper.  I'm also surprised that the Yuan hasn't become the big money worldwide.  Everything is electronic today.  Credit/Debit Cards, Direct Deposit, etc.  May as well get rid of the paper.  

...im a Yap stone money man myself...either u got it or u dont, u can flaunt ur wealth just by leaving it lay around in ur yard, size does matter...n u dont need a safe to keep it in....

[Henri Charriere]

On 10/19/2021 at 7:31 PM, zadok said:

...im a Yap stone money man myself...either u got it or u dont, u can flaunt ur wealth just by leaving it lay around in ur yard, size does matter...n u dont need a safe to keep it in....

Yap stone?  Why haven't you ever disclosed this before?  I've always speculated on what that lawn ornament in your front yard was.  Sure beats talking about metal. And you've rocketed to the top of my list of serious collectors to keep up with. (I would say "follow" but I my user name on this Forum, affiliated with a respectable numismatist like yourself would be akin to the kiss of death.

[thebeav]

On 10/19/2021 at 3:33 PM, zadok said:

the boomers mite have to come out of retirement to teach.....

It's funny you would say that. I was offered that job about 2 months ago. There's just no way I could change my life around like that......

 

[Alex in PA.]

On 10/19/2021 at 7:03 PM, EARLY-COMMEM-HUNTER said:

sorry to the OP for going OT. 

What you say has a lot to do with the OP.  When, not if, the US Dollar goes digital we will be in for a ride then.  Bullseye on the 'Heathen Chinee'.

[World Colonial]

On 10/16/2021 at 4:10 PM, gmarguli said:

I'm not a fan of crypto. It's a scam where the only value it has comes from the bigger fool.

The money supply is controlled by the governments. Why would they allow real competition? Right now it's kids playing with small amounts, but if it ever became a threat, the governments would stamp it out quickly. 

Besides, why do I need another digital currency? I have US dollars. I can pay anyone electronically in a matter of seconds. Crypto just adds unnecessary risks. 

Late to this thread and didn't read all the posts but yours is as good as any to add my thoughts.

There is no practical difference between a national currency cashless society and crypto currency.  Only in the issuer.  So if anyone thinks a cashless society is so great, they might be for it.  I'll pass on that once in a lifetime opportunity.

The obsession with crypto currency (exactly what it is) is simply another aspect of the existing asset, credit and debt mania.  The one we are in now and have been since at least 1999.  It's lasted so long, many or most people think it's "normal".  That's where ridiculous ideas such as "new normal" and that there really is something for nothing originate.

I am in favor of currency competition but underestimated how volatile it will be.  No currency which fluctuates so radically as of any of the most widely (and presumably all) traded crypto currencies will ever be used as a payment method at any meaningful scale.

I also agree that all governments with any incentive to protect their currency monopoly (all of the largest economies) won't allow any serious challengers. 

The only way any crypto currency not issued by the US government is going to replace the USD is if the government loses it's power of compulsion over money.

The only way I can see that happening is if the US as we know it ceases to exist.

[zadok]

On 10/19/2021 at 10:05 PM, Quintus Arrius said:

Yap stone?  Why haven't you ever disclosed this before?  I've always speculated on what that lawn ornament in your front yard was.  Sure beats talking about metal. And you've rocketed to the top of my list of serious collectors to keep up with. (I would say "follow" but I my user name on this Forum, affiliated with a respectable numismatist like yourself would be akin to the kiss of death.

...having a couple of cert issues though...ngc doesnt have any oversized slabs quite big enuf n my mailman says aint going haul it...i was hoping to upgrade my collection to vg-10s....

[World Colonial]

On 10/18/2021 at 6:26 PM, VKurtB said:

Crypto is utterly dependent on the “greater fool” theory. What it has going for it is that EVERYTHING digital is awash in excess quantities of fools, both greater and lesser. Anyone remember the first dot-com bubble?

The dot.com bubble effectively never ended.  The 2000-2003 bear market never even came close to correcting the excesses of the time which were still the greatest in history even then.

Then it got bigger leading up to the GFC where these excesses were never even close to being corrected either.

Now, here we are about 14 years later with an even greater mania.  It's all the same mania dating at minimum to 1999.

[zadok]

On 10/20/2021 at 1:40 PM, World Colonial said:

The dot.com bubble effectively never ended.  The 2000-2003 bear market never even came close to correcting the excesses of the time which were still the greatest in history even then.

Then it got bigger leading up to the GFC where these excesses were never even close to being corrected either.

Now, here we are about 14 years later with an even greater mania.  It's all the same mania dating at minimum to 1999.

...i think it was 19 sept 1999 when i sold all my old wheaties boxes, that must have started it n snowballed from there...but seriously u r totally correct, even as far back as 1981 when one carat D color IF diamonds got up to $65-70K per carat the speculation/investment market has never restabilized n reset to normal, seems all the get-quick-rich-over-night guys just move from one bubble to the next, sort of like fishing on a big pond n they just move from one place to nother looking for next school of suckers...was only a matter of time before it got to numismatics n the un-learned coin "collector" to provide them their new fish....

[World Colonial]

On 10/20/2021 at 2:55 PM, zadok said:

...i think it was 19 sept 1999 when i sold all my old wheaties boxes, that must have started it n snowballed from there...but seriously u r totally correct, even as far back as 1981 when one carat D color IF diamonds got up to $65-70K per carat the speculation/investment market has never restabilized n reset to normal, seems all the get-quick-rich-over-night guys just move from one bubble to the next, sort of like fishing on a big pond n they just move from one place to nother looking for next school of suckers...was only a matter of time before it got to numismatics n the un-learned coin "collector" to provide them their new fish....

The 1966-1982 bear market in US stocks (measured by prices changes) ended at or around August 13, 1982 at 777.  This was also the approximate start of current financialization era.

I date the start of the current mania to either April 20, 1994 or November, 1994 when the Dow hit 3570 and (around) 3675.  This was the start of the 90's mania which initially peaked in January/March 2000 and has yet to end.  A total detachment from financial and economic reality where all major asset classes rotated through over valuation leading to where we are now with the greatest worldwide asset mania of all time and the loosest global aggregate lending conditions, ever.

The hangover from this excess is yet to come.  Recently, I had the "audacity" to write similar comments to those I have previously written here on the PCGS forum.  I haven't checked back since my last post but it wasn't favorably received. 

As for diamonds, I have a "how to investment guide" from the early 80's, somewhere.  My recollection on the price of blue DD flawless is similar to yours, if it's the same stone.

[Henri Charriere]

On 10/19/2021 at 7:31 PM, zadok said:

...im a Yap stone money man myself...either u got it or u dont, u can flaunt ur wealth just by leaving it lay around in ur yard, size does matter...n u dont need a safe to keep it in....

True, but you would need two strong men and a pole with a sufficient diameter to lift and move it.  I don't remember the museum I saw it in,  but have never forgotten it -- and have never known anyone to have one.  I'd bet half the people on the Forum never saw one and the other half never even heard of them.    

[World Colonial]

On 10/20/2021 at 4:12 PM, Quintus Arrius said:

True, but you would need two strong men and a pole with a sufficient diameter to lift and move it.  I don't remember the museum I saw it in,  but have never forgotten it -- and have never known anyone to have one.  I'd bet half the people on the Forum never saw one and the other half never even heard of them.    

Only in pictures but never directly.

[RonnieR131]

I might as well not give in now, yet, and get my first credit card ever, They sent me a Debit card 15 yrs ago, have used it sparingly. Join NGC, etc...It's a rare card anyway, debit only, no credit. One of my bankers that I've known for 45 years told me that "your credit sucks". He said I really don't have much of a credit record, but the good news is I don't owe anything. I didn't ask for my score, it really doesn't matter. Cash only for me, don't order on Amazon or Ebay etc... You say no more cash, That's going to throw a wrench into my life journey for sure, I won't have a choice. I'll probably end up quite happy, Besides, I'm getting tired of store clerks asking me if I want my change back. What? H yes I want it back.  

[Revenant]

On 10/20/2021 at 5:06 PM, ronnie stein said:

I might as well not give in now, yet, and get my first credit card ever, They sent me a Debit card 15 yrs ago, have used it sparingly. Join NGC, etc...It's a rare card anyway, debit only, no credit. One of my bankers that I've known for 45 years told me that "your credit sucks". He said I really don't have much of a credit record, but the good news is I don't owe anything. I didn't ask for my score, it really doesn't matter. Cash only for me, don't order on Amazon or Ebay etc... You say no more cash, That's going to throw a wrench into my life journey for sure, I won't have a choice. I'll probably end up quite happy, Besides, I'm getting tired of store clerks asking me if I want my change back. What? H yes I want it back.  

Nah. If they say no more cash just use the debit card. You can't rent a car without a credit card but it sounds like you're doing fine.

[zadok]

On 10/20/2021 at 7:15 PM, Revenant said:

Nah. If they say no more cash just use the debit card. You can't rent a car without a credit card but it sounds like you're doing fine.

...nah dont give in...but remember to "buy the book first"....the way things r going in our society we mite need to build our own cars before its all over...i can see a brite future in " how to" books n maybe a "how to get rid of my crypto for dummy's" book too...dont forget..."H yes i want my change back"....

[GoldFinger1969]

On 10/19/2021 at 6:25 PM, Alex in PA. said:

When the US kicked the Gold Standard and then the Silver Standard we were doomed to wind up with worthless paper.  I'm also surprised that the Yuan hasn't become the big money worldwide. 

If you understand global finance, you would know why a country run by an authoritarian Communist Party which doesn't recognize private property rights and which relies on capital controls and has bond and money markets that are a fraction of ours liquidity-wise.....could NEVER replace the dollar.  

Edited October 23, 2021 by GoldFinger1969

[Alex in PA.]

Crypto Currency at your local Coin Show?  Maybe yes and maybe no.

https://forums.collectors.com/discussion/1065441/cryptocurrency-at-the-coin-show-time-to-get-on-or-off-the-train#latest