People have been counterfeiting money since money was created. I have a feeling that will not stop no matter the vehicle of exchange. I await the day when someone hacks bitcoin or is somehow able to pass off a fake. It is not if just when. Silver coins were used as money in the past although it’s trues that less people had the capability to smelt metal. Only time will deliver an answer.
it just wont happen not all all in large enough volume to make any difference again no one will trust the ransoms with a large trade and if you go to a dealer to get it verified its not worth the hassle you might as well jsut sell to dealer these things are too easy to fake now a days and popular coins can be bought off Alibaba for a few dollars and are pretty convincing (unless tested correctly)
Understand what you are saying. I don’t think silver will become money as in coins. But if there is no cash at all then silver in its various forms may become the black market vehicle of exchange. It seems quite some years away yet before we will be without any cash at all. It certainly will be interesting.
Agreed. Our notes have world class security for a reason, and people are used to the security features we have now. Very difficult to make good fakes. Silver and gold coins you can buy fakes on Alibaba.
With blockchain and cryptos, we may not limit ourselves to physical silver all the time. It could be goldmoney kind of concept but from a big corporaton that has a ready payment system such as Paypal or Visa (using Facebook's Libra or some blockchain system). Maybe a silver backed or gold backed stablecoin that is convertible to the metal like what Goldmoney is doing. One thing for sure, this system will not be anonymous like bitcoin, as in you need to show your passport to get a visa card or paypal account. But for us pm investors, it don't matter because pm will appreciate the more people use it. No one is also going to put everything into this virtual silver or gold - we'll still have our physical stack.
Its easy to have a fake Paypal account Get a pre pay credit card from post office Put $50 on it sign up to paypal Joe Blow and the account works in that name. Unless something has changed it the last two years
The Economist published a real turd a few days ago: https://www.economist.com/leaders/2...ies-must-start-planning-for-a-cashless-future
Reserve Bank 'prepared to do unconventional things' as economic outlook worsens http://www.abc.net.au/news/2019-08-09/reserve-bank-cuts-economic-forecasts-again/11399576
Pettis: Washington Should Tax Capital Inflows https://www.zerohedge.com/news/2019-08-15/pettis-washington-should-tax-capital-inflows
Going cashless would be political suicide. Saying that, we as the public are creating the perfect environment for a government to switch to cashless. We seem to love pay-wave, tap and go and using the plastic cards. All the tools are already in place to go cashless ... except a stable power, phone and internet network. Also they need to consider remote and regional Australia that has even less stability with those networks. You won't find me traveling remote without cash to pay for fuel, I don't want to wait for a week to pay for fuel while phone and power is being restored after a natural disaster that happened 1000k up the road... If we made more effort to withdraw cash and make some purchases with it, at least just for the sake of keeping cash alive, it would be less likely to be scrapped.
I also always travel with enough cash to get me back home, that would include meals, petrol or flights, hotels etc. Even daily I always carry enough cash to pay for stuff. Glove box also has enough cash to pay for fuel. Crazy not too, it's so simple. Guess that makes me a "prepper"
All it needs is a good viral Facebook campaign... and/or the system to collapse for a few days to wake people up.
