It’s happening right before our very eyes, can we stop it? Probably not, can we slow the transition? Most definitely, but unfortunately the masses are too ignorant and cognitively unable to realise, but they’ll be the first to complain when their banking system is down and can’t purchase their soy latte with their phone lol
Here in the USA, internet access is generally pretty stable, but the ACH system has recently been suspect: https://www.msn.com/en-us/money/com...ems-down-and-direct-deposits-fail/ar-AA1jlsEf The cynic in me suspects it was an intentional ploy to get more banks on board with FedNow. https://www.americanbanker.com/news...of-fednow-experts-say-its-all-about-use-cases
Everyone looks at me funny carrying two phones around. One paid by work one by me. Two different carriers (one is Optus). Was still every customer’s best friend on Weds. Worth considering the value of having a few prepaid phones connected by different service providers. Doubt this will be the last disruption of its kind.
Functionality. Phone has a 5g satellite connection that can power my computer/devices via hotspot, and can also make calls for work. Walkie talkies are more suited for natural disasters or something more catastrophic
One of the supposed functions of money is to be a stable store of value. The USD used to serve that function before the Federal Reserve. It used to be an asset (or more correctly, a claim on an asset), but young people today have no memory of it. All they have ever known is inflationary monetary policy with pure fiat money.
It really depends on your theory of money. I would argue that that theory is outdated at best, and likely false. I'm from the money evolved out of credit school (as opposed to the barter school). Historians have argued that there was never enough hard currency in ancient and near modern society to facilitate exchange so credit was invented as the primary tool of trade. Any currency that actually existed in circulation simply operated as a medium of exchange between parties that had not established any trust. In the absence of trust hard currency carried out the function of exchange perfectly. It was not designed as a store of value, if it was stored, it was done so as a precaution against any failure to access credit in the future. Something retirees and the unemployed are acutely aware of in modern economies. Over our working life we attempt to build a war chest of assets in order to fund our living expenses when we cease to work because if you don't get any income, you don't get any credit. Anyway, that's an alternative view to yours for you to consider and is in opposition to the mainstream paradigm of the origin of money. I consider that to be largely fantasy. It was never an asset. Not all notes issued were redeemable for silver or gold. Even when notes were redeemable for gold the value of the currency was not stable because economies were not stable. Modern economies must operate with an inflationary money supply. An economy with an inflationary money supply is more stable in the long term than one with a fixed supply. I think you mean assets.
Well, fiat is no longer (if it ever was) a store of value. Thankfully here in Australia gold and silver are, and they are not taxed (and considered pretty much currency) so they are very much superior to fiat.
