Marcos, re <it's the only form of money that is not a debt obligation of some group of fallible human beings, the only form not subject to political whim >
How about share certificates? Those aren't debt obligations. They represent ownership of assets and productive capacity valued by people. The Q cybercurrency will enable micropayments of ownership of those companies with near-zero transaction costs.
I can't see why anyone would want to own an Argentine-style currency such as the US$ when they can own a totally secure, undilutable [shareholders control any printing and own the result of that printing], instant, profit-making, tax-free, encrypted cyberspace value system.
I don't think it's a matter of if. It's a matter of when and who does it and who makes the money by doing it. I would say that Microsoft and QUALCOMM are in a position to do it.
First, they'll get the system developed, using the US$, then, on-line share trading will morph into the payments system and US$ will reduce in importance. Gold will be completely irrelevant and will be valued only as jewelery and stuff rather than as a financial foundation.
I'm offering my usual double your money back guarantee! I'll accept gold payments!!
On the tangible versus intangible, yes, you are right that while we are physical entities, a roof, car, boat, aircraft and stuff are great to have to stay dry, get dinner and stuff.
But many of those physical things are not as solid as they look. As you say, CDMA stretches our hearing around the world. Webcams stretch our optic nerve around the world.
Now, when 3D imaging with retinal scans are as good as being there and high quality sound is available too, we can 'be there' without the cost, time, inconvenience and tedium of airport security, box-cutter wackoes, traffic jams and stuff. Of course there are other senses we use too, so being there will still be the real thing, but a lot of physical stuff is related to information which can be moved a lot more easily through the fibresphere than by moving us in 3D.
Much of the physical world is related to information movement. Should Mohammed go to the mountain or have the mountain come to him? The mountainous Library of Congress used to sit there and to see it, Mohammed had to go there. Now we can sit comfy and click in cyberspace to get it. When mountains can be squeezed through fibre, [which people can't be], Mohammed can stay home in comfort but still get the real oil on things.
Now, I'm going to a real 3D supermarket in my tangible car to get some real, freshly-picked, mouth-drooling corn, soak it in butter and act like any other hungry beast... Cyberspace can't replace everything yet by a long shot. Though I could click on the supermarket and have it delivered to my door by a robot.
Mqurice |
