Is money really going to become irrelevant as Elon Musk suggested?

So, I caught Elon Musk saying in a podcast that money might become less important. He mentioned how working could turn into something more like a hobby. Do you think there's any chance this could actually happen soon or was he just trying to stir up some buzz?

That's mostly to grab headlines. Both jobs and money will remain the same as ever. Humanity will always have to have a job and work to earn money (medium of exchange). The nature of the job will change as well as how much money one can earn but not the necessity to work. Just look at history. Every technological leap killed many jobs but created new jobs, like the invention of the steam engine. It's the same in the future, with technological advances like with AI, we will see many jobs die but many new jobs will be created. For example I'd say in the future we may no longer see jobs like accountants, lawyers, brokers, assistants/secretaries, ... as they'll be replaced by a machine! And we'll see a whole new meaning to the terrible distribution of wealth as the so called "elites" like Musk will become ultra rich while the regular people would have to strive to make enough to stay alive. P.S. He is also a little bit delusional about what AI will bring for the US considering that China has entered the same field and has already crushed it with its superior and much cheaper AI related services

This sounds like a futuristic vision (an extreme possibility to stimulate the human imagination) rather than a depiction of short- to medium-term reality, because the socio-economic dynamics seen are increasing inequality, rising costs of living, and productivity becoming a benchmark. As the initiators of cutting-edge technology and an increasingly digitalized world, AI and automation will take over a significant portion of routine work. If this becomes widespread in the future, economic value will no longer be based on human productivity but on abundant technological infrastructure. But who knows when this will become a reality, because the speed of technology is not commensurate with the stagnation of human psychology, which shapes identity based on work contribution, productivity, and the capacity to create benefits. Work will become a hobby if basic needs are universally guaranteed (Who can provide guarantees?). The distribution of technology and wealth is unequal, and the gap is widening, unsupportive of the foundations of a post-scarcity economy. Compensation is still oriented toward human contribution and compensation, following the principle of who provides greater value, receives greater rewards. Automation has not yet replaced the creative, strategic, and interpersonal roles of humans. https://en.wikipedia.org/wiki/Post-scarcity Elon Musk's message conveyed that in the future, what will be valued will not be work hours, but personal qualities, the ability to think, solve problems, creativity, and character. If these aspects are continuously developed, a person will remain relevant and valuable, regardless of the economic model. In the coming decades, money will remain relevant, and contributions will remain the foundation of a person's value in the job market.

It has been some weeks that he said so, I wanted to bring it to this forum at the time but I think it is not necessary because I already know that Elon Musk is only deceiving himself. He has said many things that he is only using it to make headlines. But it is funny because I do not think there is anyone that will not know Elon Musk. He has also said before that people will live in Mars, like having hotels in Mars. When I read about this in the past, I was only laughing because I know that is far from reality. I like what NASA later said, that humans can get to Mars but it will not be an inhabitable planet.

This is never possible. The world will never lose the barter system, money for work. People are still earning money for labor and people will continue to earn money for labor in the future. But we can see a change in the financial system, a change in the fiat system that we are familiar with today. We are already getting acquainted with electric fiat, maybe in a few years we will lose paper notes and replace them with electric money. But even then people will earn money for labor. In order to value labor, we will always have something valuable in exchange for labor, be it money or some other benefit. Labor will never become worthless, maybe the type and value of labor may change, in exchange we will definitely gain something that will be known as the financial system.

Sure sure. Since when has Elon Musk ever been wrong? He would not simply BS his naive fans for the sake of his giant ego... Right? I think money is not going to lose relevance unless tomorrow we get enslaved by aliens. Then yes, it might. But what are the chances of that? Money is however going to change its form. And Bitcoin is showing the next generation of what money should be. And once it is adopted fully and replaces fiat, we will have a better world.

The same person that said Bitcoin was the new energy based money but couldn't wait to dump off 75% of his Tesla stock? You don't need to take the words of these guys seriously and I don't blame the fact that he's got an audience because who won't pay attention to someone who has broken grounds in innovation and built a name for himself but not all they say should be given too much thought. For all we know he'd just lobbying for something we haven't yet seen.

Another attempt to grab headlines IMO Does he mean employing workers would be an option or people choosing to work? If it is about employing people I may agree to some extent that with the advancement of AI, machines would end up doing lots of jobs previously done by humans but there would still be the need of human to continue verifying the continuous accuracy of those machines in various departments since you cannot fully trust machines and this necessitates the importance of employing professionals who can work with AI prompts and validate its results. for the latter, people need to work for survival, working for people is never optional because the economies aren't friendly no more, even if the government pays the people, it would never be enough for their sustenance and the duration of the free money is unknown, so people would always have a need to work.

If Elon Musk is talking about regular paper money, he's right, because in the future, this kind of cash will have no value. But the idea that work will become a hobby is far removed from reality. I don't know what basis Elon Musk is building on for this statement. It's completely unrealistic. Why would work become a hobby? How would people stop working? Where would they get their income if they stopped working? It's illogical.

I believe that money is the means to reward work will always be true. However, your statement presupposes that there is work. What if work no longer exists because it has been completely delegated to machines? Or even if it were for the few who, as mentioned above, will have to limit themselves to monitoring the machines results? Without work, why would you reward people with money? There are also theories about this possible jobs scarcity: some have said that we will be rewarded for being human, something that might be impossible for machines.

Money lossing relevance in the future?, that doesn't sound like a possibility. Except he's saying that people would be willing to offer services for free, and I can bet you that he doesn't foresee his own companies doing that anytime soon. Money has always been the a universal language that has evolved over the years. The human race keeps offering services not in exchange for some random item, but for something that can be accepted. Except musk is saying that people won't offer services again, and there wouldn't be any demands for services in the future. And if you ask me, I think that sounds like the end of civilization.

That is indeed Elon's long-term vision with Tesla to dominate the fields of repetitive work, transportation, and several other technology sectors with its products. I heard that he recently received a compensation package in the form of Tesla stock options, which means he is one step closer to gaining dominant control of the company. This is in line with the initial vision.

fallacy fallacy, I'm won't be surprised if majority of his fans, those who thinks he's a god believes him, perhaps most of them are just looking for words from him to feed their dumb mind. Money will lose relevance if maybe human races has been removed from the face of this earth and then replaced with robots but as long as human race continues, the relevance of money is continuous too, humans keep having unquenchable wants every day and most of what they want they can't have because they don't have the money for it and the only means of having what they want is by working to make money and fuel their wants. So, Musk is being fallacious.

The value of money now depends on things that have no intrinsic value. Shifting from tangible things to intangible things. For example, algorithms, NFTs, and many other things. I won't be surprised if anyone thinks the relevance of money will depreciate as years go by. Despite this coming from Elon Musk, I still agree with him here.

I think Elon Musk's thinking starts where the common man's thinking ends. He has made many unrealistic things a reality. At the rate at which technology is progressing nowadays, we cannot even imagine what the world will be like 50 years from now. People of the past did not believe in many things of the present. But now, people are seeing with their own eyes that AI can change some impossible things, so they are starting to believe in many unrealistic things. Yes, I also think that a time is coming when people will work as a hobby because at that time they will not need to work physically, all the work will be done by machines, i.e. robots. And if for some reason AGI (ARTIFICIAL GENERAL INTELLIGENCE) makes its debut, it remains to be seen how it will change the state of the world. However, I think that even if 100% of what Musk said does not happen, it will happen partially.

Elon Musk says a lot of things in between sessions of getting stoned or high on MDMA, or any number of other drugs. You can get the same incoherent ramblings from a crack addict off the street, or the US president, but you have to think for yourself on these matters. Elon is a billionaire, on track to possibility becoming the worlds first trillionaire - he has not had to struggle for money his whole life as he came from a rich family. Take anything he says with that in mind, working is purely a hobby for him now and it would be impossible to put himself in the position of a warehouse worker or a plumber. The world has already tried things like the communist utopia he speaks about and it failed miserably, it simply goes against human nature. Billionaires like Elon are actually the biggest obstacle to that ever happening, because the vast majority of them are using their money to manipulate media and do some quite evil things in the shadows.

In my opinion, Elon Musk is absolutely right. His words are full of meaning, and not only because he is a very intelligent man and has a keen understanding of the economic, social, and technological processes taking place in the modern world. Elon Musk is one of those creating a new world order. Therefore, when he writes that money will lose its former meaning in the future, I personally believe him.💸 Capitalism is dying in the 21st century. Capitalism existed only because entrepreneurs could make a profit. Capitalist profit essentially means saving on wages (which is why, at the end of the 20th century, all large-scale production was transferred to China, Vietnam, Thailand, and other countries whose citizens were willing to work for little money). Under conditions of total robotization, capitalists can no longer make a profit because people cease to participate in the production process. People can also no longer be consumers (they will not be able to buy goods and services because they will have no income in the form of wages). Elon Musk launched the project of total robotization and understands perfectly well that the old world order is doomed.  Money will become completely useless in the second half of the 21st century. Those in power will completely control people's thoughts and behavior using robots and artificial intelligence. Goods and services will be distributed among people based on a social rating system (rather than purchased with money).👾

It won't apply to everyone. Perhaps it applies to him and others like him, and what Elon Musk says could be a theory for certain groups. For the average worker, this statement is like a fairy tale as they enjoy a short break before resuming their work. Elon Musk is aware that his statement that work is a hobby and money will lose its relevance will be widely discussed in the media because he realizes that he is one of the people making a difference in the world. Money and work will become more than just necessities. That's what we say as workers who don't rely on government assistance.

I think you should understand the context by which Elon musk is making this statement, the fact before us all is that the world is changing and it's changing fast , so is  everything in it imagine ten years backwards some of the things we are seeing now were just imaginary things. Before you you have to go to the bank and queue up for hours just let send or receive money. But today that's not possible you can be on your bed while sending and receiving money.  That tells you something is changing and we can't deny the fact before us all. I agree with musk that most of the jobs that we are doing today will be optional in the future , with the exception of few professional courses like in the health sector most of these jobs will be replaced perfectly by A.I . The use of physical notes will be highly reduced because we are moving towards cashless economy and world in general.

Open your eyes, it is not the future - it is already 90% reality in the developed countries (in Europe) - money have already lost the most of its relevance as a mean of consumption because you can satisfy the vast majority of your needs (and certainly modest, reasonable needs) without any money. Even in the poorest European countries like the Baltics, high quality food and clothes are free. In this the 21.century is in sharp contrast even with the previous, 20.century (not mention the earlier ones). Free consumption is somewhat related to the attention economy https://en.wikipedia.org/wiki/Attention_economy What do you think why the free lottery sites like  https://fairmillions.com/ and  https://freebitco.in/?op=home pay out significant quantities of Bitcoin for free ? But it is not the whole story, of cause.  The famous "money problems" we hear everyday are mostly not problems with consumption but with psychology..... many (and especially the members of older generations) feel that they are somewhat useless or socially inferior if they do not earn enough dollars (because they are taught to feel so). They have taught that their value as human beings is due to money they earn an work they do  . To deal with this issue I can give you one valuable key word: Terence Mc Kenna.