imagine losing a gold dollar coin in the couch cushions. It would be the size of a speck of dust.
Gold backed anything is retarded. You have to trust whoever is holding the gold. Is it my mom? I trust my mom to hold my gold for me. No? It's not my mom? OK, then there's no trust there.
Just buy brick of gold. Save it until you need fiat. Then shave a sliver off and trade it for a couple weeks of fiat.
BAM!!! You just effectively turned fiat into a gold backed currency. At worst, you'll only suffer the consequences of a couple weeks of inflation.
They make paper bills with a gold ribbon. It doesn't have to be a coin. Also gold backed digital currency can make it so you aren't hording a stack of bills and also not giving control over your money to a bank.
You don't get it a "Gold backed currency" means the gold isn't in your control. It's in a vault somewhere, and you have no idea if the note you are carrying actually maps to a real piece of gold or a lie.
For all you know, the vault could be empty. Sure, maybe the vault was full of gold when you first got the note. You saw it yourself. But, now that the owner of the vault has the gold, he has no incentive to just let it sit there. He's losing money guarding YOUR gold. So, to feed his kids, the "guard" needs to leverage the value of the gold in the vault. But, there's a contradiction, because the all the value is represented by the note in your hand, right? Nope, the only REAL value is in the actual gold and you don't have the gold, the guard does, so he can still use that gold to leverage loans.
Congratulations, all you did was reinvent fractional reserve banking.
Well you can still use gold laced bills if you don't want gold backed.
I'm arguing for marginal improvement on our current situation. We have no true scottsman'd ourselves from ever leaving USD and it's sad. If we can't get exactly what we want today I guess we have no other option but to be slaves. USD is slavery.
Oh, are you talking about putting gold dust IN the note? That could be interesting. Post link to the people who are doing it.
We have no true scottsman'd ourselves from ever leaving USD and it's sad.
You can use whatever fiat currency you want. Nobody is stopping you from going into a store and paying with Japanese Yen. It's just a matter of convincing them it's the same exact thing as USD.
Fiat has it's place so long as it is being used correctly. The correct way is to immediately spend it. You STORE your value in gold/real property/etc. Fiat is only supposed to be a temporary transfer of value. As soon as you hide it under your mattress or in a bank, that's when it becomes a problem, because you are holding on to it long enough to inflate.
Rothbard is my favorite jew, were he still alive I might not even gas him. MAYBE.
The liberal thesis that capital punishment is brutal because it condones murder is fallacious because it takes the isolated act of killing the murderer out of context."
In short, within the limits of his proportional right of punishment, the victim should have the sole decision how much, if at all, to exercise that right.
[ - ] x0x7 [op] 1 point 2.5 yearsNov 3, 2022 07:54:59 ago (+1/-0)
We should get rid of criminal law and replace it with civil law, ensuring all "payment to society" goes to the actual victim. Criminal justice is the government robbing the victim and robbing the tax payer at the same time.
Gold backed dollar is just another fictitious piece of paper backed by another not limited supply of shiny stuff with arbitrary value.
Bitcoin does it better.
Actual limited supply with a DIMINISHING incoming allocation of that supply every 4 years (the halvening) INCREASING it's liquid scarcity.
Distributed accounting so extremely difficult to have any authority confiscate your record of value.
Backed by the actual cost of energy and equipment needed to profitably maintain the system through mining. (most people don't understand this point)
Now this is similar to a gold backed dollar which in the end is completely valued by the energy and equipment it takes to pull new gold out of the ground just like Bitcoin is valued by the energy and equipment it takes to my new bitcoin. The difference is Bitcoin has an absolute scarcity limit of 200 million and gold will always continue to have a new supply and the new supply mind every year can drastically increase as new deposits or methods of extraction are devised which lowers the value of the gold already mind. But Bitcoin will always experience a new supply division by 2 every 4 years.
A gold back dollar can still be confiscated my authorities. Your dollars are still going to be quote in a bank in a computer system that are not under your control. The bank will be able to tell you when and how much you can take out at any given time and we'll be able to seize your assets anytime they want. The government can always change its mind and go back off the gold back dollar just like Nixon did in the seventies. None of those things can happen with bitcoin. When you truly understand Bitcoin you realize Bitcoin is the ideal gold backed dollar and it's even better. No your gold backed dollar computer dots are not more real or more valuable than Bitcoin computer dots.
Reminder that in early August 1971 - as the Bretton Woods international currency was collapsing - the French sent a ship (possibly an actual warship) to New York to demand France’s gold that, had up until that the time, been stored in the vaults of The New York Federal Reserve Bank. A few days later, the Gold Standard was abolished and the U.S. dollar fully became a fiat currency.
[ + ] Master_Foo
[ - ] Master_Foo 0 points 2.5 yearsNov 1, 2022 17:26:26 ago (+0/-0)
Gold backed anything is retarded. You have to trust whoever is holding the gold. Is it my mom? I trust my mom to hold my gold for me. No? It's not my mom? OK, then there's no trust there.
Just buy brick of gold. Save it until you need fiat. Then shave a sliver off and trade it for a couple weeks of fiat.
BAM!!! You just effectively turned fiat into a gold backed currency. At worst, you'll only suffer the consequences of a couple weeks of inflation.
[ + ] x0x7
[ - ] x0x7 [op] 0 points 2.5 yearsNov 1, 2022 22:05:09 ago (+0/-0)
[ + ] Master_Foo
[ - ] Master_Foo 0 points 2.5 yearsNov 1, 2022 23:50:56 ago (+0/-0)
For all you know, the vault could be empty. Sure, maybe the vault was full of gold when you first got the note. You saw it yourself. But, now that the owner of the vault has the gold, he has no incentive to just let it sit there. He's losing money guarding YOUR gold.
So, to feed his kids, the "guard" needs to leverage the value of the gold in the vault. But, there's a contradiction, because the all the value is represented by the note in your hand, right? Nope, the only REAL value is in the actual gold and you don't have the gold, the guard does, so he can still use that gold to leverage loans.
Congratulations, all you did was reinvent fractional reserve banking.
[ + ] x0x7
[ - ] x0x7 [op] 0 points 2.5 yearsNov 3, 2022 07:58:51 ago (+0/-0)
I'm arguing for marginal improvement on our current situation. We have no true scottsman'd ourselves from ever leaving USD and it's sad. If we can't get exactly what we want today I guess we have no other option but to be slaves. USD is slavery.
[ + ] Master_Foo
[ - ] Master_Foo 0 points 2.5 yearsNov 3, 2022 14:46:59 ago (+0/-0)
Fiat has it's place so long as it is being used correctly. The correct way is to immediately spend it. You STORE your value in gold/real property/etc. Fiat is only supposed to be a temporary transfer of value. As soon as you hide it under your mattress or in a bank, that's when it becomes a problem, because you are holding on to it long enough to inflate.
[ + ] observation1
[ - ] observation1 0 points 2.5 yearsNov 2, 2022 02:52:21 ago (+0/-0)
[ + ] SithEmpire
[ - ] SithEmpire 0 points 2.5 yearsNov 2, 2022 04:03:35 ago (+0/-0)
Never back a currency on something of which the enemy owns the majority.
[ + ] RMGoetbbels
[ - ] RMGoetbbels 0 points 2.5 yearsNov 2, 2022 18:27:53 ago (+0/-0)
In short, within the limits of his proportional right of punishment, the victim should have the sole decision how much, if at all, to exercise that right.
[ + ] x0x7
[ - ] x0x7 [op] 1 point 2.5 yearsNov 3, 2022 07:54:59 ago (+1/-0)
[ + ] Crackinjokes
[ - ] Crackinjokes 0 points 2.5 yearsNov 7, 2022 04:44:49 ago (+0/-0)
Bitcoin does it better.
Actual limited supply with a DIMINISHING incoming allocation of that supply every 4 years (the halvening) INCREASING it's liquid scarcity.
Distributed accounting so extremely difficult to have any authority confiscate your record of value.
Backed by the actual cost of energy and equipment needed to profitably maintain the system through mining. (most people don't understand this point)
Now this is similar to a gold backed dollar which in the end is completely valued by the energy and equipment it takes to pull new gold out of the ground just like Bitcoin is valued by the energy and equipment it takes to my new bitcoin. The difference is Bitcoin has an absolute scarcity limit of 200 million and gold will always continue to have a new supply and the new supply mind every year can drastically increase as new deposits or methods of extraction are devised which lowers the value of the gold already mind. But Bitcoin will always experience a new supply division by 2 every 4 years.
A gold back dollar can still be confiscated my authorities. Your dollars are still going to be quote in a bank in a computer system that are not under your control. The bank will be able to tell you when and how much you can take out at any given time and we'll be able to seize your assets anytime they want. The government can always change its mind and go back off the gold back dollar just like Nixon did in the seventies. None of those things can happen with bitcoin. When you truly understand Bitcoin you realize Bitcoin is the ideal gold backed dollar and it's even better. No your gold backed dollar computer dots are not more real or more valuable than Bitcoin computer dots.
[ + ] Mike_Martini
[ - ] Mike_Martini 1 point 2.5 yearsNov 1, 2022 17:11:55 ago (+1/-0)
A few days later, the Gold Standard was abolished and the U.S. dollar fully became a fiat currency.