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Joined: Mar 2005
Posts: 5,659
Campfire Tracker
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Campfire Tracker
Joined: Mar 2005
Posts: 5,659 |
Maybe 6 months ago saw a TV show "The Good Wife" about bitcoins. Next I started a thread on the 24CF about bitcoins. Just looking to learn something. A guy with a monkey icon did most of the posting. At about the same time a co-worker was selling an old S&W Model 28 in nice condition. Bitcoin or pre '82 S&W. Took about 10 seconds to decide. I got the gun.
"Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those poor spirits who neither enjoy much nor suffer much" Teddy Roosevelt
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Joined: Jun 2002
Posts: 131,992 Likes: 56
Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 131,992 Likes: 56 |
I don't often agree with Hawkeye, but I believe he is spot on with regards to this. It's availability and many uses prevent it from being used as a currency though. Quite the contrary. Precisely those characteristics, plus its divisibility, fungibility, etc., made it the perfect money, the choice in this regard (along with silver) for six thousand years. You need to reread that. It's world economic growth that makes gold impractical. Nonsense born in ignorance.
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Joined: Mar 2006
Posts: 22,690
Campfire Ranger
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OP
Campfire Ranger
Joined: Mar 2006
Posts: 22,690 |
anyhow, back to the drama Ars technica link oneand Ars technica link 2look like his first make believe contract hit was to a Fed agent and his second contract hit was to the guy he wanted to hit in the first place. genius! not. it's almost like the guy was wanting to play Dungeons & Dragons, but with real people.....
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Joined: Dec 2010
Posts: 574
Campfire Regular
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Campfire Regular
Joined: Dec 2010
Posts: 574 |
You need to reread that. It's world economic growth that makes gold impractical. An inability for most people to assay gold purity "in the field" also would cause problems. It is far easier to vet the validity of paper currency on the spot (I can use a little marker to eliminate 99% of fakes) than it is to validate the purity of a high value metal like gold, particularly when the gold the isn't available in common, government minted forms. This is to say nothing about the historical problem (the solidus and denarius for example) of government abasement of metallic currency, which disproportionately affects high density gold coins, in which a tiny variation in actual gold content with a constant weight can drastically affect the value in "real" terms. Silver currency, while more commonly abased, was at least less of a loss per coin.
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Joined: Nov 2011
Posts: 31,178 Likes: 7
Campfire 'Bwana
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Campfire 'Bwana
Joined: Nov 2011
Posts: 31,178 Likes: 7 |
Yeah, the only issue I have with a Gold Standard is the sheer volume it would take to back all that paper money.
There just isn't enough for 7 billion peoples financial dealings, is there? Each dollar today is exchangeable on the open market for one-thirteen-hundredth of an ounce of gold. That valuation could easily be fixed by decree. Of course our massively bloated government is unsustainable under a real money standard, and would thus need to revert back to pre-1913 levels of activity or it would not be able to afford all that it does, which it cannot do even now under a massively inflated fiat currency. All public debt would also need to be defaulted on. Nations have done this throughout history and survived just fine. Since all that debt was based on fraud to start with, I have no problem with this. It would just mean the US Government would have a hard time getting loans in the future, which is a good thing. WoW, and how many widows and orphans would loose their saving if that happened? Every money market fund in the country would bust the buck. With the current velocity of money, it would remove at least 2.6 times the amount of the default from the money supply. Bank reserves would be wiped out, Markets would freeze, and most of the US gold is still held by the government, it's not in circulation. It would be 2008 on steroids.....
You didn't use logic or reason to get into this opinion, I cannot use logic or reason to get you out of it.
You cannot over estimate the unimportance of nearly everything. John Maxwell
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Joined: Feb 2011
Posts: 26,389 Likes: 6
Campfire Ranger
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Campfire Ranger
Joined: Feb 2011
Posts: 26,389 Likes: 6 |
Actually most of the gold is already in the hands of the tribal banking cartel, so...
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Joined: Jun 2002
Posts: 131,992 Likes: 56
Campfire Sage
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Campfire Sage
Joined: Jun 2002
Posts: 131,992 Likes: 56 |
WoW, and how many widows and orphans would loose their saving if that happened?
Every money market fund in the country would bust the buck.
With the current velocity of money, it would remove at least 2.6 times the amount of the default from the money supply.
Bank reserves would be wiped out, Markets would freeze, and most of the US gold is still held by the government, it's not in circulation. It would be 2008 on steroids..... All bonds should be thought of as an investment at risk. The money necessary to pay off those bonds doesn't in reality exist, and never has. In order to "pay" them, other people need to be defrauded anew, thus perpetuating the Ponzi scheme. That's the nature of Ponzi schemes. So defaulting would only be an overdue acknowledgement that our government, in collusion with the banks, has been working a gigantic Ponzi scheme fraud on its investors, just like Madoff. Reality is reality. The longer you try to pretend it's not reality, the greater becomes the crime and degree of victimization when it finally comes crashing down, which it must do eventually, but the sooner the less catastrophic.
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Joined: Dec 2003
Posts: 17,239 Likes: 2
Campfire Ranger
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Campfire Ranger
Joined: Dec 2003
Posts: 17,239 Likes: 2 |
anyhow, back to the drama Ars technica link oneand Ars technica link 2look like his first make believe contract hit was to a Fed agent and his second contract hit was to the guy he wanted to hit in the first place. genius! not. it's almost like the guy was wanting to play Dungeons & Dragons, but with real people..... Thanks, I was about to post that just now and I saw you had. Sycamore
Last edited by Sycamore; 10/04/13.
...Actually Sycamore, you are sort of right....
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