cerebus
Honorary Master
Yeah, up to 8 decimal places. Currently $1 = 0.00040.
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Yeah, up to 8 decimal places. Currently $1 = 0.00040.
Why exclude jewelry from industrial use? Also there are lots of commodities that are horded because of their value, doesn't change their industrial value.
Fiat currency has guaranteed value and a lot of currencies are backed by commodities like gold.
The reason gold had value in the past is because of its pliability. It's also virtually immune to oxidation. Those attributes aren't as important as they used to be but they still play a factor. Would be hard to say if it's more or less valuable today based on our currencies. It used to be limited by what could be gathered, now it's limited by what can be mined. No, other metals are also more abundant which drives down the price. There are many factors at play but gold isn't simply valuable because we decided it should be.
rietrot
Honorary Master
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Nope, not everyone abandoned the gold standard. People assume it's the case because the Dollar is actually worthless founded on debt.
Arthur
Honorary Master
The difference between Bitcoin and gold is much like the difference between porn and sex.
The former is a shadowy pretend world, ephemeral, disconnected, illusory, pseudo, with no underlying basis or value other than pretending to be what it isn't, through sleight of hand. Bitcoin and pornography are perfect analogues.
(Blockchain technology & distributed ledgers are not the same thing. They're important and valuable technologies.)
The former is a shadowy pretend world, ephemeral, disconnected, illusory, pseudo, with no underlying basis or value other than pretending to be what it isn't, through sleight of hand. Bitcoin and pornography are perfect analogues.
(Blockchain technology & distributed ledgers are not the same thing. They're important and valuable technologies.)
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ShaunSA
Derailment Squad
There's an even bigger difference. We have yet to see someone wearing a chain of bitcoin around their neck.
MrGray
Honorary Master
The difference between Bitcoin and gold is much the same as the difference between modern "money" and gold.
Both fiat money and cryptocurrencies are arbitrary digital representations of ephemeral value. Most money never exists physically any more. Money is essentially just digital tokens on banking databases.
But at least the difference between Bitcoin and "money" is that the market is in better control of the value of Bitcoin and mathematical algorithms constrain the supply, whereas with "money" the supply is determined by faceless bureaucrats and the market subject to manipulation via interest rates, exchange controls, etc.
Both fiat money and cryptocurrencies are arbitrary digital representations of ephemeral value. Most money never exists physically any more. Money is essentially just digital tokens on banking databases.
But at least the difference between Bitcoin and "money" is that the market is in better control of the value of Bitcoin and mathematical algorithms constrain the supply, whereas with "money" the supply is determined by faceless bureaucrats and the market subject to manipulation via interest rates, exchange controls, etc.
ToxicBunny
Oi! Leave me out of this...
Arthur
Honorary Master
You will, after the Great Fiat Money Crash coming soon(ish) to a bank near you.
MrGray
Honorary Master
Mongolia, I think.
R13...
Honorary Master
Yes, looks like they're the only country to have revered to the gold standard. I doubt anyone else will go back to it given the large amount of unsustainable debt the world over, countries want to the freedom to keep printing money, unrestricted.
Is it advisable to clear my browser history after trading with Bitcoin?
Arthur
Honorary Master
You trade Bitcoin? :wtf:
ToxicBunny
Oi! Leave me out of this...
You will, after the Great Fiat Money Crash coming soon(ish) to a bank near you.
Thankfully I owe the bank a shyte ton, they don't have any of my money
Arthur
Honorary Master
Wise man.Thankfully I owe the bank a shyte ton, they don't have any of my money
My dilemma is too much tied up in paper like stocks and shares. I know the crash is coming, but I just can't move to liquidate and move it into hard assets and decent hedges. I heard the guys predicting 2008 crash but did nothing about it. Caught in the same paralysis again...
Just these two items in today's newsletter from Goldcore:
UK House Prices ‘On Brink’ Of Massive 40% Collapse
Buy Gold Near $1,200 “As Insurance” – UBS Wealth
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MrGray
Honorary Master
So, what do you guys think will happen if you have debt and the "big collapse" starts happening?
Do you believe that debt will just disappear with the bank?
Theoretically, what would happen is firstly that interest rates would go stratospheric making it impossible to repay the debt, and worst case they would call in all their loans and seize the underlying assets (in the case of houses, etc). Or, at least, whoever is left holding the pieces will do that.
Switzerland for one. Why it is the preferred destination for wealthy individuals to keep their dosh in case of a complete currency collapse.
Also just because most money in the world is created through debt doesn't mean it isn't real. If you understand how money is created you'd know why this is a necessary complication of the system. It doesn't mean that it's all just digital based on nothing with governments printing it and handing it out. Zimbabwe tried that and it didn't end too well.
