Warren Buffet said it is rat poison squared.
More aptly current digital currency is simply a Ponzi scheme.
Backed by gold or even dollars could fix this.
Croesus is credited with issuing the first
true gold coins with a standardised purity
for general circulation, the Croeseid (following
on from his father Alyattes who invented
minting with electrum coins). Indeed, the
invention of coinage had passed into Greek
society through Hermodike II. Hermodike II,
the daughter of an Agamemnon of Cyme, claimed
descent from the original Agamemnon who conquered Troy. https://en.wikipedia.org/wiki/Croesus
The gold standard was abandoned due to its
propensity for volatility, as well as the
constraints it imposed on governments: by
retaining a fixed exchange rate, governments
were hamstrung in engaging in expansionary
policies to, for example, reduce unemployment
during economic recessions.
https://en.wikipedia.org/wiki/Gold_standard
olcott schrieb:
Warren Buffet said it is rat poison squared.
More aptly current digital currency is simply a Ponzi scheme.
Backed by gold or even dollars could fix this.
So what do we have now:
Fiat money is a type of currency that is
not backed by a precious metal, such as gold
or silver, or backed by any other tangible
asset or commodity.
In as far crypto currency are also fiat.
Fiat currency is typically designated by the
issuing government to be legal tender, and
is authorized by government regulation. Since
the end of the Bretton Woods system in 1971,
the major currencies in the world are fiat money.
Ok the thing with government is missing for crypto.
What about gold, is there a single gold government?
Gold's price is influenced by supply/demand
dynamics, geopolitical conditions, and monetary
policy. Central banks have little to do with
geopolitical conditions, but banks like the
U.S. Federal Reserve play a vital role in
managing supply/demand dynamics and monetary policy.
Mild Shock schrieb:
Croesus is credited with issuing the first
true gold coins with a standardised purity
for general circulation, the Croeseid (following
on from his father Alyattes who invented
minting with electrum coins). Indeed, the
invention of coinage had passed into Greek
society through Hermodike II. Hermodike II,
the daughter of an Agamemnon of Cyme, claimed
descent from the original Agamemnon who conquered Troy.
https://en.wikipedia.org/wiki/Croesus
The gold standard was abandoned due to its
propensity for volatility, as well as the
constraints it imposed on governments: by
retaining a fixed exchange rate, governments
were hamstrung in engaging in expansionary
policies to, for example, reduce unemployment
during economic recessions.
https://en.wikipedia.org/wiki/Gold_standard
olcott schrieb:
Warren Buffet said it is rat poison squared.
More aptly current digital currency is simply a Ponzi scheme.
Backed by gold or even dollars could fix this.
On 10/7/2024 8:56 PM, Mild Shock wrote:
Hi,
USA with the Trump/Elon stunt right now
going through an awakening about distributed
computing and computer cryptography:
The Legendary Treasure of Satoshi Nakamoto
https://www.youtube.com/watch?v=iIWViimqRMU
BTW: It is not true that like gold and real
estate, Bitcoin is a successful store of value
because it’s difficult to increase its supply.
Don't forget to buy other coins, Bitcoin has
limited supply, it will soon be a historical
footnote. Everybody knows, there are better
coins and coins are swiftly replacable.
I wonder when and how fast this decline of BTC
will happen. Will be funny to watch!
Bye
Meanwhile enjoying some classics:
" That is a question that I am no more able to
answer than yourself. There seems, however, only
one plausible way of accounting for them - and
yet it is dreadful to believe in such atrocity
as my suggestion would imply. It is clear that
Kidd—if Kidd indeed secreted this treasure, which
I doubt not—it is clear that he must have had
assistance in the labor. But this labor concluded,
he may have thought it expedient to remove all
participants in his secret. Perhaps a couple of
blows with a mattock were sufficient, while his
coadjutors were busy in the pit ; perhaps it required
a dozen — who shall tell ? "
The Golden Bug - Edgar Allan Poe
https://archive.org/details/goldbug00poee_1/page/50/mode/2up
Warren Buffet said it is rat poison squared.
More aptly current digital currency is simply a Ponzi scheme.
Backed by gold or even dollars could fix this.
Will be funny to watch!
Hi,
USA with the Trump/Elon stunt right now
going through an awakening about distributed
computing and computer cryptography:
The Legendary Treasure of Satoshi Nakamoto https://www.youtube.com/watch?v=iIWViimqRMU
BTW: It is not true that like gold and real
estate, Bitcoin is a successful store of value
because it’s difficult to increase its supply.
Don't forget to buy other coins, Bitcoin has
limited supply, it will soon be a historical
footnote. Everybody knows, there are better
coins and coins are swiftly replacable.
I wonder when and how fast this decline of BTC
will happen. Will be funny to watch!
Bye
Meanwhile enjoying some classics:
" That is a question that I am no more able to
answer than yourself. There seems, however, only
one plausible way of accounting for them - and
yet it is dreadful to believe in such atrocity
as my suggestion would imply. It is clear that
Kidd—if Kidd indeed secreted this treasure, which
I doubt not—it is clear that he must have had
assistance in the labor. But this labor concluded,
he may have thought it expedient to remove all
participants in his secret. Perhaps a couple of
blows with a mattock were sufficient, while his
coadjutors were busy in the pit ; perhaps it required
a dozen — who shall tell ? "
The Golden Bug - Edgar Allan Poe https://archive.org/details/goldbug00poee_1/page/50/mode/2up
| Sysop: | Keyop |
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