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[–] Kleyno 2 points 1 point (+3|-2) ago 

I agree about crypto being a big part of future commerce. But as for Gold, it is valuable because of its rarity.

It can only be created in a supernova explosion, which makes it pretty damn special, as metals go.

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[–] Sakusha 1 point -1 points (+0|-1) ago 

When I go poo-poo, my unique turd isn't valued equal to the entire world's supply of gold just because it's one of a kind. Scarcity doesn't equal value. Demand equals value, and ordinary people no longer have a high demand for gold and silver. Bitcoin, however, is both scarce and in high demand.

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[–] Kleyno 0 points 1 point (+1|-0) ago 

A very poor example. Everyone can shit; everyone can keep their shit. It is not rare.

Also, scarcity does not equal unique either, so I am really not sure where you were going with the shit example.

Demand also does not equal value in and of itself. If supply of a resource is plentiful, then demand for that resource does little for its value, no matter its other qualities.

Gold is valuable because:

  1. The supply is finite.
  2. We cannot create more gold than what we already have.
  3. Extracting and processing what we do have is time consuming and expensive.
  4. It is a malleable, generally non reactive metal (won't rust), that was easy for ancient civilizations to make into long lasting jewellery and mint into coinage when that became a thing.

Demand for gold started from point 4 and the value increases because of the other points. Yes, humans had to collectively agree that gold had value, but demand does not exist in a vacuum. If gold were as plentiful as other metals, it would not be worth nearly as much as it is now.

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[–] SpectacularGoy 2 points 0 points (+2|-2) ago 

One step closer to the mark of the beast system.

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[–] jizzswizzler 2 points 0 points (+2|-2) ago  (edited ago)

critical thinking would say it will be exposed as the scam it is before the scammers bail out.

its well past that. That brief drop in the share price of bitcoin?

That was the ponzi scheme organisers getting the fuck out before the bubble burst.

It still has no intrinsic value.

And your ass is still broke. Youre getting nothing back. Thats why it was already made extremely difficult to cash out your investment. Because it was already gone the second you sent them your money.

Im also impressed how much you dumb motherfuckers out yourselves as having literally no clue about even the most basic of economics.

At least now i know that if someone starts telling me all about bitcoin i already know theyre a complete and utter fucktard that probably didnt graduate highschool (neither did i but at least i know the value of a dollar and how that dollar came to be worth a dollar)

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[–] Baconmon 0 points 1 point (+1|-0) ago 

How in god's name is it difficult to cash out?.. You just send your coins back to any exchange like bitflyer or coinbase or kraken etc etc and then convert it to fiat and they send it to your bank..

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[–] Canada_is_gay 1 point -1 points (+0|-1) ago 

Right now all the shadow entities mining bitcoin are pushing it to be a thing because they can effectively create free money as long the market value is greater than server costs to mine. What happens when that taps out? Who is going to be there to prop up the market every time some hacker disappears with millions? Are the big players currently pushing it going to have any interest when they can't make free money anymore?

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[–] 22jam22 ago 

Why not a hybrid crypto currency.. Called platinos Platinum backed crypto currency? No clue how this would work but smarter people out there can figure it out..

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[–] RiverWind 1 point 0 points (+1|-1) ago 

You are correct in stating that OP is wrong regarding the belief that "sound money" ie gold or silver, will "save us from debt slavery".

Firstly, so much of the gold has already fallen into the hands of a small group of private hands that it is not viable as a guarantee.

More importantly though, OP raises the issue of money and debt. This is a huge problem which underlies most of the world's woes and which few understand. I can try a quick explanation for people, that hopefully will shed light.

  • The Government has some crucial powers, including: 1) The ability to exact taxes from the population 2) The ability to nominate the legal tender in which taxes must be paid or in which other debts can be satisified.
  • The government's power to imprison you and seize your property gives value to their chosen "coin of the realm". You have to get hold of the legal tender.
  • The government has the power to create its own money, if it wants. It doesn't need to borrow it and can make as much as the economy needs.
  • Instead of sensibly creating its own money, the government has given this incredible power to private organizations, called banks. (The Federal Reserve Bank is not a government organ, like the Department of Defence, but a private company, just like Mars, the chocolate company, or Deloite the accounting firm, or Uber the taxi service.)
  • When the government needs money to purchase things it does not have the political will to pay for by raising taxes, it turns to the Federal Reserve to loan them money. Loan! (In Europe, a different private bank exists fulfilling this role, the European Central Bank.)
  • None of the money that the government borrows from the Fed exists prior to the government borrowing it! (This is crucial to understand.) They simply tap some numbers into a computer. That is it, believe it or not.
  • The government later repays the Fed and pays interest. Where does the interest come from? (Where does all money come from?!) From money created out of thin air, as debt by the Fed.
  • This is the root of all economic evil.

Instead, the government could remove the power to create money from the Fed, and create it itself. This money would not be created as debt! It could be spent by the government into the economy as and where it is needed, on infrastructure projects, for example.

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