Topic: FAO Bitcoin
Orange !jAgveukDhA started this discussion 13 years ago #28,339
Have you been consolidating your digital wealth using Bitbars?I'll give you 0.10 BTB for 0.02 BTC.
Bars are better than coins!~
Meta !PARAdoxiHw joined in and replied with this 13 years ago, 2 hours later[^] [v] #419,436
> 2013
> not using Federal Reserve Notes
> not using Federal Reserve Notes
Killer Lettuce !!iNo3FkiZx joined in and replied with this 13 years ago, 1 minute later, 2 hours after the original post[^] [v] #419,437
Meta !PARAdoxiHw replied with this 13 years ago, 7 minutes later, 2 hours after the original post[^] [v] #419,439
@previous (Killer Lettuce !!iNo3FkiZx)
It's a Libertarian thing, but an ironic one. See the Federal Reserve is printing currency (Federal Reserve Notes, i.e. US Dollars) with abandon and destroying its value. The point of gold, bitcoin, litecoin, etc is to have a currency outside of any government's control.
To put it in perspective, the US Dollar has lost over 90% of its purchasing power in the hundred years since the Federal Reserve was established (and similar things have happened with the Canadian dollar, British pound, etc). Gold has lost none.
It's a Libertarian thing, but an ironic one. See the Federal Reserve is printing currency (Federal Reserve Notes, i.e. US Dollars) with abandon and destroying its value. The point of gold, bitcoin, litecoin, etc is to have a currency outside of any government's control.
To put it in perspective, the US Dollar has lost over 90% of its purchasing power in the hundred years since the Federal Reserve was established (and similar things have happened with the Canadian dollar, British pound, etc). Gold has lost none.
Killer Lettuce !!iNo3FkiZx replied with this 13 years ago, 1 minute later, 3 hours after the original post[^] [v] #419,440
Anonymous D joined in and replied with this 13 years ago, 6 minutes later, 3 hours after the original post[^] [v] #419,442
Hipster libertarians only use dollars ironically.
Meta !PARAdoxiHw replied with this 13 years ago, 5 minutes later, 3 hours after the original post[^] [v] #419,443
@419,440 (Killer Lettuce !!iNo3FkiZx)
It's very simple, especially for gold. Gold is distributed around the world (not entirely evenly, some countries/regions have more than others but most countries have some), so no single country can have a monopoly on it. Gold can be extracted from the ground, but it takes significant cost, effort and time to do so.
Compare this to a fiat currency like the dollar, pound, or anything else nowadays. If the Federal Reserve decides to pay off America's debt by printing $17 trillion tomorrow, there's nothing to stop them. Such an influx of dollars would destroy the currency's value. But with gold, this can't happen because you can't "print" gold.
Also I should add that gold isn't perfect as a currency, but it's a hell of a lot better than anything out there today.
It's very simple, especially for gold. Gold is distributed around the world (not entirely evenly, some countries/regions have more than others but most countries have some), so no single country can have a monopoly on it. Gold can be extracted from the ground, but it takes significant cost, effort and time to do so.
Compare this to a fiat currency like the dollar, pound, or anything else nowadays. If the Federal Reserve decides to pay off America's debt by printing $17 trillion tomorrow, there's nothing to stop them. Such an influx of dollars would destroy the currency's value. But with gold, this can't happen because you can't "print" gold.
Also I should add that gold isn't perfect as a currency, but it's a hell of a lot better than anything out there today.
(Edited 1 minute later.)