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#1: Pinguinite    To: Horse (#0)

Reminds me of when our Fed Reserve introduced a gold backed fiat currency in 1915. That didn't even last 20 years.

Pinguinite posted on 2023-04-24 20:06:58   Reply   Private Reply

#2: BTP Holdings    To: Pinguinite (#1)

Reminds me of when our Fed Reserve introduced a gold backed fiat currency in 1915. That didn't even last 20 years.

Those gold certificates had to be turned in along with all gold coins when FDR abrogated the gold standard.

That was the Bankruptcy of the United States in 1933. FDR stuck it in our asses but good with that one.

Last year the FED printed $9 Trillion. And you wonder why there is inflation. ;)

BTP Holdings posted on 2023-04-24 21:18:25   Reply   Private Reply

#3: Pinguinite    To: BTP Holdings (#2)

The same thing will happen with a gold back crypto as with a gold backed paper currency. The only way crypto can be gold backed is if the crypto token issuer is trusted to only issue crypto tokens sufficient to match the gold held in reserve. The thing is, free market crypto doesn't NEED to be gold backed, which is something the great Peter Schiff doesn't understand. (Schiff hates crypto so never gave it a fair hearing).

There are 2 purposes of currency backing. One is to fix a value to the currency, and the other is to limit the supply of the currency. But free market crypto already has limited supply built into it. Forgery of crypto units or illicit, excess supply isn't possible.

So that leaves the fixed relative value purpose. And that is why crypto dollar prices fluctuate so radically. But that's not really a deal killer for crypto.

Pinguinite posted on 2023-04-24 21:27:45   Reply   Private Reply

#4: BTP Holdings    To: Horse (#0)

Zimbabwe To Introduce Gold-Backed Digital Currency

Qaddafi in Libya wanted to introduce a gold backed Dinar. That was the main reason for his downfall.

Now Libya is ruled by bandits. Qaddafi was in power 42 years. ;)

Where Libya's revolution began, many now yearn for a strong hand

BTP Holdings posted on 2023-04-24 21:29:34   Reply   Private Reply