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Post by Deleted on Oct 28, 2021 19:25:08 GMT
Come to think. of it, if today's money isn't backed by gold it's just as fake as cryptocurrency. One difference between fiat money [currently used worldwide] and cryptocurrency is governments issue fiat currency and programmers designed the algorithms behind bitcoin independently of government.
Another difference is paper currency and pot-metal coinage can still be used to purchase supplies when electronic networks are down [with transactions plus applicable taxes written down] whereas it's hard to pull a bitcoin worth roughly $66,000 out of an electronic pocket when the system is down.
So true. The system can be shut down in a minute, deliberately, or accidentally. |
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Post by benziger on Oct 29, 2021 13:29:41 GMT
Unless you're using coinage [of copper, silver, gold, platinum, or some other valuable metal] or currency backed by a valuable metal, you're not using real money.
The Gold Standard, wherein currencies were backed by gold essentially ended in 1971. The US quit minting silver coinage for general circulation after 1964. The US last minted gold coinage in 1932. While the US [like other countries] mints precious metal coins they're not put in circulation but sold as investments since the value of the metal is greater than the face value of the coins, i.e.: a coin with a face value of $1 sells for $79]. catalog.usmint.gov/coins/precious-metal-coins/
Bitcoin is simply an electronic iteration of imaginary money without having been issued by a government or backed by anything real. A repeat of the Carrington Event would tend to prevent anyone from using electronic funds of any sort while repairs are made. You might want to keep some cash just in case even if it's old-fashioned.
Come to think. of it, if today's money isn't backed by gold it's just as fake as cryptocurrency. Largest gold holders: USA 8133 tonnes, Germany 3395, International Monetary Fund 2814, Switzerland 1040 (equivalent to 17 per cent gold backing of money in circulation)
Use (2010): 51 per cent as jewellery, 19 per cent private investments, 17 per cent public sector, 11 per cent industry, 2 per cent unaccounted for |
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Post by BlueAndGold on Oct 29, 2021 14:46:29 GMT
... 2 per cent unaccounted for...
Arrrrr, says I...
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Post by Deleted on Oct 29, 2021 19:10:08 GMT
Come to think. of it, if today's money isn't backed by gold it's just as fake as cryptocurrency. Largest gold holders: USA 8133 tonnes, Germany 3395, International Monetary Fund 2814, Switzerland 1040 (equivalent to 17 per cent gold backing of money in circulation)
Use (2010): 51 per cent as jewellery, 19 per cent private investments, 17 per cent public sector, 11 per cent industry, 2 per cent unaccounted for So the US is the richest. I thought they had almost no gold, based on the stormcloudsgathering videos. |
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Post by Ken on Oct 30, 2021 9:42:13 GMT
How much is hidden Argentina?
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Post by Retread-Retired-Cameron on Oct 30, 2021 13:55:12 GMT
How much is hidden Argentina? If it's hidden there's no way to know how much without finding it all.
Argentina has known gold reserves of roughly 61 metric tons.
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