"Gold and other precious metals are also not money. We know this because they have a price in money."
AUD has a price in USD (and vice versa). Does that make Australian dollars (or heaven forbid US dollars) not real money?
In so far as gold is still held by central banks as reserve currency and is used as part of inter-central bank payments, then gold is still a type of money. A strange sort of money in that it is also a commodity, but money nonetheless.
The fact that money is a statement of account as described in the article is exactly the problem crypto is trying to address, namely that the unit of measurement in the account ($ typically) is open to be manipulated by whoever is issuing the money to begin with. If Zimbabwe used bitcoin would they have had hyperinflation?
Crypto always seemed like an argument for libertarianism to me. So I focused my rebuttals on how intermediaries and institutions create value. Like how wall street has a lot of rules but thats actually a good thing because over time weve realized those are necessary to make the market work better. Scams in crypto are similar to scams that have happened in wall street for a long time (but are now better policed if imperfectly). Like SBF doing crazy stuff with his accounts - classic old time scam. Scams were hugely common on wall street in the 1870s robber barren times - just like crypto now.
Hard money does make coherent sense as a political philosophy. The gov has the potential to redistribute to the poor so for this reason the rich want to restrain the gov. This is why the gold standard was supported by the establishment back in the day. Exept the establishment went to far and let the gold standard cause run away poverty (In the 1930s Japans finance minister was murdered by the army which than attempted to take over China & the pacific).
Today people like John Taylor have tried to promote a hard money agenda for similar reasons to why the gold standard was favored in the past. They have a political agenda to tie down the government.
I do wonder what are the best applications of blockchain that have been developed to date. Of course it is rubbish as a payment system, but I would've thought that there would be at least *some* limited useful applications of the technology. Bit odd to think it's totally useless and without applications.
"Gold and other precious metals are also not money. We know this because they have a price in money."
AUD has a price in USD (and vice versa). Does that make Australian dollars (or heaven forbid US dollars) not real money?
In so far as gold is still held by central banks as reserve currency and is used as part of inter-central bank payments, then gold is still a type of money. A strange sort of money in that it is also a commodity, but money nonetheless.
The fact that money is a statement of account as described in the article is exactly the problem crypto is trying to address, namely that the unit of measurement in the account ($ typically) is open to be manipulated by whoever is issuing the money to begin with. If Zimbabwe used bitcoin would they have had hyperinflation?
Crypto always seemed like an argument for libertarianism to me. So I focused my rebuttals on how intermediaries and institutions create value. Like how wall street has a lot of rules but thats actually a good thing because over time weve realized those are necessary to make the market work better. Scams in crypto are similar to scams that have happened in wall street for a long time (but are now better policed if imperfectly). Like SBF doing crazy stuff with his accounts - classic old time scam. Scams were hugely common on wall street in the 1870s robber barren times - just like crypto now.
Hard money does make coherent sense as a political philosophy. The gov has the potential to redistribute to the poor so for this reason the rich want to restrain the gov. This is why the gold standard was supported by the establishment back in the day. Exept the establishment went to far and let the gold standard cause run away poverty (In the 1930s Japans finance minister was murdered by the army which than attempted to take over China & the pacific).
Today people like John Taylor have tried to promote a hard money agenda for similar reasons to why the gold standard was favored in the past. They have a political agenda to tie down the government.
I do wonder what are the best applications of blockchain that have been developed to date. Of course it is rubbish as a payment system, but I would've thought that there would be at least *some* limited useful applications of the technology. Bit odd to think it's totally useless and without applications.