Putin brings back gold standard. Was that his plan all along? America is doomed!!

[zymurgy]

Gold is used in industry. It is always possible to mine gold.

not once all the gold has been mined - it is axiomatic

 

[Into the Night]

Who cares about the algorithm, you idiot?.

Bitcoin users.

It's arbitrary and can be changed at anytime.

No, it can't. Changing the algorithm means it's no longer Bitcoin. It's some other blockchain. Bitcoin IS the algorithm of the blockchain.

Bitcoin is backed by nothing and that makes it fiat. case closed. THINK

Bitcoin is backed by a blockchain. It is not fiat. Argument by repetition fallacy. Argument of the Stone fallacy. Illiteracy.

 

[Into the Night]

Are you disrespecting me?

Yes. Yes he is.

 

[Geeko Sportivo]

Lame. Even you can invert better than that!

You are describing Democrats.

Dude, I have more important things to do than to swat flies like you!

Please don't respond to my comments!

 

[Into the Night]

HAHAHAHA. The moron said it again. "The creators of bitcoin promised they'll stop at 21 million and there is nothing anyone can do about that."

HAHAHAHAHA

Your inane laughter is only showing your own illiteracy and denial of mathematics. Argument of the Stone fallacy. Argument by repetition fallacy. You are chanting.

 

[Into the Night]

Doubtful, no one wants to return to the gold standard, it is archaic, not flexible to deal with market fluctuations and limits any entities ability to manage their economies, would be like saying we are returning to manual can openers

There is nothing archaic about a gold standard. Economies are not to be managed. You are condoning fascism and communism.
Nothing about the use of a gold standard prevents modern accounting, electronic transactions, credit and debit cards, loans, investments, or any other typical financial activity today.

The whole point is that government can't just arbitrarily print money when they want it anymore, like they do now.

 

[Into the Night]

Yes gold has to be MINED. Literally mined not figuratively mined like with bitcoin. Gold has to taken out of the ground and processed and that's not easy. That's why they can't just make a computer entry and create gold out of nothing. THINK , you miserable tranny freak.

Even gold that is used in industry has to be mined again. That means recovering it from it's industrial use.

 

[Into the Night]

NONONO. The difference between gold and fiat (like bitcoin or the dollar or euro) is the supply of gold is finite and very hard to expand by more than a couple per cent a year. THINK

Bitcoin is not fiat currency. It is based on a blockchain. The dollar and the euro is fiat currency. It is simply designated by a government and printed at will.

 

[Into the Night]

You are really dumb.

Join the club. Kettle logic.

1. many many people want to return to the gold standard.

True. Many others want a digital standard, like Bitcoin, which is independent of any government or group. The point is, faith in the dollar is waning, and fast.

What you call managing the economy is just printing money out of thin air and that means inflation.

Partly. He is also describing socialism. Apparently he feels a gold standard is 'stone age' somehow.

2. I have never owned an electric can opener.

I've owned a couple. Complete junk. I went back to using manual ones.

They are for idiots like you. Manuals are much cheaper and work as well THINK

No, they are fine for their purpose (when they work). Better have a manual one around in case the power goes out though!

 

[Into the Night]

Cute, aren't they? One of them gets an email from Russia, and suddenly they all share it as fact.

Let Putin drag his gold bars around trying to buy food.

Nobody will sell him any.

Gold is accepted as a currency worldwide.

 

[zymurgy]

Even gold that is used in industry has to be mined again. That means recovering it from it's industrial use.

that is called gold extraction - but nice try.

bitcoin mining is a metaphor, nothing is extracted from the earth

 

[Into the Night]

They get so excited when they read something that they don't even understand.

Assume that they have a point. Aside from the one atop their heads.

It doesn't matter what Putin does. The rest of the world is not doing business with him.

There are nations perfectly willing to do business with Russia.
China, Cuba, Argentina, North Korea, Germany (which still buys natural gas from them), and even the United States (Russia is one of the few sources of vacuum tubes left).

 

[Into the Night]

Wait a minute, so "many many people want to return to the gold standard" means that doing such makes sense?

If people decide on using a gold standard, no government has the power to stop it.

That is as dumb as "copy and paste" telling us the number of tweets proves something is true

False equivalence. In the case of a gold standard, it happens BECAUSE people want it to happen. They simply start trading with gold as an exchange medium.
Since gold is so valuable, it is often augmented by a silver standard to handle day to day expenses.

It's absurd to even think of it as doable,

It is quite doable...even practical.

currency in itself is a commodity, no nation anywhere in the world is even thinking about returning to the gold standard

The United States used to be on a gold and silver standard. That is the only legal tender in the United States. The fiat dollar is NOT legal currency, despite the writing on it. Congress never had any authorization to change the Constitution. FDR stole the gold and issued the fake money instead. That's when Fort Knox was built, to house the stolen gold.

Currently Russia and Iraq are on a gold standard.
Brazil, China are moving towards one. China in particular is amassing gold to do just that.
Japan has been moving to Bitcoin. Enough people are buying and selling using Bitcoin in Japan because the Yen is effectively becoming useless.
The UK is considering returning to a silver standard.

Guess you haven't been paying attention.

 

[Into the Night]

I haven't heard anyone so stupid as to say they want to return their currency back to a gold standard since that idiot Ted Cruz campaigned to do that here in the US!

I mean- One idiot is enough already! LOL!

Argument of ignorance fallacy.

 

[Into the Night]

Hey stupid. No one is talking about gold coins. We will still use checks and plastic and ordinary coins and bills for everyday life. But the money will be convertible into gold at a FIXED RATE. That's the key. THINK

So you are considering a gold and silver standard, like the United States had before FDR stole the gold. Works for me!

 

[Into the Night]

Maybe not the world leaders but many people want the gold standard back. It appears to be the only way to force fiscal responsibility on a country's leaders.

That reckoning is already happening. As a government prints more money to fund itself, and it's faster than wealth being increased due to capitalism, you have inflation. Printing money during the depression like they've been doing is even worse.
Faith in fiat currency is waning. It is not just the dollar either. It's fiat currencies around the world.

 

[Monad Portal]

Cryptocurrency is not fiat money. It is based on a blockchain system. It is not printed by any nation nor controllable by anyone. Unlike gold, there is only so many coins that will ever exist in the blockchain.

Gold, however, is easily tested for purity using the simplest of methods, and has been used as a currency for thousands of years. While more gold can be mined, and the amount of gold is unknown on Earth, it still works as a currency, even with modern banking systems.

The crisis of using fiat money can no longer be ignored.

right it's not even backed by government.

it represents libertarian faith in privatization.......

 

[Into the Night]

HAHAHA. Bitcoin is NOT being mined on the internet, you moron. That's just something you're told and you accept it because you're so idiotiky.

Bitcoin is mined on collections of machines, usually equipped with high performance GPUs, since the mining mathematics is inherently simple in scope (just tedious). The internet is not used for mining. It is a communications system, not a computer.

 

[Althea]

If the russian govt vows to convert rubles into gold at a fixed rate, they will be accepted.

Nope. Not going to happen

 

[Monad Portal]

digital scarcity.....interesting notion.