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Message Subject Goldtard/Cryptotards we Ride
Poster Handle Anonymous Coward
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The US Dollar was once backed by Gold, we know how that turned out. What makes you think a crypto backed by Gold would be any different?

Wouldn't trust it long term. If you want gold... just buy gold...
 Quoting: Anonymous Coward 74514248


The problem is fixing some paper currency value to an ounce of gold or silver and or equating a fixed amount of silver to gold.

That requires a 'middleman', i.e. banks and tax authorities. That overhead then drags the economy down. Real bills do not need banking middleman, and now with the internet and encrypted databases they are entirely possible.

So you'll see state and or government mints making crypto coins fungible with physical in repository, with accounts completely transparent unlike the central banking system where their accounting is opaque.

It's the solution to the world's unpayable mountain of debt. States or governments will just issue minted coins from the repository upon demand with the face of coin saying 1 ounce 0.999 fine, that's it instead of saying $50.

Also, repositories need to offer interest on gold or silver deposited, like 2% interest then people who have hoarded gold or silver will deposit their metal in the repositories, that is key to keep the system growing and operational.

Commercial economic activity then occurs via electronic real bills, that offers a system of 'credit' and allows the economy to grow. The past 400 years of 'economic science' will be relegated to the trashcan where it deserves to go.
 
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