someone explain to me why is Gold not fiat?

Thread: Gold $2300/ounce, Silver $40/oz: Wallstreet trader

I write there for gold and silver. Read all

LOL
Print a ton of gold then.

could do more productive things than digging and mining for gold.
like making babies and growing fruit trees.

You "could" mow yards for free or train unicorns if you are looking for productive time..
Mainly you need to look up what "fiat" means.

Gold takes energy to mine, process, melt and coin. This stored "energy" is what gives worth to precious metals. That and it can't be printed to oblivion.

Gold is SHINY!!!

Lol

It's because people are anciently stupid in a very deep way. That's why gold is valuable.

if money, currency would be backed by GOLD

we'd have a perfect community, civilization

where people could fed their families and have houses with white fences

unlike being in debt in tenant relationships

guess it's just not destined for us

Yeah Hey let me educate you sir

I'm gonna work on a project here for about 50 years. It's a pointless project and has no value. It will not help anybody. It will never create anything useful.

But guess what. I wasted a bunch of energy on it. And, since my life is limited, i can't keep doing this over and over again.

So now I want you to recognize the worth of this project, and acquire representations of its value for yourself. Then, trade with it or something, whatever, I dont care.

All i want is for you to give me something useful, while I give you something useless in return.

Gold is a rare substance, so that's the catch. Humans have a weird obsession with things that are rare

I read the thread title as "someone explain to me why is God not flat?'


one for the flat earthers I guess

I read it as "someone explain to me why is God not fat?"

Because he takes care of himself.

google "Industrial uses of gold"

it's the opposite of fiat but that doesn't mean that it will always have high value

Fiat is worthless paper that is declared money by decree of government. It has value because the government forces you to use it as a medium of exchange.

Gold and silver are elements that have to be dug out of the ground and refined in finite quantities. They have intrinsic value based on their properties and rarity. It has monetary value because humans have considered it money for over 5000 years.

GOLD

come on Americans

fractional reserve banking

is enslaving you and the rest of us

brumbrum !

I duck duck goed it

Mostly used in jewelry, since a long time ago.

Some medicinal and computer tech stuff

It became money before it had any real utility

Humans are stupid.

This above...

To add:

Gold and silver are the benchmark in which all fiat currencies are measured, and has been this way across most of history. They are the tangibles backed up by both the time and the energy as the store of value. They are fungible, tangible, divisible, near indestructible, etc, etc. Drop a gold coin and a fiat dollar into the sea, or melt it down (light on fire), and which one is still there in some form at the end?

Digital, is three steps removed from sound money. Gresham's law states that ALL good money will be driven out by bad money. Until the system resets and sound money again re-enters circulation. The ponzi scheme lasts only so long within a society.

Gold and silver is money. (tangible)
Gold and Silver use to back fiat dollars. (fiat)
Then it became fiat dollars backed fiat dollars. (fiat)
Now, it's digital backs fiat dollars. (worst kind of fiat)

Three steps removed. IF this doesn't make any sense, I'd recommend reading up a little about monetary history.

Your unwillingness to make and keep promises and commit to authentic relationships with other human beings is what enslaves you

to the need for money.

Nixon famously ended the gold backed dollar in the 1970

he said it was a temporary move

still going on until today, end that shit

Gold is not fiat by definition. Hope you take the vaccine OP.

Gold is the finished product of MASSIVE amounts of work. That's why it's not fiat.


Watch an episode of "Gold Rush" tonight on the discovery channel and see how much work, effort, fuel, equipment, and man hours it takes to pull a few ounces out of the ground.

Real money has seven attributes.
(1) It must be durable, which is why we don’t use wheat or corn or rice.

(2) It must be divisible, which is why we don’t use art work.

(3) It must be convenient, which is why we don’t use lead or copper.

(4) It must be consistent, which is why we don’t use real estate.

(5) It must possess value in itself, which is why we don’t use paper.

(6) It must be limited in the quantity that is available, which is why we don’t use aluminum or iron.

(7) It should have a long history of acceptance, which is why we don’t use molybdenum or rhodium.

Only GOLD and SILVER fit all seven characteristics.

[link to www.milesfranklin.com (secure)]

there is no such thing as good money

fiat can be printed endlessly..Gold is scarce and has many uses and requires a lot of energy to mine and refine it..and has been considered a store of value for 1000's of years. Paper can be used to lite a fire..wipe your ass..or exchange for real stuff.

so gold is only worth something when such industries exist in the first place??

what do i gain from all the products manufactured with this gold? do i sell them products for more gold?

gold is fiat.
it is only worth something because idiots are willing to do shit for you if you give them shiny gold.
it is fiat.
it is backed by nothing but trust.

money only truly grows on trees.

aaah... so blockchain then?

gold is blockchain.
but is backed by nothing but trust, like blockchain.

The word "fiat" literally means "by decree/edict".

If you think the powers that be want to decree gold and silver as fiat money to be used in circulation, you are sadly mistaken. That's the LAST item they want the people to ever own.