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From: Mild Shock <janburse@fastmail.fm>
Newsgroups: sci.logic
Subject: Re: I'm Satoshi, We are all Satoshi
Date: Tue, 8 Oct 2024 11:58:31 +0200
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So what do we have now:

Fiat money is a type of currency that is
not backed by a precious metal, such as gold
or silver, or backed by any other tangible
asset or commodity.

In as far crypto currency are also fiat.

Fiat currency is typically designated by the
issuing government to be legal tender, and
is authorized by government regulation. Since
the end of the Bretton Woods system in 1971,
the major currencies in the world are fiat money.

Ok the thing with government is missing for crypto.

What about gold, is there a single gold government?

Gold's price is influenced by supply/demand
dynamics, geopolitical conditions, and monetary
policy. Central banks have little to do with
geopolitical conditions, but banks like the
U.S. Federal Reserve play a vital role in
managing supply/demand dynamics and monetary policy.

Mild Shock schrieb:
> 
> Croesus is credited with issuing the first
> true gold coins with a standardised purity
> for general circulation, the Croeseid (following
> on from his father Alyattes who invented
> minting with electrum coins). Indeed, the
> invention of coinage had passed into Greek
> society through Hermodike II. Hermodike II,
> the daughter of an Agamemnon of Cyme, claimed
> descent from the original Agamemnon who conquered Troy.
> https://en.wikipedia.org/wiki/Croesus
> 
> The gold standard was abandoned due to its
> propensity for volatility, as well as the
> constraints it imposed on governments: by
> retaining a fixed exchange rate, governments
> were hamstrung in engaging in expansionary
> policies to, for example, reduce unemployment
> during economic recessions.
> https://en.wikipedia.org/wiki/Gold_standard
> 
> olcott schrieb:
>> Warren Buffet said it is rat poison squared.
>> More aptly current digital currency is simply a Ponzi scheme.
>> Backed by gold or even dollars could fix this.
>>
>