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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 12:07:58 +0200
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You can privately buy gold instead of coins.

Lets say you would have bought 1 kg gold
on 02.01.2024. How much would it have cost
in USD, and how much would it be worth now

in USD. Here are the numbers:

02.01.2024,  USD 66.473,30
08.10.2024,  USD 84.908,84

ca. 27% price increase! Woa!

Source:

https://www.bullionbypost.eu/

Mild Shock schrieb:
> 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.
>>>
>>
>