Posted on 09/05/2019 7:06:07 AM PDT by blabs
A SILVER dollar has about 3/4ths of an ounce of silver in it, worth about $12.00 today.
Where did the other $11.00 (92%) go?
The government stole it fair and square.
In the future, the transactions will take place at the speed with which we can drive our oxcarts to the local Amazon.gov office to exchange our gold for staples like Aunt Michelle’s frozen pizza and Cheetos. :)
So true...been a silver bug for a long time. I LOVE silver, but it is a highly manipulated market, if not one of the biggest manipulated markets in the world. Have done fairly well with it though.
When you boil it all down, the USAs ability to knock your entire population into the Stone Age is what makes the dollar the default currency of the entire world.
Modern money has symbolic value. Its symbolic value arises from belief that something of value stands behind it. Fiat money might be a scam or popular delusion, but is a widely accepted scam, ultimately backed by “faith” in the issuing government (i.e., the taxes it can levy) and an economy that can support taxation.
Please explain how “blockchain” actually work. What is the thing of intrinsic value that stands behind it? Who creates the money, and how?
In a nutshell...Blockchain is an open ledger, a chain of transactions that is transparent (yet anonymous). Each time a transaction is completed, a block is added to the chain by a node (computer) in the blockchain ecosystem. Tokens/Coins are many times considered the currency to be able to use the ecosystem, and many blockchains reward the nodes with coins (referred to as mining). Each chain is distributed in full across all of the nodes in the ecosystem so there is always concensus and accuracy, practically eliminating any fraud/manipuation/etc. Unless 51% of the nodes are compromised at the same time, the chains are always in agreement. Value is derived by the usage of the blockchain, plus coins are initially sold to investors to fund the development of the blockchain (like stock shares). Each blockchain is different (whereas Bitcoin requires mining, some blockchains issue all or partial coins immediately without mining).
You are confusing two terms. Money is not Currency. Money has an intrinsic value such as gold and silver. Currency, such as the US dollar and really any fiat currency system, is only a REPRESENTATION of value.
The dollar is not money.
As for an explination of crypto currencies, TD Ameritrade has a good article:
https://tickertape.tdameritrade.com/trading/bitcoin-cryptocurrency-basics-101-16210
Bitcoin is in the early phase for the next bull cycle.
No matter how good you think a digital currency would be, it can never be allowed past the fringes. Banks and retail are looking at it but none of that matters when you can buy 2000 lbs. of heroine and have it mailed to your door by Fedex. They pay for murders of people, buy children for sex, and guns for people that can't pass background checks. No one knows the value changed and you made 200% profit. No one can safeguard your wallet acct. and you will lose 100% with a hacker.
The problems are numerous but the ability to tax will finish it.
Couple of "what if's", What if N. Korea decides to sell Iran a nuke for a million bitcoins? What if Iran sends bitcoins to Hezbollah with no one knowing? What if N. Korea buys oil from Russia or China using bitcoin?
We already know the cartels are moving mountains of drugs using the dark web and Bitcoin. How about crooked politicians selling secrets to the enemy?
Stopping all this is hard enough using fiat money, but at least it leaves a paper trail. IMO, if this gets big enough, the tax authorities will start to squawk. Another problem is the dollar is the reserve currency. Losing that would be catastrophic for America. Being able to print money is the reason we still have our head above water now, otherwise Argentina comes to mind. The gubmint is already talking, Democrat and Republican, about multi trillion dollar ideas and some of them will probably be enacted at some time. We can hardly pay interest right now @ 2%. As long as we can print the reserve currency, we will print our way out. Losing reserve currency status just means you print local worthless script that the world will reject.
Is DAG as secure?
True enough. But if you take Roman Empire for an example you know that the rest of the world would accept it for only so long.
“Today, the US Dollar is losing its world reserve status”
no, it’s not. the US dollar is stronger than ever due to the fact that it’s the most stable currency on the planet and foreign investors are buying it like crazy because of that ... Trump has stated that’s one of the main reasons he wants the Fed to lower interest rates ...
“Each day as more blockchain economies emerge,”
I’m not aware that ANY blockchain “economies” exist ... how about posting a list of such economies, what is traded in each “economy” and the number of transactions and the annual value and velocity of each one ... perhaps a few links to such information would back your claim ...
“The government stole it fair and square.”
If it did, it stole it from stupid people.
Also why does it need to steal it when it can print it?
And by the way, the smart people that bought silver for almost $50 an ounce in 2011 wish they had kept their “worthless” paper dollars.
“Modern money has symbolic value. Its symbolic value arises from belief that something of value stands behind it.”
the primary attribute of all useful currencies is universal believe or acceptance that they have value. Of course useful currencies have other attributes such as Portability, Indestructibility or Durability, Homogeneity, Divisibility, Malleability,Cognizability, and Stability of Value.
but “intrinsic value” is not an attribute of a useful currency, because very few thing (including gold) have intrinsic value, and the things that DO have intrinsic value, such as food, medicine, water, fuel, and energy make poor currencies and are good only for barter, which is why currencies were invented in the first place ...
when I say economies, I am referring to the blockchain ecosystem, the network in which it runs. The coins that are issued by the blockchain are its currency, and the goods traded are the blockchain services provided.
currencies do not have bull cycles
In today’s world most wealth is simply numbers on computers
this simply highlights what has been taught for millennia in the Bible
money is not real
in fact the love of money is the root of all evil
as the world progresses and more and more fraud and greed proliferate because of the electronica nature of transactions , this smart understander and worshiper of the true life the world will be able to sit back and laugh at the folly of the foolish nature of man
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