Redpill me on the gold standard

It's just something you don't think about... You know? You know it's just there and it has value somehow.

It didn't all click until someone said to me the entire economy is just a giant pozi scheme. Then I started to think about it more and how money used to be tied to gold, which is like "having an investment", but money today isn't tied to anything other than "faith", which really is just a giant pozi scheme.

>deflationary spiral
it's a bit of a meme. take a look at the prices before 1913. people still need stuff, it's just that real money discourages mindless spending. you spend on real necessities and on production means to get more of the white and yellow - tools.
let's just say - I would not spend even fiat paper on the newest dumbphone just because it has some "cool" new feature, do you think I would spend cold hard oz on something like that? but I would gladly give couple of oz's for a quality manufactured hand planer

Ponzi*

fiat means "mandated"... but lately it is applied to paper and digital that has no intrinsic value

took me a while to get that, but when I did, the veil was lifted from my eyes! welcome to the club, bro!
never forget to get leaky boat! boating accidents are important!

useless shiny rock that causes deflation and stagnation of economies. inflation might be bad but deflation is thousand times worse
>inb4 some austrian monkey gets triggered

t.brainlet who doesn't have even superficial knowledge of economy

that's when I was 15 or 16 though user, so don't feel too damn decrepit kek. I was obsessed with Zeitgeist and those dumb illuminati videos. But they did teach me a valueable economics lesson.

yes, people still spend, but at the professional financial level it is horded. Think of how DeBeers keeps 2/3rds of all diamonds in vaults to keep diamond supply scarce. Diamonds are fucking expensive and they shouldn't be. People buy 'em all the time, but at the industrial level, they are tightly controlled so you will buy them at the highest price.

mfw USA stagflated their economy into superpower status while under the "useless pet rock" standard during late 19th century

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t.30 IQ Austrian monkey

Alright you two. This is a thread of peace.

Bitcoin and gold are almost the same thing. There is a finite amount of it, every new kg to extract will get progessivly more difficult to extract. Thus putting a cost on extracting it, making it backed up somewhat by real value and not just paper with big numbers on it that has nowhere near the value that was necessary to produce Gold has thebenefit that its already valued by people all over the world, as investment, jewelry and applications and industry and thus will maintain atleast a sort of value. Con is its heavy weight. Digital curency is the future, as its easier to use in transactions, if it will be bitcoin that is the question. They have the advantage of being one of the first establishing a brand, But if it will be the same in 20-100 years? I don't know.

except.. you can create infinite bitcoins

Not true, bitcoin is capped at 21million coins. The process for making them will take decades and they slow their production as they become more abundant, stretching out the time frame exponentially.

you can create infinite bitcoin CLONES

Yeah, but anything virtual isn't really "real". I could imagine a million things going wrong, hacking, duplication, mimicking. It would probably be easier to counterfeit than physical currency or gold. No?
I don't really understand how digital currency works, but didn't bitcoin go up and up and up and then crash hardcore? It seems really unstable.

As far as I understand it, you're wrong. And even if there were "infinite" many bitcoins as long as the means of extracting bitcoins after a certain point would take so long and so much computational power its no big deal as its backed by real value.

...

I think gold backed cryptos are cool or resource backed cryptos but it wouldn't be very crypto.

I was talking about myself...
t.decrepit 40year old
:D
>deflation
you're still wrong. the hoarding is a natural thing in risky times. in good times that money still comes out of the hiding and starts rolling through the system. and this is natural, as it should be. the history shows clearly that there is no persistent negative deflationary effect on the economy. in fact the deflationary feature of the specie money is what prevents the boom-bust cycles (or at least makes them far less damaging to the middle class - the foundational stone of any nation)
DeBeers and their diamonds is not entirely relevant to this example as the diamonds are commodity, and a very specific one at that. unless we examine silver/gold under current fiat/currency regime in which case the true money has been relegated into the commodity status

Yeah, but how difficult is "extracting" bitcoins? Is it like extracting gold from the ground? Why couldn't someone just say, "Fuck it! Let's create more bitcoins" and crash the entire thing?

THIS

which do not inflate the coin supply. that's like saying the USD will be worthless because look at all the indian rupees that are being printed. brainlet.

thats not the point dumbass. bitcoin is open source, it has nothing to make it special as a currency. why use btc and not use bitcoin cash? or bitcoin sv? or bitcoin diamond? or bitcoin gold? or bitcoin platinum? or bitcoin silver? you can create infinite coins and they all work just the same, some even better

Their is a flaw with bitcoins from what I understand and it has to do with trade volume when it reaches 260k trades a second or something it gets bogged down and goes to shit...

So if you wanted to you could in theory bog, bitcoin if you preform million upon millions of small micro transactions a second crippling the crypto currency.

but you can't create more, it's capped and also theirs a cap in theory on how much you can mine due to technical limitations.

The main benefit of gold is the in-elasticity of supply, you can't just easily produce more gold and so you can't inflate away gold backed currency.

The most important thing about a currency is that it remains stable in value, fiat money can just be printed at will by the government which means they can inflate away peoples assets and savings, typically used to go to war or to meddle in the economy.

The problem with bitcoin is that it's not currently being used as mechanism of trade in very large amounts. It's being used as a method of wealth creation through essentially gambling on its future value. Eventually it will reach a point where most of the bitcoins are mined and its not longer lucrative to make money with and the price will stabilize.

But the price it stabilizes at will depend on peoples confidence its its value. The problem is that as that starts to happen people in it just to make some money will go on a selling spree and the price will crash. There will be some people who idealogically hold onto it to use it as a legitimate method of value exchange but right now those people are much fewer than those gaming it to make money.

Right now as a currency its useless the value changes too violently for it to be a good store of wealth.

you've been lied to :D Krugmanites get pic rel treatment!

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>DeBeers and their diamonds is not entirely relevant to this example
obviously it was a rough example, as in how DeBeers hordes diamonds is how a Jewish bank hordes the money supply.

>no persistent negative deflation
perhaps, I don't know enough about it, all I am saying is there is the chance for tricky exploitation of a gold standard. I am becoming more interested in a labour standard which I cannot currently see any downsides too.

What do you think of that?

Yes that's true, I just wanted to point out to that guy that gold and bitcoin are basically the same thing. Both are at least based on a cost needed to extract it, shure there is speculation and all the other sorts with it too but what doesn''t have that. Yes, losing it since its electronic is a big risk, that's one of the cons. I don't know everything about bitcoin too, but every coin has a ledger that can be used to verify its validity. Maybe you can counterfeit it, the same can be done with gold bars by filling it with Tungsten. No method is 100% safe. It's about risk assesment. I think bitcoin and the sorts is very colatile because governments are trying to press down on it. It's a very new concept etc etc, so there isn't a lot of trust in the system yet. In 1-2 generations I bet it will be way more common.

Bog down on bit coin, this is a bog thread, you now know the flaw of bitcoin.

Bog it down, Bog, it down.

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So, say you have the gold standard or even bitcoin. And deflation occurs. It seems like you would need a socialist type government to force redistribution, no? Could you have a gold standard and when deflation occurs, just redistribute it from the banks or hoarders to others. Would that theoretically work? Are there examples of this?

It has value associated with it, computation has a cost. The more bitcoins are already extracted in a system the more energy and computational power it will take to extract the next bit. Yes the person that extracts the first few coins of a later popular bitcoin like currency will rake in the cash really fast. But as more and more coins are extracted it will be backed up by real value. So just as with innovations or natural resources it helps to be the first to exploit it, as its way easier to extract the first bitcoins.

thats not what backed by real value means.. if a currency is backed by an asset it means you can exchange that currency for that asset. Can you exchange your bitcoin for computational power? no. That power is gone, its wasted, its backed by wasted power not actual power

There is one difference however, the people mining these coins are doing so for profit and so when bitcoins becomes unprofitable which it will do once the rewards is too low or the coins run out, they're going to take all their hashing power to the alt coins.

Again the problem with cryptocurrency is that most of the people involved and most of the coins are held by people looking to profit.

Technically anyone can fork bitcoin and do things like change the cap in coins you just need a network majority to accept the fork and so with so many large players financially invested we'll just have to wait to see if it passes the ideological test of remaining a currency you cannot continue to inflate or if the greed of the masses essentially overthrow the the whole thing.

Bitcoin is basically just whatever the majority says it is.

>labour standard
I dunno, to be quite honest. I'm a bit wary about any monetary system that is based on anything that can be manipulated...
I bet you have 3R in mind when raising this issue. still, the experiment was cut very very short, so we have no reference on its long term sustainability.
from all my musings on monetary shenanigans of the chosenites AND others, I came to the conclusion that the only thing that could work long term is the simplest yet least fuckable concept. and gold and silver so far outpaces all other alternatives - you can't print them out of thin air. labour based standard still has the inherently human part that IMHO is a problem. anything that a human can manipulate he will do so, chosenites or no.
even specie money can be exploited (as shown by 3rd century crisis) but then again, this kind of manipulation is much harder to hide in today's world.
tl;dr I'm still unshakeably specie money supporter, and probably will be for the foreseeable future

>that you can easily create
go make a bitcoin then you silly cunt

wait till you find out how inflation works and all the quotes from people throughout history about it.

I'm not saying I could, but I'm sure someone could and then dump it on the market and crash the entire thing.

This is taken care of by scaling transaction fees up, what it has lead to in the real world is extremely high transaction fees that make trade prohibitively expensive. It used to be tiny fractions so small it was irrelevant.

It also doesn't scale well in terms of storage, as transactions go up the entire chain increases in size and so there's many ways in which bitcoin basically doesn't scale.

Details pleaseeee

>stagnation of economies
inflation deliberately pushes down real wages, which is supposed to reduce unemployment. But in practice unemployment is not due to nominal rigidity, so inflation just benefits the financial sector.

Gold standard just means the paper is backed by real value, and that the government shouldn't have the right to increase the fiat without increasing its stock of gold or some other commodity.
>So, say you have the gold standard or even bitcoin. And deflation occurs. It seems like you would need a socialist type government to force redistribution
Deflation with gold standard would only occur at a fast rate if some huge pocket of gold was discovered or if the government decides to go off gold standard, thus not making it gold standard anymore. In a gold standard system gold and paper are almost the same thing, the paper is just a viat that symbolizes a certain amount of gold.

then you don't understand how it works and are just talking out of your ass.
i don't mean to be rude, but if you wanted to know how it works you should've asked instead of arguing from a false perspective.

azquotes.com/quotes/topics/inflation.html

By scaling up transaction fees they also make it less likely to be used as a form of currency, who's going want to pay a transaction fee on an item that cost a fraction of the transaction fee. Bitcoin has so many flaws, and a large country could exploit the fuck out of bitcoin if they really wanted to.

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Bitcoin is literally based on flat money. You buy it for dollars and you use stocks.

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Oh man. I feel so bad for you guys, you’re literally a few boards away from thousands of autistic neets that have basically mastered the evolution of the financial system and are going to be the new wealth. How do you guys sit here and just say things you have no clue about, without even doing 30 minutes of research? I mean, the moment you saw that Facebook was introducing 3 Billion people to digital currency you didn’t think, “shit, maybe I should learn about what bitcoin is?”.

1) bitcoin is capped at 21m coins for all eternity.
2) digital currencies exist on the blockchain, an irreversible ledger. It is impossible to create new coins unless created by the company or mined. For bitcoin, it can only be mined.
3) yes coins have clones, nobody uses them because forks are fucking stupid and will die
4) what gives bitcoin its value is the concept of blockchain itself. The regular person will tell you it’s miners setting prices for electrical expenses, but in reality the value lies in its ability to create a virtual banking system that doesn’t require you to “trust” anybody, has no central authority other than yourself, and can be increasingly built upon to make it even better and faster than tradition payment networks.
4) Blockchain smart contracts will basically change the entire world. I estimate that it’ll automate around 30% of finance and law jobs. There’s a hint for you guys.
5) please just do yourself a solid and visit Jow Forums and buy a stack of something and forget about it, a couple months worth of research and paychecks will probably make you one of the world’s elite just because you visited a Mongolian basketweaving forum.

Gotcha, but say a super greedy banker decides to hoard all of his money and not give it out because he knows the value of it will go up and up, so there would be less investments and growth would probably be stagnant.
I feel like the gold standard would work better under a more socialist government with nationalized banks, no? Banks that aren't for profit would be more willing to give out their reserves because they aren't trying to make money off it.

Does that make sense? I'm trying to word it correctly.

>thats not what backed by real value means.. if a currency is backed by an asset it means you can exchange that currency for that asset. Can you exchange your bitcoin for computational power?
Yes it does, and yes you can exchange a bitcoin for electricity (the stuff you use to run compuations) That wasted power is now in your bitcoin. Just like the costs for extracting gold is then ascribed to the gold. Can you use gold to buy labor and machinery? Yes, the same with bitcoins, you can buy electricty and computer for it.

>please just do yourself a solid and visit Jow Forums and buy a stack of something
this is terrible advice.
you're telling ignorant fucks to listen to those retards and buy shitcoins.

>socialist type government to force redistribution, no?
No, why would you? It is self regulating. The gold is the gold and the money supply is the money supply. The only thing that effects it is more gold being mined and if you think that is a problem go watch Gold Rush on TLC or wherever. They mine something like an ingot per season.

>Could you have a gold standard and when deflation occurs, just redistribute it from the banks or hoarders to others
Seizing banking assets are tricky as much of that moeny is pricvately owned. Also you wouldn't need to as some deflation is good. It makes a dollar buy much more and enriches the little man (so long as it is healthy).

>anker decides to hoard all of his money and not give it out because he knows the value of it will go up and up, so there would be less investments and growth would probably be stagnant
it increases demand for the currency, price goes up. the lowest form of the currency becomes worth more, people just use that. greedy banker becomes more inclined to use his stash.

think of someone actually hoarding 90% of USD and NEVER using ANY of it AT ALL. it's not realistic.

>price goes up
i mean it's value relative to things you can do with it

What's the best way to buy cryptocurrency?

>socialist government
no, dang no!
>socialism is all games and fun until you run out of other people's money
the problem with big fat banksters is an acute one, and we should think of a system that would prevent this from happening without resorting to "gibs system" gooberment is evil even in its most benevolent form.
here, have some thoughts:

European Ethnonationalist manifesto
Goals
European countries for respective European nations!
Until Ethnostate is achieved in all of Europe, all “gib clay”, “this clay is our ancestors’ land” etc talk is divisive to the extreme and should be regarded as (((enemy))) tactics, anyone uttering it should be regarded as (((such))).
European unity without any (((EUssr))) or anything even remotely resembling it. We stand united in our will to achieve and maintain Ethnostate, we will help each other out to the best of our abilities and capabilities, but we will not suffer dictates from (((central European))) gooberment.
Fiat money system is abhorrent to an honest nation. Specie money should be the foundation of European nations for it curbs countless (((activities))).
Legal person concept is abhorrent to an honest nation. Everyone shall be personally responsible for things one does, or sells, or says.
Personal responsibility (be it business, government or private) shall be one of the foundational stones of Ethnostates in Europe.
Written laws breed lawyers, encourage dishonesty and circumventing said laws ( (((weasel))) behaviour), diminish independence of every single human being, thus written laws shall be kept to an absolute minimum. No law (except Constitution) should outlive the government that issued it)
[cont]

[cont]
Every citizen should be able and required to make his case in person and answer charges in person! (except in few cases of disability)
Mos Maiorum concept is far more preferable to written laws.
Political, social, monetary, economic and any other policies are domains of respective sovereign nations as long as it does not infringe on Ethnostate principles.
We will strive for well educated, armed, highly individualistic and self-sufficient to the maximum, yet united populace.
We shall strive for Autarky and honest trade of surplus.
Right to self-defence is a natural law, ergo right to bear arms and use them in self-defence is a natural law and shall not be infringed in any way or form.
We shall strive for “soft eugenic” approach in our respective Ethnostates. Practices that allow the survival of the genetically defective humans shall be limited to a minimum. Active eugenics are too morally damaging and might be employed only in the initial stage of Ethnostate creation if at all.
Science shall be encouraged, but required to act and experiment with regards for the future. All technologies shall be evaluated on how they will affect humans and human habitat (the whole planet) up to (but not limited) 7 generations forward.

tl;dr
specie money+very strict personal responsibility+minimal laws+jury system+no (((juridical persons)))

You're an idiot.

Tell us how much your 1 bitcoin is "worth". Let's pretend there is only bitcoin and nothing else - how much "buying power" should one bitcoin have? Tell us.

Socialism doesn't has investments, so it can't possibly have gibs. Economy 101, learn basics retard. Big fat bankers exist because you increase money by demand and demand is created by investment aka private banks, such banks didn't exist in socialism.

Bitcoin is imaginary number based on dollar imaginary number. Gold is resource, not imaginary number. Go back to kindergarten moron.

>3R
sorry I don't know what that is, I have only just become aware of labour currency desu.

As to the rest of your post, thank you for the insight, I will definitely think on it.

you dumbass realize blockchain isn't only about currencies right?
>you can exchange a bitcoin for electricity
no you can't. bitcoin is not backed by electricity or anything else. The electricity it took to make bitcoin is GONE, its WASTED, its not SAVED. You can never bring back that electricity to use it. Real asset backed currency means you can exchange your currency for a FIXED amount of that asset

>You're an idiot.

1BTC = 1BTC

what's 1 USD worth right now? 10 years ago? 25 years ago? 50 years in the future? Go on, tell us.

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He could do that, but by letting your money/gold sit still it will not accrue more value, it will devalue as more and more gold is extracted. There are no super rich people that just have all their money in a vault and do nothing with it, they allocate the money into projects that they kow will garner them more money. By investing they create value that others can use too. So the guy hoarding it would cut his own fingers.
>I feel like the gold standard would work better under a more socialist government with nationalized banks, no? Banks that aren't for profit would be more willing to give out their reserves because they aren't trying to make money off it.
Banks that don't run for profit have to be more picky with whom they lend their money. If you can't ask for a return of some sort you have to be very carefull with whom you make a deal. Because if they don't return the payment the money is gone, leaving the bank with a loss on their investment in the customer. A for profit bank could counter that loss with the profits they made from succesfull investments. But I do agree there should be a speration between savings banks and investments banks. Saving banks would have money from regular people and must be secured by assests that the bank has in its possesion, these banks would have lower interest rates. And then you'd have investment banks that where they can speculate with your money but should have way less assests to back up their investments, making this more profitable but also more prone to risk. But in all such cases the governemnt shouldn't givemoney to banks to buy their bad investments. Banks should die just like any other company that's run bad. In this system the normal people would have their money save as its backed by real money the bank has, and people willing to take a risk for a couple percentmore interest get their due if they don't invest properly.

learn to English, because frankly, I don't even understand what you were trying to write, except that you made an effort to insult me and pose yourself as übereducated
>Socialism doesn't has investments, so it can't possibly have gibs.
>socialism can't possibly have gibs
OK, filtered

Yeah loads of flaws, and the worst ones are not even technological, they're to do with the fact that most countries can and simply will introduce laws to interfere with bitcoin.

This. I just... don't trust "virtual" anything to have real value when everything comes tumbling down. I usually listen to my gut, and gold is an actual limited resource, which is what my gut tells me has real value (or really any "real" limited resource).

>being this new
Please bro just fucking go on Jow Forums, like you’re making a terrible decision by being this uninformed man. I say this because I want you to understand what you’re talking about and envision the same future that millions around the world have already opened their eyes to. The basic unit of a bitcoin is not 1 bitcoin, it’s .0000001 bitcoin - or a sat (satoshi). The currency is infinitely divisible. Just imagine man, the moment that quantum computers come into existence, the world’s top cryptographic geniuses will get to work on quantum cryptography and try to fortify bitcoin with it. It could theoretically become a fully digital currency that could traverse through space with the help of blockchain infused satellites, which several companies are already working on. This is literally the internet but for money.

1 usd is always 1 usd

your dumb chart doesn't take account the increase in wages. Yes your grandpa could buy a months worth of food for a nickel back in the day but his monthly salary was 2 nickels

Yes, you are a retard. Private banks give loans, not central banks. At least learn the basics. Nobody goes to central bank for money. Does Joe go to central bank?

You can never bring back the wasted man hours that the miners used on extracting the gold, neither can you bring back the wear and tear on the machinery you used to extract it. Ever heard of conservation of energy and mass? Energy can't dissapear. It was used to flip a bunchof 0 and 1 to make that block on the block chin of your bit coin.

was quite pleasant having a conversation with you, fellow thinker!

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Gold is a resource, but nobody knows how much of it exists. They don't want to solve that riddle, since they don't even have gold any longer.

I work in the blockchain industry friend, I’m at the forefront of this stuff in ways you don’t even know. I’m really just trying to help you here, I don’t want you to regret browsing fourchins in 201x and missing out on the next financial evolution that will jumpstart the fourth industrial revolution just because you had some false sense of superiority because you didn’t “trust internet magic meme money that I don’t understand”

>Good or bad idea?

Good if the rest of the country's monetary policy remains where the Constitution placed it - under the People or representatives thereof.

>Did ((they)) take us off it?

The gold standard was ended in effect when FDR confiscated in 1933. Prior to this, the fed reserve bank was granted monetary policy authority that congress had no Constitutional authority to delegate.

Read HJR 192 (repealed, but its effects have never been reverted so it remains in de facto effect)

Understand that there is no such country called the "United States", that title belongs to a federal corporation. The country is "United States of America" or just "America".

Also understand that the way money is added to the economy is through credit issuance. When a bank makes a loan, they are not lending you their own assets. They are creating money from thin air to purchase your promissory note from you, and you then take that newly created money to buy something you can't really afford...then make payments on the note you sold.

Gold and silver coin was the only lawful money of America. The paper promissory notes represent debt to the federal reserve bank.

>It seems like America's economy is now just a giant ponzi scheme that requires never ending new customers (immigrants) and that's why they can't stop importing them.

The collateralization for the issuance of new money by the federal reserve comes from "chattel", which is what you and the majority of other people are thanks to the 14th amendment. Each time you identify as a "U.S. citizen / U.S. national" or any of the immigrant classifications, you fall under the jurisdiction of the federal corporation "United States". You have no rights, only privileges.

Most people don't realize that slavery never ended, it was simply expanded to include pretty much everyone.

shut the fuck up

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>fiat means "mandated"

Federal reserve notes are not purely by fiat, they are collateralized by chattel, aka slaves, aka US citizens and US nationals.

Types drivel like that and claims I should go back to kindergarten, haha. Can you understand almost? It means it functions almost the same way. Yes bitcoin is more reliant on trust than gold, but it's better than the government just printing money without any investment of value backing it up.

>Digital curency is the future, as its easier to use in transactions, if it will be bitcoin that is the question.

Completely false. It's not easier to use "digital currency" because it requires electronics and a functioning network. It is far easier to carry a few small coins or bills in my pocket to pay for things.

>1) bitcoin is capped at 21m coins for all eternity.
It's capped right now but it's an open source platform that only requires network majority to change facts like this. And the fact is that most of the network right now is invested in using the platform NOT to trade but as a method of wealth generation. And when thyat gravy train runs out they'll probably want to continue that and so you're going to have large portions of the invested people with a lot of money to lose all discussing if 21M is really the right amount or should they just double that to 42M or whatever.

Just because things are distributed doesn't mean they're inherently safe, if everyone involved with bitcoin was doing so because of ideological reasons then sure it would be great. But that's not what is happening, we have very large players with entire farms mining coins and investing into the market not to buy/sell/trade but to make profit. What do you think is going to happen once that runs out?

Where do you go for money? You go to private bank, you creating demand for banking system to print more money. Since not even private banks have enough money in vault, they made up an even more retarded thing than dollar, called bitcoins, to screw you even more. Credit cards and bitcoins are all based on dollars and your stocks are based on dollars. Yes, go back to kindergarten.
There are other possibilities, like making money based on another money or making money based on resource or making money based on work. Now you have money based on itself.

except gold is a material by itself that has value even without extracting costs. I can find a piece of gold in my back yard and it will still have some value even though I didn't spend anything to extract it
of course you are larper. I already have crypto, just not currency shitcoins. I suggest you sell off your dumb currency shitcoins because they are worthless and get into utility and smart contract coins, unless you want to stay poor
fuck off moron. your dumb boomer grandpa was poorer than you, be thankful

>Not true, bitcoin is capped at 21million coins. The process for making them will take decades and they slow their production as they become more abundant, stretching out the time frame exponentially.

You're not "making" anything. All crypto is simply a diversion for slaves like you to buy into another worthless nothing thinking that it's going to make you rich.

Yet every fucking tool cheering about crypto is always quick to point out how much their "account" is worth in dollars or other national fiat.

"wages" don't mean shit because for the last 50 years businesses have had to pay for dem programs for employees and that's taken straight of your wages. So add wages+benefits to get what people really take home.

stay mad fag

Its you that hates the current system, so its you that is mad. Your dumb deflationary system isn't coming back dumbass, but keep coping

should i also take into account the super/401k and interest accrued on that.

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>Yes that's true, I just wanted to point out to that guy that gold and bitcoin are basically the same thing. Both are at least based on a cost needed to extract it

This is mental-disease level faulty logic. Gold is a tangible thing that exists. Crypto and the many "alt clones" are literally nothing...and without electricity, absolutely nothing.

Yes, bitcoin, credit cards, valuable papers are based on dollars, because they don't have gold and don't even have dollars any longer in vaults of banks. That's just scam built on scam to keep banks running.

I suspect that's partially why they'd bury pharaohs with rooms of jewels and intricate gold. So much value off the market raises prices for everything left