Lol

“Cryptocurrency doesn’t pass the basic test of what a currency should be,” Williams said on April 20, as reported by CNBC. “[Currency is] basically something with a store of value [and bitcoin is not that].”

ccn.com/bitcoin-is-not-currency-cant-replace-dollar-says-incoming-new-york-fed-chief/

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Literally not even one of the rules of currency.

>make up arbitrary definition of word
>it doesn't apply to something that wouldn't have that definition
>fool people

I dont think that blockchains primary function will be as a currency (but rather smart contracts), but it's very foolish to say that a currency should be something with a store of value (assuming that bitcoin isn't). If anything, bitcoin isn't a good currency because it is a store of value

A currency is a means of exchange.

> Williams, who’s currently president of the Federal Reserve Bank of San Francisco
Banker dissing crypto, color me surprised.

Yeah and you can totally store value in green paper and bank money.

>currency needs to be a store of value

wut

Attached: Purchasing Power of U.S. Dollar.jpg (490x394, 14K)

Unironically btfo

dsadssdadsa

Quick someone email Williams, I'm sure his opinion will change when confronted with conflicting evidence.

its worse because its so dumb that theres no way he really thinks that. He's intentionally feeding lies to a financially illiterate public. his public speaking face looks so stupid that its probably an inside joke among him and his friends. They're mocking us

You can store wealth in green paper dollars IF those dollars are backed by REAL money... gold.

Problem is the Jew anti gold propaganda for 100 years has made you not understand what it is that made the dollar valuable and it was gold.

Some of you crypto people are retarded. Half the reason people have been flocking into crypto is because the dollar is failing BECAUSE it isn't backed by gold whether you realize it or not.

Even MORE ironic is the fact that you idiots literally market crypto/gold as the "new gold" while at the same time being against owning actual REAL gold. It literally defies logic.

"Gold is money - everything else is credit." - JP Morgan

Bitcoin is a currency that relies on another currency. The primary function of MONEY is to measure VALUE. Nothing has ever done that better than gold and you certainly can't do that with bitcoin. Money is a MEASURE of VALUE.

You guys don't even understand he primary function of money.

>Bitcoin is a currency that relies on another currency

how?

Unironically in trying to help and educate.

China, India, Russia have been accumulating record tonnage of gold for over a decade now. You think they are doing this for fun?

Chinese citizens collectively own 6k tons of gold in their hands.

Crypto can actually work if you BACK it with real money.

In 1800 1 ounce of gold = 20$. 100 years later in 1900 a gold ounce still equaled 20$.

In 2018 an ounce of gold equals $1,350

What's changed???

Dollars used to be convertible to gold at banks. I withdrew 6k last week from the bank and he bank teller is like what you doing with that... said going to buy a few ounces of gold. She didn't even understand why.... a fucking banker had no fucking clue why I would be buying gold.

That's how dumb you all are.

I'm mad because you idiots being anti gold is allowing this country to be plundered. Which affects me

as much as i hate this store of value meme, that is literally the killer app of bitcoin - storing the value of cheap electricity via mining that would otherwise be wasted

How what? When I invest in bitcoin and it goes from 6k to 12k I cash out and I have twice as many dollars. And I'm happy right? If it went from 6k to 3k I would be unhappy right?

So many fucking shills today telling us to sell our coins. I guess we are going to moon even harder soon.

Sweet so if I hold gold for 118 years ill 70x my investment?

>storing the value of cheap electricity via mining that would otherwise be wasted
Literally what did he mean by this?

"gold" works equally well in that sentence...

in place of "bitcoin"

They don’t seem like they are starving to me if they can buy bread with gold

Listen brainlet...

Gold is NOT an investment. Gold is MONEY.

Nobody buys fucking gold to get back increasingly worthless fiat dollars. They buy gold so they have money and wealth because they distrust the dollar because it is failing.

If you worked for 1 week in 1920. A good weekly salary was 20$ which also equaled an ounce of gold. Now if you took a time machine 100 years into the future and brought that 20$ with you that took a week for you to earn... you wouldn't even be able to buy lunch with it at a bar. But if you brought that gold ounce with you to the future instead... you exchange it at a coin shop which equals $1,350... which is a good weekely salary just like it was 100 years ago.

Investments are stocks. Gold and dollars are both money. And your money is being devalued by Jews because it isn't backed by gold.

Why in the fuck does 20$ but you like 1% of what it bought you 100 years ago??? What's happened? Yet if you worked for a week 100 years ago and kept it in gold you can still buy the same stuff today with it that you could 100 years ago.

Are you brainlets starting to see the con now?

Kek, this. Stupid kikes.

>Nobody buys fucking gold to get back increasingly worthless fiat dollars.

i do.

Well then you're a fucking retard I guess? What kind of answer is that?

Then you are doing it wrong. If gold doubles in price to $2,700 that's a phantom profit. All that has happened is the dollar got more worthless.

Why in the hell are you valuing gold in terms of funny money dollars? Did gold all of a sudden become valuable when America was born and the dollar was created? Of course not. So the dollar price of gold is irrelevant.

A gold ounce 900 years ago is still a gold ounce today... doesn't matter if the dollar exists or not. If the dollar becomes entirely worthless tomorrow and buys nothing. Gold is completely unaffected.

Do you guys understand this laughably simple logic or no?

go watch the andreas q&a about bitcoin electrcity usage

it was meant to challenge your perception that gold is the only sacred thing that nobody should ever sell. bitcoin fulfills that purpose for more and more people as time passes.

>bank teller
>banker
That's like comparing a cashier at Wendy's with the head chef

Well of course you should never sell now. The govt is out of control printing fake money out of thin air.

If we had sound money and a govt that wasn't fucking around in the economy. Then there would be no worry about owing gold or not.

I own a decent amount of gold and I hope gold goes back down to like $250 per ounce. Why? Because that means our govt is becOming fiscally responsible and not printing fake money.

And in real terms you wouldn't even lose if gold went back down to $250 because prices of real goods would drop drastically as well. BecUse that's what you get on a gold standard cheap prices and a strong currency

You need to relax buddy your neckbeard is showing. Everyone understands the relationship between gold and fiat. I'm not sure what you are trying to prove.

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No they don't. Just read the responses.

I don't understand gold as a store of value compared to silver, copper, other precious metals or irreplaceable items like bullets.

Ok then if it is a nothingburger why don't you leave us the fuck alone and stop taxing it

I'd rather have it in crypto, preferably ADA

It doesn't oxidize like copper or silver and it's easier to work than other PMs like platinum. That said, it doesn't have the cachet of internet meme tokens, so do what you want.

Well silver too is a store of value. Silver is money too. The literal word for money in many foreign languages is the word silver.

Bullets can keep their value and are important to have... but they aren't currency. They are for self defense.

Also... some idiots say in a Shtf scenario bullsrs will be the new currency. Loool.

Even if that were possible you'd be a complete brainlet to barter with bullets. I give you some toilet paper for bullets. I then use those bullets to kill you and take all your shit. You NEVER trade bullets.

Oh great more contrarian market indicators, looks like Bitcoin is hitting 13k soon.

Ok... bitcoin is the new money... got it. Why does it go up tho?

When the dollar was backed by gold and you earned 20$ after a week of working 100 years ago... 3 years later you couldn't buy twice as much shit with that 20$, right? You worked, earned. And your purchasing power was protected.

So what's life going to be like? You work for a month and earn a bitcoin which is 8k. And then magically 3 years later in 2021 you'll be able to buy 10 times as much shit because bitcoin will be 80k?

Explain to me now that works??? It defies reality.

I guess I just can't separate the collapse of the fiat system with a reinstitution of a bartering economy. In which case bullets and food are the only money us shmucks will have except our memecoins

the only definition of what a store of value is, is something that 2 parties (a buyer and a seller) agree is a store of value

it can be shells, beads, baseball cards, green pieces of paper, precious metals, digital tokens, etc.

>society collapses to the point that we're all reduced to bartering
>I'll trade you a bag of apples for internet access then you can trade me back for internet meme tokens

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Well sure... of course you'll be an idiot if you see the dollar collapse coming and don't take measures to protect your wealth before it happens. You can go to a coin shop right now and buy 10 ounces of gold and you'll be set.

Do you know how far 10 ounces of gold goes in Venezuela right now? You'd be shocked.

10 years ago I'm sure there were middle clsss Venezuelans who saw the writing on the wall and figured they'd only need some food and bullets. Guess what? Those people are fucked now.

>Real money = gold

Why does it go up tho?

Gold doesn't go up. All the dollar price of gold represents is how unstable, volatile, and lack of store of value the dollar is.

Like I said... a gold ounce 900 years ago is still a gold ounce today. Doesn't matter if the fuckinng dollar exists or not. Do you get that? Gold does NOT rely on the dollar for its value. This is literally the easiest thing to understand. If you could magically make the dollar dissapear from the world right now... gold is unaffected.

Gold is stored economic energy. The dollar is worthless paper.

You realize that if banks started issuing dollars 200 years ago not backed by gold Americans would have laughed and never touched them.

>You can go to a coin shop right now and buy 10 ounces of gold and you'll be set
That's what I don't understand. I know someone, somewhere will respect the value of gold and give me more or equal to its previous USD cost. But how do I connect with that person if I'm in central Illinois with worthless paper money and a car with no gas?
Similarly what use is the 10 ounces of Gold to a Venezuelan who's gov't/military is killing them and taking their shit?

In the Bible it says how 2,500 years ago a gold ounce bought you 350 loaves of bread.... hmmmm.... weird.....

Cuz if I take a gold ounce to the coin shop I'll get about $1,350 for it.... then if I take that $1,350 to the grocery store I can still buy pretty much exactly 350 loaves of bread!

2,500 years later that gold ounce still buys the same amount of loves of bread.

So clearly gold has not gone up or down.

You have to keep in mind that Gold is money because it has the perfect characteristics to be it: scarce, it keeps perfect with the pass of time, divisible, hard to falsificate and has intrinsic fungability, relatively easy to store, anonymous storage. A crypto that can copy those characteristics would be even better than gold to be money because you don't have to deal with transport logistics. Monero is a great candidate.

>being this stupid.

Gold DID become more valueable as a result of the dollar (and other currencies that were backed by gold) being created. Gold's market value and the demand for gold would be GREATLY affected if the dollar became completely worthless (the market value of gold would most likely increase). Saying that gold's market value doesn't matter is like saying the market value of a stock (or any other asset) doesn't matter. Please tell me how you value assets without using current/future market values of the assets and/or its cash flows. No offense, but you don't seem to have any idea what you talking about.

>mentally unstable

More than likely it will just be a reset. Gold revaluation overnight to between 10k-100k per ounce to purge all the debt from the system.

Obviously we aren't going to go back to paying for gas with silver coins. They will roll out a new currency and you convert your metal for the new currency and then prosper.

You need to start thinking in terms that the dollar is done. China has built all those futuristic ghost cities. They didn't do that for fun. Once they de-peg from the dollar those cities will fill up faster than your head can spin. Because Chinese citizens collectively own 6k tons worth of gold and the govt has been stacking like crazy too.

Your going to have a deflationary collapse of all asset prices. Median priced home will cost like 30k and 2 ounces of gold will get you a home. Cost in the current fiat paradigm? A mere 2700 bucks.

Of course I don't know the exact conversion of what it will be but that's the general idea behind it.

>not an argument

You are out of your mind. Gold has been money since before fucking Christ was alive. Fucking wars were fought in throughout history midevil times just to loot other fuckers who had gold.

I just gave you a fucking example in the Bible where it says an ounce of gold bought you 350 loaves 2500 years ago and today an ounce of gold still buys you 350 loaves of bread 2,500 fucking years later.

The chinks are LITERALLY stacking gold in record tonnage to have money and wealth and be the new king because the dollar is on life support. You think china wants to be under the thumb of the dollar forever? That's exactly why they are stacking gold so they don't have to rely on the dollar.

You are stupid. You don't understand real economics. It says in the fucjing constitution only gold and silver shall be legal tender.

I recognize you now. You had me up until the Chinese ghost city part. Just sold all my gold for rice noodles.

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And what do you redeem your crypto with? You have to have real actual PHYSICAL wealth backing the currency.... otherwise your crypto doesn't represent shit.

It's just a bunch of electrons running around on a circuit board inside of computer that doesn't represent shit. It's NOT a unit of labor like gold is

The basics of a currency is for it to be in demand, divisible, portable, durable and scarce. Bitcoin has all these things. Anything that is in demand has value and is therefore a store of value. The dollar is also a store of value but a bad one because it's not scarce and is only in demand because the government decrees it valuable by fiat and use of force.

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Cryptonuts cannot answer this. I would like to see them try.

>Bitcoin is a currency that relies on another currency.

Just because we talk about it in terms of dollars, does not mean it relies on them.

That electricity would have been used for something else. There is no such thing as """wasted electricity""".

Except bitcoin is just a bunch of electrons running around on a circuit board inside a computer. It's not a unit of labor... and doesn't represent shit.

There's no fucking real physical tangible wealth like with gold.

There are actually some crypto people who are pro crypto who understand you need to back the crypto with gold.

That I can absolutely get behind.

>currency
>store of value

wew. how could someone be that dumb. currency is something that is mainly, most importantly, a tool of exchange. if it were a store of value it would gain interest. but interest is still near 0%. this fucker knows nothing. bankers will dangle on the day of the roap. i won't do it, but i'll be there to witness and laugh.

You do realize that only something like 10% of what we consider "money" actually exists in physical form, right?

Those numbers in your bank account are literally just digits in a computer

The entire economy runs on bits inside a computer. The bitcoin ledger is just stored on many common people's computers, instead of a few bank servers.

sure there is such a thing as wasted electrical capacity. when they build new power plants they build them for the expected demand far in the future. in the mean time there is a ton of capacity that could be sold (to miners for example) where otherwise there are no buyers.

I also want to add, it's only a matter of time until 100% of fiat is in digital form and countries stop issuing paper currency.

At that point, fiat will be "crypto" by all definitions, just a really shitty one, and people will realize that

I'm have a degree in economics/business management. I'm pretty sure I understand "real economics".

I didn't say gold didn't have value before the dollar was created, read my post again. Do you seriously believe the market value (in terms of goods) of gold is a constant? Lets keep this simple for you: how many loafs of bread could you buy with an ounce of gold in 2000? Hint: it's not 350 like you religious book says.

Is this some next level LARP or are you actually this retarded?

Do you pay with gold when you go to the store? No, you swipe a plastic card and it updates the value of the bits in your bank account.

Stop being a faggot. We all understand Gold. Ever hear of DGX? Any user with a brain is locking in some of these nice Eth gains with Gold.

Thing is though, we can't run smart contracts with Gold, or transmit it via the Internet. But......we can use Gold to back MakerDAO CDPs (in June), issue DAI (running on Ethereum) and......we unJew the economy. And we can do it RIGHT NOW. So we need both goldbug, crypto isn't competition to gold, it's the new tech we needed to bring the old REAL money back.

Thank you. Thankfully there is someone with a brain in here.

Cryptonuts- "but bitcoin is the new gold!"

Me - "what do you think of real actual gold?"

Cryptonuts - "fuck gold!"

It's really fucking incredible.... crypto people literally going into crypto because the dollar is failing BECAUSE it isn't backed by gold. Then marketing crypto as the new gold yet being anti actual real gold. Defies logic.

Just shows you how dumb crypto people really are

>Then marketing crypto as the new gold yet being anti actual real gold.
This is what I am wondering about. It's being marketed as digital gold, but what about real gold? I get it, but it really makes you wonder.

When the dollar fails, we aren't going to default to using gold.

We're living in the information age, and a shift in the monetary system will be representative of that. We aren't going to go back in time and start trading shiny rocks.

Except.....that's literally not true. Goldmoney.com accepts crypto for a reason.

I know 0 crypto people that don't also buy gold. I dunno, maybe some newfags don't? They'll learn though.

This is what I was thinking about earlier today. We're in the informational age. Cryptocurrencies seem to be the next logical step. I feel that Bitcoin is a solid investment because of that.

A fucking store of value is just a fucking store of value you moron. You work for a week 100 years ago and put your 20$ paycheck into an ounce of gold. The 20 dollar bill was a good weeks pay back then. Today that 20 dollars doesn't even buy you 10 tacos at Taco Bell. But that ounce of gold stored your labor for 100 years easily and you can exchange that gold ounce 100 years later and get $1,350 which is still a gold weekly salary.

How fucking stupid are you people?

I mean we can send messages and real time video to the other side of the planet instantly, but we still need to go to the bank and ask permission like little cucks if we want to transfer value. It's ridiculous. The shift to crypto is pretty much inevitable.

He wasn't disputing Gold as a store of value though......that's literally the opposite of what he said. He was criticising fiat.

I can't tell if you're a bankster shill or a dumbass who bought into the bankster d&c on gold vs crypto - but seriously kys.

Your degree is worthless Keynesian bullshit where they never even taught you that gold is real money.

In 1999 the price of a loaf of bread was like 1 buck. Gold was about 300$. A gold ounce 20 years ago bought you just about the same amount loaves of bread as it does today and also 2,500 years ago.

I have a degre in economics too and it's all commie Keynesian bullshit. Difference is you don't have the critical thinking skills to realie that govt controlled education institutions are lying to you...

Hence why you don't see "the right to education" in the constitution because our truly educated founders understood that if the state got a hold of education that people would turn out as brainwashed as you are.

But muh degree... that's what every asshat says when they can't argue reality. Fucking niggers get degrees. Everyone and their mother goes to these worthless colleges that don't teach about the constitution, which is the real education

How the fuck could I be a bankster shill you fucking dipshit? I'm pro gold. And trying to teach you idiots that you'll be destitute soon if you don't own any.

A good crypto that can emulate the characteristics of money (gold) would be worth more than gold IMO. Look at Monero and It's close enough to it. It's true that physical appearance is an advantage of gold over crypto in some circumstances:
- Total cataclysm.

But you have to keep in mind that Gold can be stolen and that you have to trust a third party (A bank) to:

- Don't steal your money
- Don't print more that the gold they put in.

And looking in the long run you can't really trust the government because THEY WILL TAKE YOUR GOLD. It has happened thousands of times through history. If you have any significant amount of gold you are a target.

On the contrary, the government can NEVER steal your Monero (or any future crypto with better characteristics) to take your money if you are smart because it's 100 % ANONYMOUS. With any significant amount of gold you are never anonymous if you want to store it in a "safe" place.

A little question that opened my eyes: what's is gold backed up by?

China, India, and Russia have been accumulating record tonnage of gold for over a decade now.

Chinese citizens collectively own 6k tons of gold in their hands.

Tell me what you know that they don't?

Also... I'm not saying that we are going to go back to using gold and silver to transact. Bu you NEED gold to BACK the currency otherwise you end up in the horrendous world economic disaster that we are in now.

Do you people know how to critically think? You are literally jumping into investing in cryptos because the dollar is fuckinn failing. Why is it failing? Because gold doesn't back it!

You people are literally retarded

>what's is gold backed up by

faith

You just gave a better argument for owning gold than I have throughout this entire thread.

You literally said the govt will take your gold. Now why the fuck would the govt want to take it? If the govt doesn't want you to have it then that means you probably should have it right???

You just made the best argument for owning gold.

And how are the faggots in the govt going to take it? You understand you have a 2nd amendment for a reason right?

It's a rare earth metal you fucking dumbass public school educated nigger

Nope, you don’t have a degree in economics. Just answer my question big boy: how many loafs of bread could you buy in 2000?

>it's valuable because it's rare

My turds are rare. There isn't enough to go around for everyone in the world.

Oh great its the reddit spacing goldshill.
Fuck off.

You can store wealth in green paper dollars IF those dollars are backed by REAL money... gold.

Problem is the Jew anti gold propaganda for 100 years has made you not understand what it is that made the dollar valuable and it was gold.

Some of you crypto people are retarded. Half the reason people have been flocking into crypto is because the dollar is failing BECAUSE it isn't backed by gold whether you realize it or not.

Even MORE ironic is the fact that you idiots literally market crypto/bitcoin as the "new gold" while at the same time being against owning actual REAL gold. It literally defies logic.

"Gold is money - everything else is credit." - JP Morgan

Bitcoin is a currency that relies on another currency. The primary function of MONEY is to measure VALUE. Nothing has ever done that better than gold and you certainly can't do that with bitcoin. Money is a MEASURE of VALUE.

gold is 'backed' by its intrinsic value as money
>usable as medium of exchange
>fungible
>scarce
>divisible
>doesnt spoil or corrode

exactly

just like monero

Because it's the only thing they would be capable of steal in the future. They CAN'T steal crypto in a mass scale like they will in the future if things get ugly. Think in all the normies that will defend redistribution of wealth (Your gold) if things get really ugly. And forget about moving it to another country with your gold. But with Monero all this problems dissapear.

You have not answer my question: what is gold backed by?