Re: I'm Satoshi, We are all Satoshi

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.
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