Fiat (government tokens + credit systems) has been the historical norm. The gold standard was an expensive, temporary experiment that we mistakenly think was "traditional."

From The Banking Law Journal, May 1913, pages 377-408 What is Money? By A. Mitchell Innes

"There is overwhelming evidence that there never was a monetary unit which depended on the value of coin or on a weight of metal; that there never was, until quite modern days, any fixed relationship between the monetary unit and any metal; that, in fact, there never was such a thing as a metallic standard of value"

Okay but I'm not selling

>>60566075 (OP)

"In typical circumstances, a financial institution maintains sufficient currency and governmental credits to meet normal client demands, similar to how a footwear retailer stocks various shoe types adequate for regular business operations. The financial institution cannot provide every account holder with physical currency simultaneously, just as the footwear merchant could not fulfill orders if all customers suddenly requested identical shoe sizes at once."


""The great cause of the monetary perturbations of the middle ages were not the rise of the price of the precious metals, but the fall of the value of the credit unit, owing to the ravages of war, pestilence and famine""

>>60566088
>Okay but I'm not selling
neither am I if anything its a great hedge against the collapse of the economy if you were storing all your money in cash. The problem is that is just survival or short term playing market games. I want to know whats the root of wealth, where is money going. A false idea that gold will be money in the future could make your trade successful for other reasons while still being wrong about your theory. The value of money varies thats the given in any system. What I am trying to say is this game goes back as long as the invention of writing does. A gold standard or any other doesnt fix economic issues. Having economic issues causes monetary policy issues that can make shit even worse.

>>60566075 (OP)
Ok, but despite your yet-to-be-substantiated opinion, PMs remain more practically fungible than most other physical goods and have value based on material applications outside of exchange.

BTW, where did this photo come from?

>>60566122
none of it matters since the "value" is transient and so are the goods and services it's measured in.

who cares if an ounce of silver buys a loaf of bread today and 50 loaves a year ago. It simply doesn't matter. Money has to hold value just long enough for a person to conduct two transactions with it and after that it doesn't matter.

>>60566142
See this guys reply i basically agree>>60566148

>>60566075 (OP)
money is based off of force. Always has been, allways will

when people gather there is alway exists a ratio or a geomtery that allows a subset group to concentrate their will in a cost effective manner. If their force is cost effective over long periods of time and space they become rulers.
These people have a spiritual mandate to direct their servants for a greater purpose. What type of people receive this mandate is determined by the stars.

Gold has been the "higher authority" or FORCE that allowed these rulers to keep a society between eachother. However you can see how the creative human spirit has overcome such obstacles from the history of the past 3 centuries.

I will leave the rest of this narrative as an exercise for the reader

>>60566320
>These people have a spiritual mandate to direct their servants for a greater purpose. What type of people receive this mandate is determined by the stars

Based

Anyone who watched money masters could have told you metal back money is just as pozzed as debt backed money.

>>60566463
>Anyone who watched money masters could have told you metal back money is just as pozzed as debt backed money.

cool thanks for your contribution , have an up vote kind sir

>>60566320
No, gold was only widely used recently (past several hundred years) and manipulated to give the most evil people in the world power. Those people toppled kings and manipulated their way to the top.

>>60566531
>here is a resource with all the answers you need
>but I want to cry and be manipulated instead!
yw redditor but we do not do social credit scores here

>>60566540
Omg another excellent quip have leddit gold! Send me ur s/n so i may purchase for your redeem!

>>60566533
This is also true . Man i thought biz was gonna suck but this is pretty good.

>>60566448
Kindof

like, subjecting humanity to 10,000 years of toil and suffering is still on the menu if it secures Us the longterm win.

We still have so many rapids of unimaginable violence and suffering to navigate that our current problems seem like child's play

>>60566577
Wait til you learn how bitcoin is our salvation, or that rugged shitcoins called poobutt and peniswhistle with locked liquidity are closer to real money than the fiat we use today, then it gets real fun!

>>60566075 (OP)
>Fiat (government tokens + credit systems) has been the historical norm
You're a retard.

>>60566598
Ya i use to think this as well but turns out thats not the case. Tho ur pic is very authoritative . More upvotes 4 u

>>60566075 (OP)
Yeah no fucking shit. HOW DID THE GREAT DEPRESSION BANK RUNS HAPPEN, they were doing fractional reserve banking even with "gold backed" currency. But any amount of private and government fuckery via declaring it's value or creating unbacked units eventually comes home to roost. Your conclusion is blaming the wrong aspect, PM's failed because of the goverment's pozzed implementation, not because PM's were used. People holding actual gold were never caught with their pants down.

>>60566148
>Money has to hold value just long enough for a person to conduct two transactions with it and after that it doesn't matter.
Based take, which is why fiat will continue to be a great layer 2 for bitcoin for the time being.

>>60566608
>ur pic is very authoritative
Learn proper English. ESL dipshit.

>>60566533
>the most evil people in the world.
Ya but who are they? Who really nose? Can you name ''''them''''?

>>60566612
>they were doing fractional reserve banking even with "gold backed" currency
Proof that if you don't hold it, you don't own it. That's proof that ownership of physical PMs is the best way to secure your financial future.

>>60566625
I couldn't say names with certainty beyond Rothschilds, JP Morgan, Rockerfellas and the usual bunch. Perhaps it's a spiritual warfare against Jesus and his people but in the practical nature of who, what when, I think those names.

>>60566633
>Proof that if you don't hold it, you don't own it.
you never did, and why should you? As long as when you go to withdraw they have your money. You act like you have billions. Lets be nice and say you have a million. When are you ever going to need a mill that you dont just use on taking out debt at another bank. Think slower and deeper about this , like how you fuck men. really slow and real deep

>>60566693
>money = proof of work
You did something worth x value. This value is represented in money. That money could take the form of absolutely anything. This went from your chickens for my milk to your chickens for my 'money' and I use that money that represents the value of my chickens to buy pigs from your neighbour. In turn he uses the "money" to buy milk. All money did was facilitate the equal trade. So the question is, what would be the perfect 'money' to perform this function?

>>60566687
>''''Rothschilds''''
By far have more money than anybody. Don't let the "richest people in tye world" articles written by ''''them'''' fool you.

>>60566148
>>60566273
>>60566612
should cucked people saying that saving doesn't matter be left alone or should something be done about them?
maybe only their masters shall be handled

>>60566734
They financially backed the JP Morgans, Rockerfellas etc too. I think they still own them.

>>60566792
Uh no, joos are a cultural problem used to destroy monarchy which then became an economic one. The thing is the money isnt really the cause of the problems the culutre is. But yes joos get the boos

>>60566853
>The thing is the money isnt really the cause of the problems the culutre is. But yes joos get the boos
What the fuck are you on about?

>>60566533
you said
>no
but didn't argue against anything I said

>>60566075 (OP)
true
it went like this:
- governments used gold, silver and copper for coins
- gold for the most valuable coins that shouldn't rust ever, silver - for more common coins where patina is acceptable, copper etc for generic low-value denominations that can rust away and not much value will be lost
- people erroneously assumed that it's the metal that's valuable, not the coins
- the silly idea that metals are valuable became a self-fulfilling prophecy

>>60566724
>So the question is, what would be the perfect 'money' to perform this function?
paypal or zelle, obviously

>>60566879
>self-fulfilling prophecy
this seems so obvious for things like pokemon cards, but to apply it to our money seems crazy. that essentially everything is "narrative" driven. Economies with disregard to culture are bound to fail sooner than later. Makes me think of the paper clip robot example that just manufactures paper clips as its only goal which becomes all encompassing to take over the entire world resources just to make paper clips. Humanity perusing increased GDP just like the paper clip robot, with no point to it. That is an economy without meaning or a culture to support and constrain it. We are getting pretty close to that.

>>60566075 (OP)
Thats the most jewish thing I've read all year.

>>60568209
ur a jew and live in a jew world, the problem isnt the money its the culture.

On a side note, whats going on with harrypotterbomasonic(bitcoin) why is their twitter banned. I was tihnking about buying some for a gamble.

you may not like it, but the ideal human state is hunter gatherer as we existed for hundreds of thousands if not millions of years. every step beyond that has driven us further into insanity and treachery. we've been terribly cursed and it seems impossible to put the genie back in the bottle.

>>60569860
>why is their twitter banned
if you haven't noticed nearly every CT account gets attacked. someone is paying off third worlders at twitter to ban them or just abusing mass reporting. then you gotta pray to god someone reviews your account accurately or they pay the right person off to restore it

>>60570841
Lel

>>60570787
Based and Ted pilled.

>>60566075 (OP)
Aren't they legally money in like a dozen states nowadays? The times, they are a changin'

>>60570841
Many such cases
https://en.wikipedia.org/wiki/Philip_II_of_France

>>60571073
Gold and silver have always been legal tender in the US. However no one with a brain will actually spend it because of Gresham's Law. Why spend good money (precious metal) when you can spend shit money (dollars)?

>>60571133
Try and pay the IRS with silver British coins.

>>60566612
>fiat will continue to be a great layer 2 for bitcoin
this basically
who ever said that your currency has to be a store of value at the same time, having a currency that retains value for the average transacting period is good enough
and since the way wages work that average period is about 1 month in todays world
as long as you have a complementary store of value and free market between the store and your currency you are good to go

both end of the spectrum do fine, either consume all their money near instantly like they do doesnt incur a loss of value and storing it in btc in this case protects you
nobody cares about the middle curve lets put it all in pension plans that are mostly in bonds
cause its governments bonds rather than the actual transacting currency thats the real value thief in todays world giving he duration mismatch

>>60571643
I dont feel like this changes much the future of btc. Seems like the story people want to believe in is that their money is backed by something concrete and stable. Not just an abstraction of agreements which they engage in all the time. The general annoyance of money printing that they then conflate with the source of economic issues. The story is what is being sold. I dont see USD ever collapsing since its a global currency, for it to collapse the world economy has to collapse. Whether we print a ton of USD or not isnt really relevant the underlying economic health is. I in general see a collapse of economic growth long term 50yrs because its directly related to population growth globally. A huge dip in population and then a bounce back, psychologically when people are around more death they tend to have more kids.

>>60566075 (OP)
Just bought more (silver)

>>60572339
nice im up 50% on my purchases and even more on gold. Pms will still have nothing to do with currency. Its like saying you are buying a car and you are gonna use that to buy bread. Its fucking retarded.

the real issue is that minting currency in precious metals doesn't stop the government from manipulating it
a government-backed cryptocurrency would have the same backdoors
the peasantry will always exclusively use the one with government approval, precluding mass adoption of anything the government can't manipulate and 'secure'
conversely, fiat could be perfectly sound currency if the ones in control if it were responsible
ultimately, the only thing ensuring any currency is managed properly is the willingness of the public to overthrow the government if they aren't

>>60571643
>who ever said that your currency has to be a store of value at the same time, having a currency that retains value for the average transacting period is good enough
oh sweetie. you have no idea what's about to happen

>>60574600
btc isnt a currency
eth isnt a store of value

>>60566080
Rare insight into the criminal mind.