That's not really how it works, if you happen to stumble on a new type of metal one day it won't instantly get as valuable as gold, it could gain value and steal some of the gold value in a couple of decades if proven to be better than gold but that certainly won't happen immediately, same thing happens when a cryptocurrency is forked, only faster since you can easily read about it, explore, verify and invest.
The fact that everyone is 'investing' in crypto is everything that is wrong with it. Money is just supposed to facilitate a medium of exchange. All crypto is doing is enabling rampant speculation and gambling. Ie dogecoin.
If you know a better way to introduce a decentralized currency to the world, speak up. Gold was also pure speculation before it became known as currency, people invested their time to search for it in harsh places.
And how would you guarantee that asset A backed by B, wont just end up as a fraction of B that keeps shrinking, just like the dollar did during all the time it was backed by gold.
Let's face it, "backed by" simply won't work. It's like communism, looks good in theory but won't work in reality. Whatever medium of exchange we use must have intrinsic value in itself. Cryptocurrency is the only digital asset that has intrinsic value, gold and silver has it too.
The enemy is the banking cartel, the federal reserve, social credit and sleepy Joes handlers.
Backed by is a receipt for getting scammed since you can't trust anyone to manage your wealth for free. The currency must be backed by itself. Like literally gold or silver, or crypto which is the only known digital solution for self backed store of value that's proven to work.
Are your account on this site real? are this site real? are the server this site is hosted on real? Are digital photos you snap with your camera real? Are money in your bank account real?
See how this works, I'd say that data is real. We live in a digital world and most of our lives are stored digitally, that's inevitable.
So what about cryptocurrency then? well, it's stored on a blockchain, which is a distributed database synced across at least 11 000 nodes spread across the world and verified by the miners. It's literally data with +11 000 backup copies.
That's as real as it can get in digital terms, and the chance of all those nodes collapsing at the same time is less than you losing your gold in some way, maybe by a fire or a boating accident. Your gold only exist in one place a the time, crypto is everywhere. Remember that.
Gold has no intrinsic value, other than limited uses for electronics. It's only valuable because of scarcity and a shared understanding from ancient times that this metal is shiny and doesn't corrode, so let's make jewelry and coins from it.
Why are diamonds valuable, when they are not really rare? Ask the DeBeers family.
In finance, intrinsic value of an asset usually refers to a value calculated on simplified assumptions. For example the intrinsic value of an option is based on the current market value of the underlying instrument, ignoring the possibility of future fluctuations and the time value of money.
Intrinsic value, according to early results on duckduckgo. That's a wide definition, could you elaborate as to why gold and silver has this property but not cryptocurrency?
I know the meaning of intrinsic value, but I don't get why that's an important property of a currency. Just because you can touch something doesn't means you're safe from being scammed by some scheme that just happens to be printed on paper instead of being online only.
That means they come and beat you up if you ever get involved in the creation of something better, for a small yearly fee between 2-10% devaluation of your savings. Don't like it? well then they can beat you up until you change your mind.
At least shitcoins on blockchain won't send their thugs out to beat you up if you chose an alternative currency.
That's not really how it works, think of crypto as digital gold. No government can prevent it from being used as it's decentralized and peer-to-peer.
Digital gold solves the problems real gold has which made it inconvenient to use as a currency, which is also how the banks sold in their fractional reserve scam to the people.
That won't happen with crypto, because why would you voluntarily give up control over your wealth, financial freedom, financial privacy and other advantages for some scam the government cooked up?
Crypto won't destroy the banking system, not in the near term at least. Too many people are ignorant or outright choose to be slaves to the government because they doesn't know better, that's their choice.
You know very well you can, but can you trust someone to deliver your gold without just running away stealing it from you?
And all I care about is sending my wealth to people overseas.
Nice joke, what about the ability to hide large quantities of it and backup? What if you wanted to hide a ton of gold, could you fit that in a regular ordinary book? or in your head? Could you make an off site backup of that. I.e if your house burns down, maybe you want a plan B on how to access your gold, like a backup in another house you own.
What if you're not home and some breaks in, where would you hide your gold to prevent a burglar from stealing it from you? Your mattress? a safe? that's the first place they look for it.
What if you had to movie it at all? you think your gold would be safe from thief's if you left it out in the open in the bed of your pickup truck? Don't you think a slip of paper would be easier to hide, or a tattoo, or on a CD disc with music no sane thief would ever steal.
Imma buy a bunch of crypto with my credit card now.
I doubt. You'll wait until it reaches ATH then you buy in because your friends convince you. After that comes the expected dip and you panic sell, then you get mad because it goes up again.
It's not for everyone you know, some people are just meant to be slaves to the system. Most of them are socialists but there are good people falling behind too. Don't let the banks fuck you over, take back your freedom in any way you can.
10,000 cryptocurrencies lol. Gold would never have worked as currency if it had that many substitutes.
That's not really how it works, if you happen to stumble on a new type of metal one day it won't instantly get as valuable as gold, it could gain value and steal some of the gold value in a couple of decades if proven to be better than gold but that certainly won't happen immediately, same thing happens when a cryptocurrency is forked, only faster since you can easily read about it, explore, verify and invest.
The fact that everyone is 'investing' in crypto is everything that is wrong with it. Money is just supposed to facilitate a medium of exchange. All crypto is doing is enabling rampant speculation and gambling. Ie dogecoin.
If you know a better way to introduce a decentralized currency to the world, speak up. Gold was also pure speculation before it became known as currency, people invested their time to search for it in harsh places.
Us over here in the sane corner would rather it be backed by something with intrinsic value like gold but okay.
And how would you guarantee that asset A backed by B, wont just end up as a fraction of B that keeps shrinking, just like the dollar did during all the time it was backed by gold.
Let's face it, "backed by" simply won't work. It's like communism, looks good in theory but won't work in reality. Whatever medium of exchange we use must have intrinsic value in itself. Cryptocurrency is the only digital asset that has intrinsic value, gold and silver has it too.
The enemy is the banking cartel, the federal reserve, social credit and sleepy Joes handlers.
Backed by is a receipt for getting scammed since you can't trust anyone to manage your wealth for free. The currency must be backed by itself. Like literally gold or silver, or crypto which is the only known digital solution for self backed store of value that's proven to work.
You realize that gold and silver have intrinsic value, right?
Define intrinsic then...
Are your account on this site real? are this site real? are the server this site is hosted on real? Are digital photos you snap with your camera real? Are money in your bank account real?
See how this works, I'd say that data is real. We live in a digital world and most of our lives are stored digitally, that's inevitable.
So what about cryptocurrency then? well, it's stored on a blockchain, which is a distributed database synced across at least 11 000 nodes spread across the world and verified by the miners. It's literally data with +11 000 backup copies.
That's as real as it can get in digital terms, and the chance of all those nodes collapsing at the same time is less than you losing your gold in some way, maybe by a fire or a boating accident. Your gold only exist in one place a the time, crypto is everywhere. Remember that.
You decided you type that out instead of Googling the definition of intrinsic? lol
Gold has no intrinsic value, other than limited uses for electronics. It's only valuable because of scarcity and a shared understanding from ancient times that this metal is shiny and doesn't corrode, so let's make jewelry and coins from it.
Why are diamonds valuable, when they are not really rare? Ask the DeBeers family.
You: Gold has no intrinsic value except for its intrinsic value.
Intrinsic value, according to early results on duckduckgo. That's a wide definition, could you elaborate as to why gold and silver has this property but not cryptocurrency?
I know the meaning of intrinsic value, but I don't get why that's an important property of a currency. Just because you can touch something doesn't means you're safe from being scammed by some scheme that just happens to be printed on paper instead of being online only.
You dont know shit
Dogecoin has an army of knuckle draggers with downs syndrome. Don't underestimate their strength
That means they come and beat you up if you ever get involved in the creation of something better, for a small yearly fee between 2-10% devaluation of your savings. Don't like it? well then they can beat you up until you change your mind.
At least shitcoins on blockchain won't send their thugs out to beat you up if you chose an alternative currency.
That's not really how it works, think of crypto as digital gold. No government can prevent it from being used as it's decentralized and peer-to-peer.
Digital gold solves the problems real gold has which made it inconvenient to use as a currency, which is also how the banks sold in their fractional reserve scam to the people.
That won't happen with crypto, because why would you voluntarily give up control over your wealth, financial freedom, financial privacy and other advantages for some scam the government cooked up?
Crypto won't destroy the banking system, not in the near term at least. Too many people are ignorant or outright choose to be slaves to the government because they doesn't know better, that's their choice.
You know very well you can, but can you trust someone to deliver your gold without just running away stealing it from you?
Nice joke, what about the ability to hide large quantities of it and backup? What if you wanted to hide a ton of gold, could you fit that in a regular ordinary book? or in your head? Could you make an off site backup of that. I.e if your house burns down, maybe you want a plan B on how to access your gold, like a backup in another house you own.
What if you're not home and some breaks in, where would you hide your gold to prevent a burglar from stealing it from you? Your mattress? a safe? that's the first place they look for it.
What if you had to movie it at all? you think your gold would be safe from thief's if you left it out in the open in the bed of your pickup truck? Don't you think a slip of paper would be easier to hide, or a tattoo, or on a CD disc with music no sane thief would ever steal.
I doubt. You'll wait until it reaches ATH then you buy in because your friends convince you. After that comes the expected dip and you panic sell, then you get mad because it goes up again.
It's not for everyone you know, some people are just meant to be slaves to the system. Most of them are socialists but there are good people falling behind too. Don't let the banks fuck you over, take back your freedom in any way you can.
Nice !!!!
Forgot "petroleum-backed"