Hmmm a way to purify water, gonna guess distillation would be the best. So a pretty big stainless steel pot that has a decent tolerance and connection. If it's a true desert and there's no wood or not enough organic material to make rope then I'd want rope, lots of it and some type of sturdy shelter that keeps the creepy crawlies away.
A boat with a compass and a map trumps that all though.
What work does the distributed ledger do? Like why involve a crypto-currency at all? Whoever holds the gold may as well hold the ledger too since it's no longer a trustless system.
I own physical gold. It's simply a hedge against central bank money printing. Crypto theoretically could be the same but currently functions as a means to speculate or gamble in the financial markets.
If it is backed by gold, how do you get your worth of gold if you need to? Where it stored and who controls it?
If you can't easily, at any time exchange your gold-backed currency to the exact weight of gold it represent without any additional fees or taxes and back - it is not gold-backed currency at all.
The reality is currency is NOT backed by gold, gold IS backed by currency.. Why does anyone want gold? Only because it's redeemable for cash. It's cash value IS it's only value. No one cares that money isn't worth gold, but no one would even want gold if it weren't worth money.
Gold never had inherent value.nit has no more inherent value than cash does.
Agree. Anything could be means of exchange. if it have trust and agreement among users. Gold once was just a utility metal among Natives of Americas and not a currency. There is no any guarantee that it will not become just utility metal again.
I think there are no any substance or objects that have some absolute value as currency and in any circumstances could be means of exchange. Currency is more social phenomena than something absolute.
From the other side currency is just a tool to solve some problem, which is useful as long, as it solves that problem or problem itself exists. It is not very hard to imagine situations when there are no any need for any currency at all, since it is jut not needed or have no any sense, like, IDK, horseshoe in 21 century. If you have some advanced 3D printer working on subatomic level, something like StarTrek replicator, f.e. what is the purpose of currency will be?
You literally don't even know what money is do you? What you think money is, is just a system of promissory notes, and tokens. True money is made out of actual resources, and nothing holds more value, or last longer then metal.
Gold has no inherent value, certainly not an actual resource without the projection of value on it. It is only valuable because it's worth money right now, and historically it's only value was we said it had value.
It literally is not a resource. As someone in this thread pointed out, if you were going to stay on a desert island it would not even make a list of 1000 items to bring along because it has no inherent value.
Wood is literally more useful.
So gold becoming a resource in the 20th century because they finally found a use for it Wich is in computers is why it has been valuable for 12,000 years? I seriously doubt that
Again, gold has just recently become a resource. Historically it's only value has been that we use it to project value on.
It's only value to anyone is that it's worth money. If it didn't have a cash value you wouldn't want it.
Doni think that money is just empty little notes? Absolutely, just like gold it's only value is that we use it to project value on to it. Noether the paper, not the gold that used to back it like 49!years ago have ANY inherent value.
Their value is a circular flow chart. Money has value because 40 years ago it was backed by gold. Gold has value because it's worth money.
Your concept of 'inherent value' is flawed. As you yourself have stated, "gold has no more value then flower bulbs." Where as in fact, all value is assigned by it's use, as that is the bases of the word "value" . Value is derived and assigned due to it's usefulness.
Or, to put it another way, one can just as easily state, "all things have inherent value".
Right and the value of gold that was assigned by it's use has simply been that it has value. It has had no use for thousands of years until recently with computers which has nothing to do with why it is so valued.
But your begining to catch on. It is an arbitrary proxy of value that has no use other than as a proxy for value which is why the cultures that weren't born from Babylon did not value it at all.
Be ause it is rare and has no use most cultures in earth did not assign it any value at all until they were dominated by the beast that emerged from Babylon.
So basicly the assigning of value to it has been somewhat of a mental illness.
And no, it is not just as easy to say all things have inherent value. More accurate to say that no thing has any inherent value.
But t least things like wood and regular stone have lots of uses and in so much you can say they have a tual value where you can't say that with gold unless your making a computer.
As someone else pointed out in this thread. If you were going to have to survive on a desert island gold would not even make your list of 1000 things to bring because it would have zero uses for you.
Gold is money because it's rare and can't be counterfeited. Now apply that to any modern currency and see if it holds up.
You miss the point when you say gold has no uses. Gold's utility is in its qualities that make it a good form of money. The global digital age reduces that somewhat, hence the discussion of digital gold.
Perhaps you can answer me this: if gold's only value is because it is worth money then why do central banks like the Federal Reserve hold large quantities of it on their balance sheets? They have the ability to create an infinite supply of currency, so by your reasoning they shouldn't value gold.
There is no reason gold is worth any more than flower bulbs.
I think it's hilarious when people talk about the gold giving value to fiat. And then when they were all" Oh my, there is no gold backing up all the money in circulation, so the money is worthless."
Yes, the money IS worthless, absolutely. All the value it has is only because we project that value onto it.
We saw gold gives it value, but what gives gold value??? It's rarity? Nope that does not give it any value whatsoever.
What gives gold value is that it is worth money. When people get excited about the value of gold it never has to do with it's rarity, it always has to do with it's CASH value.
So money gives gold value. What is gold worth? It's worth a CASH value. What gives cash it's value? Gold?
LMFAO
AGAIN; cash has value because it is backed by gold, but gold has value because it is worth money. If gold couldn't be redeemed for cash money absolutely no one would want it, so really it is money that gives gold value
And again both only have any real value because we project that on it and agree to play that game. To the average person historically gold has had absolutely no use or value other than as money and the only reason it has had value as money is because the people back then agreed to project that onto it.
Probably some deranged king forced his kingdom to adopt that view of gold in order to make himself wealthy and powerful, and it spread by way of warfare
Other places around the world gold had no more value than any other rock, and in some cultures it's complete lack of value had everything to do with it's rarity because to most permanent cultures the most desirable resources are the ones that are the most abundant, not the most rare. This whole half of the world did not prize gold at all except some of the cultures used it for art do to it's pliability, but there was no fever over it because no deranged king ever forced people to project that o to it. The descendents of those same people have adopted the practice of projecting value on gold. It is almost like adopting a mental illness really.
It is actually only in the recent times and hat gold actually has value. That value is in electronics and catalytic converters, things like that, but please don't try to say that that is what makes it around $1250.00 an oz.
The value of gold/money is the best example of using circular logic that there ever could be. Gold is valuable because it is worth money, money is valuable because it is worth gold.
What would you want to have if you were stranded on a desert island?
I bet gold doesn't make the first 1000 items.
The things you'd want to have are the only things of real value.
Unless a currency is pegged to something necessary for survival, its just an arbitrarily agreed upon token for the sake of convenience.
Great point. Gold would literally be the most worthless thing because it has no actual value.
Maybe as fishing weights 🤔
Hmmm a way to purify water, gonna guess distillation would be the best. So a pretty big stainless steel pot that has a decent tolerance and connection. If it's a true desert and there's no wood or not enough organic material to make rope then I'd want rope, lots of it and some type of sturdy shelter that keeps the creepy crawlies away. A boat with a compass and a map trumps that all though.
What work does the distributed ledger do? Like why involve a crypto-currency at all? Whoever holds the gold may as well hold the ledger too since it's no longer a trustless system.
I own physical gold. It's simply a hedge against central bank money printing. Crypto theoretically could be the same but currently functions as a means to speculate or gamble in the financial markets.
If it is backed by gold, how do you get your worth of gold if you need to? Where it stored and who controls it?
If you can't easily, at any time exchange your gold-backed currency to the exact weight of gold it represent without any additional fees or taxes and back - it is not gold-backed currency at all.
The reality is currency is NOT backed by gold, gold IS backed by currency.. Why does anyone want gold? Only because it's redeemable for cash. It's cash value IS it's only value. No one cares that money isn't worth gold, but no one would even want gold if it weren't worth money.
Gold never had inherent value.nit has no more inherent value than cash does.
Agree. Anything could be means of exchange. if it have trust and agreement among users. Gold once was just a utility metal among Natives of Americas and not a currency. There is no any guarantee that it will not become just utility metal again.
I think there are no any substance or objects that have some absolute value as currency and in any circumstances could be means of exchange. Currency is more social phenomena than something absolute.
From the other side currency is just a tool to solve some problem, which is useful as long, as it solves that problem or problem itself exists. It is not very hard to imagine situations when there are no any need for any currency at all, since it is jut not needed or have no any sense, like, IDK, horseshoe in 21 century. If you have some advanced 3D printer working on subatomic level, something like StarTrek replicator, f.e. what is the purpose of currency will be?
You literally don't even know what money is do you? What you think money is, is just a system of promissory notes, and tokens. True money is made out of actual resources, and nothing holds more value, or last longer then metal.
Gold has no inherent value, certainly not an actual resource without the projection of value on it. It is only valuable because it's worth money right now, and historically it's only value was we said it had value.
It literally is not a resource. As someone in this thread pointed out, if you were going to stay on a desert island it would not even make a list of 1000 items to bring along because it has no inherent value.
Wood is literally more useful.
So gold becoming a resource in the 20th century because they finally found a use for it Wich is in computers is why it has been valuable for 12,000 years? I seriously doubt that Again, gold has just recently become a resource. Historically it's only value has been that we use it to project value on.
It's only value to anyone is that it's worth money. If it didn't have a cash value you wouldn't want it.
Doni think that money is just empty little notes? Absolutely, just like gold it's only value is that we use it to project value on to it. Noether the paper, not the gold that used to back it like 49!years ago have ANY inherent value.
Their value is a circular flow chart. Money has value because 40 years ago it was backed by gold. Gold has value because it's worth money.
Your concept of 'inherent value' is flawed. As you yourself have stated, "gold has no more value then flower bulbs." Where as in fact, all value is assigned by it's use, as that is the bases of the word "value" . Value is derived and assigned due to it's usefulness.
Or, to put it another way, one can just as easily state, "all things have inherent value".
https://gsiexchange.com/what-is-gold-used-for-20-common-uses-for-gold/
Right and the value of gold that was assigned by it's use has simply been that it has value. It has had no use for thousands of years until recently with computers which has nothing to do with why it is so valued.
But your begining to catch on. It is an arbitrary proxy of value that has no use other than as a proxy for value which is why the cultures that weren't born from Babylon did not value it at all.
Be ause it is rare and has no use most cultures in earth did not assign it any value at all until they were dominated by the beast that emerged from Babylon.
So basicly the assigning of value to it has been somewhat of a mental illness.
And no, it is not just as easy to say all things have inherent value. More accurate to say that no thing has any inherent value.
But t least things like wood and regular stone have lots of uses and in so much you can say they have a tual value where you can't say that with gold unless your making a computer.
As someone else pointed out in this thread. If you were going to have to survive on a desert island gold would not even make your list of 1000 things to bring because it would have zero uses for you.
So printed paper dollars have inherent value, and will help you survive on a desert island, but a malleable metal will not?
You're a fucking buffoon.
Gold is money because it's rare and can't be counterfeited. Now apply that to any modern currency and see if it holds up.
You miss the point when you say gold has no uses. Gold's utility is in its qualities that make it a good form of money. The global digital age reduces that somewhat, hence the discussion of digital gold.
Perhaps you can answer me this: if gold's only value is because it is worth money then why do central banks like the Federal Reserve hold large quantities of it on their balance sheets? They have the ability to create an infinite supply of currency, so by your reasoning they shouldn't value gold.
There is no reason gold is worth any more than flower bulbs.
I think it's hilarious when people talk about the gold giving value to fiat. And then when they were all" Oh my, there is no gold backing up all the money in circulation, so the money is worthless."
Yes, the money IS worthless, absolutely. All the value it has is only because we project that value onto it.
We saw gold gives it value, but what gives gold value??? It's rarity? Nope that does not give it any value whatsoever.
What gives gold value is that it is worth money. When people get excited about the value of gold it never has to do with it's rarity, it always has to do with it's CASH value.
So money gives gold value. What is gold worth? It's worth a CASH value. What gives cash it's value? Gold?
LMFAO
AGAIN; cash has value because it is backed by gold, but gold has value because it is worth money. If gold couldn't be redeemed for cash money absolutely no one would want it, so really it is money that gives gold value
And again both only have any real value because we project that on it and agree to play that game. To the average person historically gold has had absolutely no use or value other than as money and the only reason it has had value as money is because the people back then agreed to project that onto it.
Probably some deranged king forced his kingdom to adopt that view of gold in order to make himself wealthy and powerful, and it spread by way of warfare
Other places around the world gold had no more value than any other rock, and in some cultures it's complete lack of value had everything to do with it's rarity because to most permanent cultures the most desirable resources are the ones that are the most abundant, not the most rare. This whole half of the world did not prize gold at all except some of the cultures used it for art do to it's pliability, but there was no fever over it because no deranged king ever forced people to project that o to it. The descendents of those same people have adopted the practice of projecting value on gold. It is almost like adopting a mental illness really.
It is actually only in the recent times and hat gold actually has value. That value is in electronics and catalytic converters, things like that, but please don't try to say that that is what makes it around $1250.00 an oz.
The value of gold/money is the best example of using circular logic that there ever could be. Gold is valuable because it is worth money, money is valuable because it is worth gold.
Gold IS money. That statement cuts through the false dichotomy you have constructed
Rian Johnson, is that you?
I'm not sure who that is but I sense that you made a funny?