Gold 1.0 was taken off as backing to the dollar to get us into this mess. Gold would have kept us out of this mess if it had been left as the backing for the dollar. That was an intentional act. Bitcoin is backed by the same nothing as the Federal Reserve Note is today.
So in other words, Gold 1.0 would have kept us out of this mess if the government and banks had just acted honorably and preserved the gold standard that was keeping them from getting filthy rich via printing fedbucks.
That is the problem with the gold standard. It requires you to trust governments and banks to act honestly. The fact that the gold standard is a trust-based system is the reason it has failed and given way to a fiat ponzi scheme every time it has been tried in human history.
Bitcoin eliminates the need for trust in the monetary system. And in the long run, it eliminates the need for governments to issue money, or banks to custody it.
Bitcoin is backed by mathematics and code. It is a set of laws that does not require government to enforce. And it is further backed by the astronomical amount of energy consumed to keep it that way, currently twice the annual power consumption of the US Navy and climbing.
Bitcoin BTC has been destroyed from the inside with shitty coding (code is law) and features. Read the whitepaper and look at BTC functionality changes since 2014/2015.
"So in other words, Gold 1.0 would have kept us out of this mess if the government and banks had just acted honorably and preserved the gold standard that was keeping them from getting filthy rich via printing fedbucks."
Lol no? People were fuck all retarded and let FDR walk all over them with illegal and treasonous EOs, and banker pals that all printed the USD to high heaven. You seem to have it in your head that the gold standard is a 1 way street, where it goes Gold ---> USD, but that simply is just "They have gold, you have debt notes". A Gold standard necessitates the 2 way street between the backing and the currency, because that's how you keep that in check. If US-stamped Gold is as good as cash, and can be freely exchanged between notes and coins, you can simply minimize risk via holding coins versus your plainly simplistic view that a X standard is purely custodial in nature, which is flatly untrue.
They let FDR walk over them, yes. They should have shot back, but the hard fact is that they did not. And even if they did, the government would have come back with bigger guns. Bitcoin cannot be confiscated because it is just code. Its intangibility is a feature, not a bug.
And what happens when the government or banks simply decide that the paper can no longer be redeemed for gold? As was the case when Nixon ended the gold standard by EO? And as was the case with every fiat scam that has been run in history. You can add all the laws and safeguards and oversight you want, the fact is that governments and banks will always find a way to print over the gold, and people will always fall for it.
Governments and banks have proven over and over, over the course of millennia, that they cannot be trusted to administer a system of money in a competent manner, let alone an honest and impartial one. The whole of history, but especially the nightmare of the past century, proves that they need to be removed from the equation of money entirely. Bitcoin accomplishes this.
The backed by nothing of bitcoin is a play that shouldn't be accepted.
Everything is worth what someone will pay for it. That is the same thing with gold and silver. Someone will pay for it.
Bitcoin has already hit mass adoption. I don't think it can be eliminated anymore. It could've been in the beginning, but once people started using it in the millions, it is unstoppable.
The only concern is if the internet goes down. That threat is the same for everything.
We don't know what will happen. I root for decentralized currencies, thus, heavily in them. They are coming for everything. Food, money, health, everything.
The best people are the ones who are self sufficient. Now do you understand why those "prepper" shows were made to make them look like lunatics?
Looks like they're the ones who will make it out. Jesus wins. That's all I have.
So I can go to the issuing miner and ask for the X kilo/mega/gigajoules of energy used to mine the block back and be able to use that energy as I please? Whereas before FDR used unconstitutional methods to ban gold ownership, I could do that with USD to get gold.
Gold 1.0 was taken off as backing to the dollar to get us into this mess. Gold would have kept us out of this mess if it had been left as the backing for the dollar. That was an intentional act. Bitcoin is backed by the same nothing as the Federal Reserve Note is today.
Back by the same nothing... Exactly!
Eventually the government will peg XRP to gold.
So in other words, Gold 1.0 would have kept us out of this mess if the government and banks had just acted honorably and preserved the gold standard that was keeping them from getting filthy rich via printing fedbucks.
That is the problem with the gold standard. It requires you to trust governments and banks to act honestly. The fact that the gold standard is a trust-based system is the reason it has failed and given way to a fiat ponzi scheme every time it has been tried in human history.
Bitcoin eliminates the need for trust in the monetary system. And in the long run, it eliminates the need for governments to issue money, or banks to custody it.
Bitcoin is backed by mathematics and code. It is a set of laws that does not require government to enforce. And it is further backed by the astronomical amount of energy consumed to keep it that way, currently twice the annual power consumption of the US Navy and climbing.
Gold got legislated away. Same goes for Bitcoin (BTC is coded to shit by the same evil forces).
Good luck with legislating Bitcoin away. The cat’s out of the bag.
Bitcoin BTC has been destroyed from the inside with shitty coding (code is law) and features. Read the whitepaper and look at BTC functionality changes since 2014/2015.
"So in other words, Gold 1.0 would have kept us out of this mess if the government and banks had just acted honorably and preserved the gold standard that was keeping them from getting filthy rich via printing fedbucks."
Lol no? People were fuck all retarded and let FDR walk all over them with illegal and treasonous EOs, and banker pals that all printed the USD to high heaven. You seem to have it in your head that the gold standard is a 1 way street, where it goes Gold ---> USD, but that simply is just "They have gold, you have debt notes". A Gold standard necessitates the 2 way street between the backing and the currency, because that's how you keep that in check. If US-stamped Gold is as good as cash, and can be freely exchanged between notes and coins, you can simply minimize risk via holding coins versus your plainly simplistic view that a X standard is purely custodial in nature, which is flatly untrue.
They let FDR walk over them, yes. They should have shot back, but the hard fact is that they did not. And even if they did, the government would have come back with bigger guns. Bitcoin cannot be confiscated because it is just code. Its intangibility is a feature, not a bug.
And what happens when the government or banks simply decide that the paper can no longer be redeemed for gold? As was the case when Nixon ended the gold standard by EO? And as was the case with every fiat scam that has been run in history. You can add all the laws and safeguards and oversight you want, the fact is that governments and banks will always find a way to print over the gold, and people will always fall for it.
Governments and banks have proven over and over, over the course of millennia, that they cannot be trusted to administer a system of money in a competent manner, let alone an honest and impartial one. The whole of history, but especially the nightmare of the past century, proves that they need to be removed from the equation of money entirely. Bitcoin accomplishes this.
The backed by nothing of bitcoin is a play that shouldn't be accepted.
Everything is worth what someone will pay for it. That is the same thing with gold and silver. Someone will pay for it.
Bitcoin has already hit mass adoption. I don't think it can be eliminated anymore. It could've been in the beginning, but once people started using it in the millions, it is unstoppable.
The only concern is if the internet goes down. That threat is the same for everything.
We don't know what will happen. I root for decentralized currencies, thus, heavily in them. They are coming for everything. Food, money, health, everything.
The best people are the ones who are self sufficient. Now do you understand why those "prepper" shows were made to make them look like lunatics?
Looks like they're the ones who will make it out. Jesus wins. That's all I have.
BTC is backed by energy, along with its nature of being decentralized and trustless.
All value of subjective, but to compare BTC to federal reserve notes is asinine.
So I can go to the issuing miner and ask for the X kilo/mega/gigajoules of energy used to mine the block back and be able to use that energy as I please? Whereas before FDR used unconstitutional methods to ban gold ownership, I could do that with USD to get gold.
BTC is secured by energy, not backed by energy.