Texas is introducing a state measure to provide for a gold-backed digital currency, redeemable in cash or gold.
Similiar to Paxos and Tether which already have their own gold-backed
ERC-20 tokens on the Ethereum blockchain.
What backs gold?
What backs gold?
Are you just fucking with me? I thought it was a really good idea, and still do.
You can't answer this question, but take some consolation, as
neither can the large majority of your fellow homo sapiens -
--
Rich
What backs gold?
--
Rich
On Monday, April 10, 2023 at 11:09:13 AM UTC-7, RichD wrote:
What backs gold?
--Greed.
Rich
What backs gold?
Greed.
What backs gold?
Like I said, I don't know Rich's motive for asking such an obviously stupid question, unless he's stupid.
5000 years of being used as a store of value, it's pretty, it doesn't corrode, it's scarce, what's his fucking
problem?
5000 years of being used as a store of value, ... it's scarce,
On April 11, Paul Popinjay wrote:
5000 years of being used as a store of value, ... it's scarce,
Gold inflates at 2% per year.
On April 11, Paul Popinjay wrote:
What backs gold?
Like I said, I don't know Rich's motive for asking such an obviously stupid question, unless he's stupid.The folks on Gilligan's Island had a pretty chill scene, didn't they? Tropical
5000 years of being used as a store of value, it's pretty, it doesn't corrode, it's scarce, what's his fucking
problem?
paradise, palm trees, coconuts...
Well, maybe not so chill.... because they were poor, they had no money. Hawaii isn't much fun with empty pockets. And everybody knows, the
size of your wallet determines rich or poor. Money is wealth.
On Wednesday, April 12, 2023 at 3:08:06 PM UTC-7, RichD wrote:
On April 11, Paul Popinjay wrote:
What backs gold?
Like I said, I don't know Rich's motive for asking such an obviously stupid question, unless he's stupid.The folks on Gilligan's Island had a pretty chill scene, didn't they? Tropical
5000 years of being used as a store of value, it's pretty, it doesn't corrode, it's scarce, what's his fucking
problem?
paradise, palm trees, coconuts...
Well, maybe not so chill.... because they were poor, they had no money. Hawaii isn't much fun with empty pockets. And everybody knows, theYou must have never watched Gilligan's Island else you'd know perfectly well Mr Howel had bricks of cash on that island.
size of your wallet determines rich or poor. Money is wealth.
Texas is introducing a state measure to provide for a gold-backed digital currency, redeemable in cash or gold.
5000 years of being used as a store of value, ... it's scarce,
Gold inflates at 2% per year.
Like I said earlier. What is your fucking problem?
Texas is not coining money, it is thinking of digitizing bullion.
On April 12, Paul Popinjay wrote:
5000 years of being used as a store of value, ... it's scarce,
Gold inflates at 2% per year.
Like I said earlier. What is your fucking problem?Gold has built-in inflation of 2% per year.
Do you deny this?
PS Did you realize that the depression of 1930 was caused
by deflation? Do you believe that falling prices had everyone
dancing in the streets
On April 10, Paul Popinjay wrote:
Texas is introducing a state measure to provide for a gold-backed digital currency, redeemable in cash or gold.This made me suspicious so I checked:
Article I, section 8:
Legislative powers:
"To coin money, regulate the value thereof ..."
hmmm... does this mean the SOLE power? Are states
forbidden to coin money?
Looks like more make work for lawyers... (the main purpose of gov't anyway)
"... and of foreign coin"
What does that mean?
On April 10, Paul Popinjay wrote:.
Texas is introducing a state measure to provide for a gold-backed digital currency, redeemable in cash or gold.This made me suspicious so I checked:
Article I, section 8:
Legislative powers:
"To coin money, regulate the value thereof ..."
hmmm... does this mean the SOLE power? Are states
forbidden to coin money?
Looks like more make work for lawyers... (the main purpose of gov't anyway)
"... and of foreign coin"
What does that mean?
--
Rich
On Thursday, April 13, 2023 at 10:05:16 AM UTC-7, RichD wrote:.
On April 10, Paul Popinjay wrote:
Texas is introducing a state measure to provide for a gold-backed digitalThis made me suspicious so I checked:
currency, redeemable in cash or gold.
Article I, section 8:
Legislative powers:
"To coin money, regulate the value thereof ..."
hmmm... does this mean the SOLE power? Are states
forbidden to coin money?
Looks like more make work for lawyers... (the main purpose of gov't anyway)
"... and of foreign coin"
What does that mean?
Yes, Congress has the sole power to COIN money. And "money" is gold and silver". It doesn't say Congress has the power to CREATE money.
Texas is not coining money, it is thinking of digitizing bullion.
5000 years of being used as a store of value, ... it's scarce,
Gold inflates at 2% per year.
Like I said earlier. What is your fucking problem?
Gold has built-in inflation of 2% per year.
Do you deny this?
Yes, I deny this.
PS Did you realize that the depression of 1930 was caused
by deflation? Do you believe that falling prices had everyone
dancing in the streets
Again, what's your point?
On April 13, Paul Popinjay wrote:
5000 years of being used as a store of value, ... it's scarce,
Gold inflates at 2% per year.
Like I said earlier. What is your fucking problem?
Gold has built-in inflation of 2% per year.
Do you deny this?
Yes, I deny this.https://theconversation.com/gold-mining-is-one-of-the-worlds-most-destructive-and-unnecessary-industries-heres-how-to-end-it-197447
PS Did you realize that the depression of 1930 was caused
by deflation? Do you believe that falling prices had everyone
dancing in the streets
Again, what's your point?Your obsession with gold and inflation.
You understand that inflation means inflating the currency
supply. That's better than most, who don't get it, who think it's
defined as rising prices.
But otherwise, you're confused. Inflation doesn't always result
in price rise, it can be the opposite. More important, inflation
can be healthy, it can drive prosperity, the rising tide... under the
right conditions.
And finally, you believe deflation - literally, reduction in money
supply - is good good good. Actually, the worst economic period
in U.S. history was the result of deflation.
But wait, how can falling prices be a bad thing....
--
Rich
On Thursday, April 13, 2023 at 2:09:04 PM UTC-7, RichD wrote:
On April 13, Paul Popinjay wrote:
5000 years of being used as a store of value, ... it's scarce,
Gold inflates at 2% per year.
Like I said earlier. What is your fucking problem?
Gold has built-in inflation of 2% per year.
Do you deny this?
Yes, I deny this.https://theconversation.com/gold-mining-is-one-of-the-worlds-most-destructive-and-unnecessary-industries-heres-how-to-end-it-197447
PS Did you realize that the depression of 1930 was caused
by deflation? Do you believe that falling prices had everyone
dancing in the streets
Again, what's your point?Your obsession with gold and inflation.
You understand that inflation means inflating the currency
supply. That's better than most, who don't get it, who think it's
defined as rising prices.
But otherwise, you're confused. Inflation doesn't always result
in price rise, it can be the opposite. More important, inflation
can be healthy, it can drive prosperity, the rising tide... under the right conditions.
And finally, you believe deflation - literally, reduction in money
supply - is good good good. Actually, the worst economic period
in U.S. history was the result of deflation.
But wait, how can falling prices be a bad thing....
--
Rich
The Dollar is going to collapse. And you're nuts. Have a nice day.
Gold has built-in inflation of 2% per year.
Do you deny this?
Yes, I deny this.
https://theconversation.com/gold-mining-is-one-of-the-worlds-most-destructive-and-unnecessary-industries-heres-how-to-end-it-197447
PS Did you realize that the depression of 1930 was caused
by deflation? Do you believe that falling prices had everyone
dancing in the streets
Again, what's your point?
Your obsession with gold and inflation.
And finally, you believe deflation - literally, reduction in money
supply - is good good good. Actually, the worst economic period
in U.S. history was the result of deflation.
But wait, how can falling prices be a bad thing....
The Dollar is going to collapse. And you're nuts. Have a nice day.
Rich, you didn't know that Paul 'Popinjay' is actually Paul Krugman posting here in disguise.
Rich, you didn't know that Paul 'Popinjay' is actually Paul Krugman posting here in disguise.
On Friday, April 14, 2023 at 7:39:11 AM UTC-7, Grunty wrote:
Rich, you didn't know that Paul 'Popinjay' is actually Paul Krugman posting here in disguise.Why are you insulting me so early in the morning, Grunty?
...
The Dollar is going to collapse. ...
Texas is introducing a state measure to provide for a gold-backed digital >>> currency, redeemable in cash or gold.This made me suspicious so I checked:
Article I, section 8:
Legislative powers:
"To coin money, regulate the value thereof ..."
hmmm... does this mean the SOLE power? Are states
forbidden to coin money?
Yes, Congress has the sole power to COIN money. And "money"
is gold and silver". It doesn't say Congress has the power to CREATE money. Texas is not coining money, it is thinking of digitizing bullion.
I found something interesting - https://upload.wikimedia.org/wikipedia/commons/thumb/8/86/Money_flower.png/450px-Money_flower.png
Texas is not coining money, it is thinking of digitizing bullion.Strike that. Granted, this may prove tricky. I know as much as you do. So we will see.
Sysop: | Keyop |
---|---|
Location: | Huddersfield, West Yorkshire, UK |
Users: | 307 |
Nodes: | 16 (2 / 14) |
Uptime: | 62:43:56 |
Calls: | 6,915 |
Files: | 12,379 |
Messages: | 5,431,462 |