Back to the “Gold Standard”? Or, maybe, a retake on “Das Rheingold”?
They’re making bitcoins. An artificial something, that only exists, as long as someone believes in it. like religion.
We need a currency that is mutually trusted and based on an inherently non-volatile value. Bitcoin and gold never met this criterion.
…evidence shows that both inflation and economic growth were quite volatile under the gold standard. The following chart plots annual U.S. consumer price inflation from 1880, the beginning of the post-Civil War gold standard, to 2015. The vertical blue line marks 1933, the end of the gold standard in the United States. The standard deviation of inflation during the 53 years of the gold standard is nearly twice what it has been since the collapse of the Bretton Woods system in 1973 (denoted in the chart by the vertical red line). That is, even if we include the Great Inflation of the 1970s, inflation over the past 43 years has been more stable than it was under the gold standard. Focusing on the most recent quarter century, the interval when central banks have focused most intently on price stability, then the standard deviation of inflation is less than one-fifth of what it was during the gold standard epoch.
Russians working to develop Biden coins.
I am just curious if there is a large bit coin hacking will they become the new to big to fail?
^Did you perhaps attend primary or elementary school with any of those Russians, or get to know some of them in other places in Russia where you and your countrymen hang out? Fellow SVR, FSB OR FSO agents perhaps?
I’ll stick with the long green. Not perfect, but for the time being (the 20+ years I have. left at 77) it’ll hold its value as far as I’m concerned. Never was really a risk-taker. But good luck with your cryptocurrency.