On Thu, 21 Apr 2016 11:30:52 -0700 Sean Lynch <seanl@literati.org> wrote:
On Tue, Apr 19, 2016 at 2:32 PM, juan <juan.g71@gmail.com> wrote:
On Tue, 19 Apr 2016 03:47:38 +0000 Zenaan Harkness <zen@freedbms.net> wrote:
There appears to be a multi country effort to (re)build gold backed currencies, and there's every chance they will succeed, certainly even in the face of crypto currencies - the robustness and security levels of current computing facilities means hoarding physical gold is likely seen by most, and certainly by nations, as more secure and acceptable to the public psyche
It seems very very unlikely that any government will setup a mechanism that destroys one their fundamental means to loot their subjects : paper money and inflation.
Rather, what we are seeing is a move towards a fully 'electronic' system in which we won't be able to buy half a potato without being taxed by the world government.
What Juan said (minus the Satoshi nonsense). ZeroHedge are notorious gold bugs.
I am a gold bug too, if gold bug means understanding of the fact that physical cash is a decentralized and anonymous system and that gold is a particularly good form of cash. Being truly decentralized and anonymous are not properties that any cryptocurrency has, as far as I know. On the other hand, a cryptocurrency like bitcoin is threat to governments and the financial mafia, so it's reasonable to assume that the mafia is going to come up with some kind of countermeasure. But yeah, it's also true that they've been 'developing' their own electric monies before bitcoin arrived into the scene...
There's no freakin' way China is going to give up its ability to manipulate exchange rates to promote whatever level of exports its central planners think its businesses need. They are acquiring gold only in order to diversify their reserves away from dollars, to reduce their dependency on the United States in case the shit hits the fan in the Pacific. Making the RMB "gold-backed" would mean letting people exchange it for the government's gold, exactly counter to their goals.
And funnily enough, we can thank 'satoshi nakamoto' for making this (disaster) happen sooner than later.