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I think many of the Bitcoin fans[1] are also in favor of the gold standard. They don't want the government to be able to "print money". Actually I just noticed
by simias 9y ago
I think many of the Bitcoin fans[1] are also in favor of the gold standard. They don't want the government to be able to "print money".
Actually I just noticed that the Wikipedia page on the gold standard has a section about bitcoin: https://en.wikipedia.org/wiki/Gold_standard#Gold_standard_and_Bitcoin https://en.wikipedia.org/wiki/Gold_standard#Gold_standard_an...
[1] At those who bother to think about the long term economic consequences of Bitcoin instead of just trying to Get Rich Quick.
- namelost 9y agoI'd disagree. What Bitcoin fans want is "digital gold", not the gold standard. The gold standard is a system where paper currency is backed by a guarantee that it is redeemable for a given amount of gold. Of course the govt can rescind this promise at any time. What Bitcoin fans want is something more akin to gold coins, where the value of the currency is independent of any state.
- simias 9y agoFair enough, but effectively it has the same economical implications as the gold standard, except maybe made stronger by the fact that the government can't do anything at all to change the way it works, doesn't it? I think the pro and cons of the gold standard (as listed by Wikipedia) seem to apply fairly well to the Bitcoin economy.
- davidgerard 9y agoLiterally. Bitcoin politics is goldbug politics with the buzzword changed. https://davidgerard.co.uk/blockchain/the-conspiracist-gold-bug-economics-of-bitcoin/ https://davidgerard.co.uk/blockchain/the-conspiracist-gold-b... The key book nailing down every dot of this is "The Politics of Bitcoin" by David Golumbia. https://www.amazon.com/dp/1517901804/ https://www.amazon.com/dp/1517901804/