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I'm guessing his greater point was that fiat cash in general loses its value.
by imjustsaying 7y ago
I'm guessing his greater point was that fiat cash in general loses its value.
- montyboy_us 7y agoAnd has since the beginning of time. Adam Smith discussed such devaluations and the incentives in his seminal work back in the 1700’s.
- dredmorbius 7y agoAs does specie. "On the Continuous Devaluation of the Roman Currency" http://www.rmki.kfki.hu/~lukacs/ROMLAS.htm http://www.rmki.kfki.hu/~lukacs/ROMLAS.htm http://www.rmki.kfki.hu/~lukacs/ROMLAS_files/image008.gif http://www.rmki.kfki.hu/~lukacs/ROMLAS_files/image008.gif "For in every country of the world, I believe, the avarice and injustice of princes and sovereign states, abusing the confidence of their subjects, have by degrees diminished the real quantity of metal, which had been originally contained in their coins." https://en.wikisource.org/wiki/The_Wealth_of_Nations/Book_I/Chapter_4 https://en.wikisource.org/wiki/The_Wealth_of_Nations/Book_I/...
- ric2b 7y agoI guess Bitcoin would be the first real "gold" standard, then.
- notahacker 7y agoBitcoin lost more value in six months than most currencies managed in half a century, and yet 'miners' were still incentivised to make more of it...