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>Should we do pretend mining, like Bitcoin? Real mining seemed to work okay in past. American GDP grew faster in the 1800s under the gold standard (avg. 4%+) t
by logicchains 7y ago
>Should we do pretend mining, like Bitcoin?
Real mining seemed to work okay in past. American GDP grew faster in the 1800s under the gold standard (avg. 4%+) than any time after the creation of the federal reserve.
- aguyfromnb 7y ago>Real mining seemed to work okay in past. For the purpose of "creating money", it's a waste of resources. >American GDP grew faster in the 1800s under the gold standard (avg. 4%+) I don't want to go back to that period.
- kaibee 7y ago> American GDP grew faster in the 1800s under the gold standard (avg. 4%+) than any time after the creation of the federal reserve. Yes... during industrialization. Basically all countries experience rapid GDP growth during their industrialization. Even developing countries today get 4%+ GDP growth. Look at China's GDP growth in the last 50 years for a recent example.
- travisporter 7y agoYou would still have to prove to me that the rate of gold mining is the perfect tool to prevent inflation/grow the economy. Who knows if it may have grown faster or slower during that period without the gold standard.