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That argument that value of gold is 'something real' is getting tired. Value of gold is not baked by anything practical - it's usage for jewelery depends on it
by zby 15y ago
That argument that value of gold is 'something real' is getting tired. Value of gold is not baked by anything practical - it's usage for jewelery depends on its high value in a self referencing, half paradoxical feedback loop (see Nick Szabo on origins of money: http://szabo.best.vwh.net/shell.html http://szabo.best.vwh.net/shell.html ). But there is something that indeed makes gold a better standard than the printing press of the government - it is its objectivity. Printing money is just too easily manipulated, mining gold sets more objective rules and clear rules are what makes any decentralized social system work.
- david927 15y agoThe "something real" is its objectivity not its practicality.