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We already have gold, though.
by erehweb 5y ago
We already have gold, though.
- oceanghost 5y agoBut not a gold standard. The powers that be have manipulated the price of gold such that its an open secret that it will never be worth anything.
- koonsolo 5y agoGold is heavy, needs to be physically sent, and where do you store loads of it? Crypto seems more practical to own and trade. Or do you mean owning a document that is backed by gold? Not the same is it?
- foepys 5y agoYou don't actually own cryto currencies either. You own the key, equivalent to the document you mentioned. If something happened to the blockchain, your key would be worthless. Much like a bank that got robbed. Storing crypto currencies is also very expensive, at least for all popular ones. Proof of Work requires to chrun out hashes to secure the network from external threats and in the car of Bitcoin it costs billions each year. Compared to the relatively low number of users it's very expensive and resource intensive.
- keymone 5y agothis is just false. the document is just assignment of rights while they key is literal asset. trying to equate the two means you either don't understand or you have some agenda.
- foepys 5y agoWhy don't you explain why it isn't like this? Instead you accuse me of having an agenda, that is a very weak argument in a discussion. The fact is, you cannot touch crypto currency or take it home, you can just tell somebody else to move it to another vault. You cannot do it yourself unless you are lucky enough to mine the block with the transaction in it, which is futile unless you have a mining farm. It's closer to a document than a physical key to a safe deposit box at a bank.
- keymone 5y agoabsolutely false and misses the entire point - with document you own nothing but the document. whatever that document says can become false in an instant. whatever gold you are promised by that document might not even be where it purports to be. with bitcoin key you own the bitcoin and you always know (can trivially verify) that your bitcoin is there.
- foepys 5y agoYou don't own the Bitcoin. You own a private key. If somebody else got the private key, they could drain the funds. That far from owning something. There is a saying in the CC world: not your keys, not your coins. What you are talking about in regards to documents are scams. There have also been a plethora of scams in the crypto currency world. Making the distinction there is quite strange.
- keymone 5y ago> What you are talking about in regards to documents are scams yes, thanks, that's exactly what current financial and banking system is - a gigantic scam. all you own is bunch of documents pinky-promising that your assets are there, except they are not. and yes, if your private key is stolen - your asset is stolen, that's how real ownership of a digital asset works. strange is you trying to equate ownership of IOUs, that make you entirely dependent on some third party, in terms of accessing your assets, and ownership of a private key, which is the only way anybody can ever access your assets.
- foepys 5y agoAnd there it is, you are the one with an agenda. I just wanted to have a discussion about the meta model of crypto currencies, you rather want to destroy the current bankingsystem instead.
- keymone 5y ago> And there it is, you are the one with an agenda nice try. my only agenda is to clear up the confusion in your mind about cryptocurrency ownership. > you rather want to destroy the current bankingsystem who said anything about destruction? i know full well that i will need to suffer through the scam of fractional reserve banking until i die. bitcoin is just a partial escape hatch. > I just wanted to have a discussion about the meta model of crypto currencies if you did, you wouldn't begin with logical fallacies and prejudice. notice how you don't even respond anymore about ownership aspect, yet this was your central argument - that crypto is no different from gold in that aspect. i'll just wait for you to actually address that central point - that will indeed signify if you want to have a discussion.
- silentsea90 5y agoGold doesn't give you near instant finality and requires either transporting heavy gold for large txns or transact in IOUs which is like transacting in cash, since a centralized party handling your gold is to be trusted with the issued currency.
- bradwood 5y agoGold can be confiscated by the state also as happened in the past. Source: https://en.wikipedia.org/wiki/Executive_Order_6102 https://en.wikipedia.org/wiki/Executive_Order_6102