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Limiting the growth of an economy (i.e. construction of houses, loans to new businesses) because not enough gold has been mined is silly.

• Siira 4y ago
  Perhaps, but replacing the gold standard with no backing is not then the answer. There should be hard accountability on anyone who can create money. Cryptographic measures seem promising in this regard, but I have never heard of governments funding research on limiting themselves. China has been doing some work in digitizing its money, but it seems it is making the government even more powerful.
  • kd913 4y ago
    >Cryptographic measures seem promising in this regard Have you not seen the absolute mess of stable coins? Tether has 'printed' the equivalent of 86 billion dollars from nothing. >There should be hard accountability on anyone who can create money. The bigger issue is a lack of accountability on the political systems. Most of which have been rife with corruption. They print dollars and give it away with 0 accountability of whether economic value is returned for what is being printed. High speed rail, national broadband, national healthcare, upgraded powerlines, renewable infrastructure, desal plants. Food for kids in schools, shelter for the homeless, high rise infrastructure (rather than shitty suburban shits that bankrupt cities in 50 years). The above are effective, efficient and provide multiple dividends for the initial capital. Yet are viewed as socialist policies frankly and hence political suicide. The Government can't even recognize how cryptocurrencies are by itself a negative sum game and hence should be heavily taxed or made illegal.
• aaaaaaaaata 4y ago
  "Growth" isn't always helpful. See: LA
  • shkkmo 4y ago
    True, but artificially limiting growth based on your ability to mine gold (or steal it from other countries) is still silly. If you want to constrain growth in a controlled fashion, you still need a central bank managing the supply of currency.
    • JohnJamesRambo 4y ago
      “The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust." -Satoshi Nakamoto Feb. 11, 2009 I have to agree with Satoshi that these central banks have not done a great job at that haha.
      • compiler-guy 4y ago
        Although central banks definitely have their problems, the US bank scandals in the 1800s make the central bank's failures look positively benign.
      • afroboy 4y ago
        And the circus of cryptocurrency is better?
      • shkkmo 4y ago
        The economy requires trust to work, including the cryptocurrency economy. Cryptocurrency supporters like to mythologize about everyone managing their own wallet and running their own nodes, but practical reality shows that to reach any kind of scale you need trust. Somehow all the cryptocurrency advocates who pan trusting central banks don't seem to have nearly the same issues with trusting a company like Tether or Binance who have far less accountability..
  • deleted 4y ago
    [deleted]
  • the_lonely_road 4y ago
    We are not in control of what happens. No one is at the console pressing buttons. We are growing because millions of individuals are making individual decisions resulting in run away growth. The best we can do is alter the incentives and hope we did it well enough that those individual decisions change. Given that, sticking to a system where you know the population is growing at a rate where you cannot keep up by growing the supply of gold is locking yourself into deflationary currency. That is BAD for everyone in the system considering we want money moving not sitting idle.
  • nemothekid 4y ago
    >See: LA I'm not even sure what this is supposed to mean? Los Angeles? What does Los Angeles have to do with Growth? Or is this some crypto coin?