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Gold was a terrible reserve asset which is why we stopped using it. Recreating all the same things that made it bad, and also removing industrial applications,
by arcticbull 4y ago
Gold was a terrible reserve asset which is why we stopped using it. Recreating all the same things that made it bad, and also removing industrial applications, doesn't a good reserve make.
And any book with a [edit](foreword) by Michael Saylor, the man whose fraud basically popped the 2001 tech bubble isn't worth the paper it's printed on. The man should have at the time been banned from running any publicly traded company. [1] [edit] What's next, a medical ethics book by Elizabeth Holmes with a [edit](foreword) by Martin Shkrelli?
[1] https://www.computerworld.com/article/2589923/update--microstrategy-executives-to-pay--11-million-to-settle-sec-fraud-ch.html https://www.computerworld.com/article/2589923/update--micros...
- monero-xmr 4y agoGold was great, except the difficulty storing, transporting, and conducting commerce in it meant centralized institutions (the Bank of England) monopolized its storage out of convenience for international trade. Seizures, debasement, and so on until the gold standard ended. Biggest mistake ever made, but luckily bitcoin exists now.
- awb 4y agoIt was amazing for countries rich with it. But not great for countries without it, or for undeveloped countries with it that couldn’t defend it.
- robocat 4y agoOil would make a far better base than gold, for a bunch of good reasons. Not that it would be good, because it has a bunch of obvious problems, many of which would occur with gold too. Of course many commodities are used instead of currency by blocked countries. As are cryptocurrencies.
- hackernewds 4y agoTIL. I did not know this about M Saylor. Thank you for sharing it. Also I think you meant to write "foreword"
- arcticbull 4y agoYeah, haha, I did. macOS autocorrect keeps changing one for the other out from under me. Thanks for catching it.