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This is done all the time - just look at the dollar. It used to represent the value of gold, but then the central banks started printing dollars like no tomorro
by npoc 3y ago
This is done all the time - just look at the dollar. It used to represent the value of gold, but then the central banks started printing dollars like no tomorrow with no gold for them to represent.
Bitcoin's a publicly auditable (on an opt-in basis) bearer asset that can be digitally transferred orders of magnitudes faster and cheaper than anything like it before, a fundamental that is missed by the OP.
- lifeisstillgood 3y agoHonestly I don’t get the “gold standard” thing - why is the number of factories built on an arbitrary piece of land got to do with whether an asteroid hit the planet a billion years ago.
- npoc 3y agoAssuming that you're asking why we need a relatively fixed quantity of money, then you need to consider what happens to the value of the money in our savings accounts, wages, pensions etc when new money is created. And secondly, by what means or effort is this new money created? Is it done fairly (i.e. through performing work of equal value) or is it created to the advantage of those having the power to create it (therefore making them unjustly even more powerful)?