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The biggest thing that makes me doubt my position is the fact that the gold window was closed and the US hasn't collapsed in 40 years. Even if there's a slow de
by orblivion 13y ago
The biggest thing that makes me doubt my position is the fact that the gold window was closed and the US hasn't collapsed in 40 years. Even if there's a slow debasement, that's not what I expect to happen to Bitcoin, [edit to clarify] I expect it to collapse very quickly. I know there's the "you need dollars to pay taxes" argument. But that doesn't sit right with me. It's not a fixed amount of dollars, it's a percentage of your salary. Exchange rates of the dollar can go down, people's real salaries go down, and the real amount of taxes they pay go down. There's no negative feedback loop.
- digitalengineer 13y agoYes, the gold window was closed (as was predicted by The Triffin Dillema http://en.wikipedia.org/wiki/Triffin_dilemma http://en.wikipedia.org/wiki/Triffin_dilemma ). It was replaced by the petrodollar. Oil could only be paid for in US dollars. Lately we have seen more and more counties trading in their own currency amongst one another. (Mainly China and BRICS). The fact that the EURO does revalue gold's price to it's market price and the dollar does not is also very interesting.