Post
Topic
Board Economics
Re: Bitcoin or gold?
by
deisik
on 20/06/2015, 14:50:58 UTC
Do you know the primary reason why the gold standard was almost universally abandoned? The same flaw behind gold standard failure will inexorably plague Bitcoin in the end, if it ever happens to get into mainstream...

Fundamentally, Bitcoin is not much better than gold

Hold on a second there wasnt a gold standard back then, it was 30%-50% gold , depending on country, or so, it wasnt 100%. So you could still print money and pump up the stock market, that was the reason behind the 1929 crash.

It was not me who raised the topic of the 1929 crash, but I can assure you the 1929 crash was not because of "money printing and pumping up the stock market" with the newly printed money. In fact, if government did actually print money (as you pretend it did), the consequences of the stock market crash wouldn't have been so dramatic and catastrophic...

The stock market crash of 1929 was just a trigger