Quote from: Amph on July 11, 2015, 04:20:47 PM

Quote from: 98789 on July 11, 2015, 04:17:23 PM

Quote from: odolvlobo on July 11, 2015, 04:04:47 PM

Quote from: Miracal on July 11, 2015, 04:00:08 PM

Nobody honestly values paper money for what it is, they only value it because it is backed my Gold. And a lot of people love and believe in the power of gold.

Paper money hasn't been backed by gold for 44 years.

I do not understand why backing money with gold is supposed to be good, is not gold the same? Something that has value because people gives value to it? I was told once that (some) indigenous cultures did not worship gold, and those having more of it were not necessarly the richest.
I know it is hard to extract, but there are things more difficult to get. What makes gold so special?

because it has an actual use in the industry, basically they need it, if you need it and thus you use it because it is necessary, it has value

Industrial use of gold is very low. Gold's primary use is money. It's second biggest use is in jewelry. Regardless, according to Mises' Regression Theory, something needs to have value exclusive of its use as money in order to be considered money (or perhaps good money). Gold has that quality. Bitcoin doesn't quite fit the theory even though it seems to work. So, maybe the theory should be demoted to Mises' Regression Conjecture.