Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Debunking more shitcoiner lies:
Wrong answer! Fiat bills in the US have always been receipts for gold and silver. Absolutely nothing changed except the govt defaulting in 1971 and issuing non-convertible receipts. The main reason the receipts become non-convertible isn't because metals don't work as money, it's because:
1) govt will always overspend due to no accountability then try to confiscate everyone's money no matter what form the money is in
2) fractional reserve banking usually collapses and then 9/10 people are left holding the bag
Bitcoin does absolutely nothing to solve either of those problems. If bitcoin actually became the world reserve currency (it never will), very few people would "be their own bankers" just like the current day environment. They would lock up their funds in some type of financial institution in order to put it in a chain of custody for wills for their kids and things like that. The banks would then create receipts higher than the actual coins they have stored and nothing changes. The only change you would have is a far less sound settlement system (shitcoins instead of metals).
The real solution is simply using physical metals in native form as the money - gold, silver, and copper. If you accept IOUs for the money and it gets stolen by the govt or banks, it's your own fault for being an idiot.
Go read szabos post again and again until you get it through your thick head. You sold at $600 enough said. Patience pays off maybe your great grand son can benefit from your gold contracts.. oops they were paper traded and not for delivery Gold will not work. We have already been there. Crypto is the paradaigm shift. All gold has is history.
Wrong answer! Fiat bills in the US have always been receipts for gold and silver. Absolutely nothing changed except the govt defaulting in 1971 and issuing non-convertible receipts. The main reason the receipts become non-convertible isn't because metals don't work as money, it's because:
1) govt will always overspend due to no accountability then try to confiscate everyone's money no matter what form the money is in
2) fractional reserve banking usually collapses and then 9/10 people are left holding the bag
Bitcoin does absolutely nothing to solve either of those problems. If bitcoin actually became the world reserve currency (it never will), very few people would "be their own bankers" just like the current day environment. They would lock up their funds in some type of financial institution in order to put it in a chain of custody for wills for their kids and things like that. The banks would then create receipts higher than the actual coins they have stored and nothing changes. The only change you would have is a far less sound settlement system (shitcoins instead of metals).
The real solution is simply using physical metals in native form as the money - gold, silver, and copper. If you accept IOUs for the money and it gets stolen by the govt or banks, it's your own fault for being an idiot.
