BitCoins, fake currency, weird times...

GregV814

GregV814

Well-Known Member
I will admit I know absolutely nothing about cryptocurrency, BitCoins, or fake money.
It seems to me that our current currency is doing well by itself and has, since we stopped trading furs for beads, or islands.
So, on one of the generic news shows this morning, with the diverse team of WOC "reporters", The Man, Michael Hearne, CEO of Fake MOney.com was interviewed. Ummmm, his comb-over red locks hiding premature balding were certainly indicative of trustworthyness....and financial stability.
As understand it, Capitalism is bad and we need a covert monetary system where money is fluid. One day its real, the next its virtual. Cool Beans MANNN.

When you plop down you hard earned cash or government bail out money in BitCoins, you get Voo-Doo non-currency that is valued by Svengoolie or some other dude. That way, we're sticking it to the Fed. You think Mike is paid by BitCurrency?

Okay, cool. I have an idea. Since we can't identify a human by its vagina or penis, my pennies are now worth $60.00, my dollars are worth $28.50 and my 10mm socket is worth $12.34.

Wanna buy my truck? That'll be two garden hoses, beads made in Japan... Cherokee Nation will return!!!
 
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willie

willie

Well-Known Member
GregV814 said:
When you plop down you hard earned cash or government bail out money in BitCoins, you get Voo-Doo non-currency that is valued by Svengoolie or some other dude. That way, we're sticking it to the Fed. You think Mike is paid by BitCurrency?
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And nobody seems to know who this guy Satoshi Nakamoto really is????
 
vraiblonde

vraiblonde

Board Mommy
PREMO Member
Patron
I don't know chit about BitCoin and other cryptocurrencies, but what I do know is the very good advice my dad gave me years ago, that has served me well over the years:

When everyone is doing something, you do something else.

As far as I can tell, BitCoin is a virtual money pyramid scheme. The geeks love it because it supposedly removes the central banking system from the money supply management, but someone is managing that money and nobody knows who because blockchain is decentralized.

Like those Nigerian prince emails, I'm highly skeptical of get rich quick schemes. As in a pyramid scheme, the only people who get rich off it are the ones who devised it in the first place and got rubes to buy in.
 
LightRoasted

LightRoasted

If I may ...
If I may ...

vraiblonde said:
I don't know chit about BitCoin and other cryptocurrencies, but what I do know is the very good advice my dad gave me years ago, that has served me well over the years:

When everyone is doing something, you do something else.

As far as I can tell, BitCoin is a virtual money pyramid scheme. The geeks love it because it supposedly removes the central banking system from the money supply management, but someone is managing that money and nobody knows who because blockchain is decentralized.

Like those Nigerian prince emails, I'm highly skeptical of get rich quick schemes. As in a pyramid scheme, the only people who get rich off it are the ones who devised it in the first place and got rubes to buy in.
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The same applies to our current money system. Those Federal Reserve Notes, aka debt instruments, is the largest ponzi scheme in the world.

And when the power goes off, or they shut down the internet ... poof, all cryptocurrency gone. If one is not in physical possession of their wealth, they don't own it.

Convert your Federal Reserve Notes into gold and/or silver coin to perverse, as a savings vehicle, your wealth, before those pieces of paper you hold are devalued further through inflation. Because it's not that gold and silver are increasing in cost/value, like everything else, its the dollar losing value. Over 10% this past year alone. That translates to a 10% invisible tax, reducing your purchasing power.
 
vraiblonde

vraiblonde

Board Mommy
PREMO Member
Patron
LightRoasted said:
Convert your Federal Reserve Notes into gold and/or silver coin
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Gold and silver, like diamonds, have an arbitrary value. As in, they are only valuable because someone says so. And when those someones decide that precious metals are no longer precious, they won't be. They could literally say grains of sand, or Nexium caplets, are now preferred currency.

Want to invest your wealth? Stockpile meth, heroin, and opiates. Those will always be a seller's market.
 
PeoplesElbow

PeoplesElbow

Well-Known Member
vraiblonde said:
Gold and silver, like diamonds, have an arbitrary value. As in, they are only valuable because someone says so. And when those someones decide that precious metals are no longer precious, they won't be. They could literally say grains of sand, or Nexium caplets, are now preferred currency.

Want to invest your wealth? Stockpile meth, heroin, and opiates. Those will always be a seller's market.
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You took the words out of my mouth. Diamonds are only popular due to an extremely good PR campaign by DeBeers, they have great industrial use, but tell you the truth aren't really that attractive.

Gold is pretty, but the look can be replicated by many things. What gold is great is its corrosion and wear properties make it the perfect thing for electronics use.

 
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PeoplesElbow

PeoplesElbow

Well-Known Member
Sneakers said:
Couldn't agree more. Consider the apocalypse. You can't eat gold and silver, so no one will want to trade for it. It will be worthless.

It might have helped during the '29 depression, but it's value would be greatly diminished.
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I love all the "your money isn't backed by gold, its worthless" talk when gold itself is only valuable, just because.

Iron, aluminum, timber etc are what should back currency if we demand something of value backing it.
 
Sneakers

Sneakers

Just sneakin' around....
PeoplesElbow said:
I love all the "your money isn't backed by gold, its worthless" talk when gold itself is only valuable, just because.

Iron, aluminum, timber etc are what should back currency if we demand something of value backing it.
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Gold and silver have enormous value in the electronics industry, but in a full economic downturn, no one will be buying the things that use the gold and silver, and it's value will plummet. During that time, the govt will quietly buying up all the gold for pennies on the dollar, and people will be happy to get that much.
 
LightRoasted

LightRoasted

If I may ...
If I may ...

vraiblonde said:
Gold and silver, like diamonds, have an arbitrary value. As in, they are only valuable because someone says so. And when those someones decide that precious metals are no longer precious, they won't be. They could literally say grains of sand, or Nexium caplets, are now preferred currency.

Want to invest your wealth? Stockpile meth, heroin, and opiates. Those will always be a seller's market.
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Except ... Gold and silver have been used as money, a medium of exchange, for over 5,000 years. Why? Because they are finite metals that take labor and time to produce; And, cannot be readily counterfeited; And, maintain their value over centuries. If it's so arbitrarily valued, why do banks store tons of it in their vaults? Why do countries stockpile it, conduct trade with it? For the longest time, as a matter of fact, the Colonies, then becoming the United States, used the Spanish Silver Dollar, and it remained legal tender here until the Coinage Act of 1857.

If one wants to screw over the ignorant population of any Nation and steal their wealth, one but just replace a sound monetary system based on specie, aka gold and silver coinage controlled by the people, and replace it with a paper debt-based fiat currency controlled by private interests. However, once converted to fiat, knowledgeable people can protect their wealth by converting those fiat debt-based dollars and acquiring gold and silver to protect their savings against inflation, aka, expansion of the money supply. Of which camp do you hail from?

As far as diamonds? They are a racket. Used to launder money, and separate money from men in an attempt to please a woman. Great for drill bits and grinder cutting wheels though.
 
PeoplesElbow

PeoplesElbow

Well-Known Member
LightRoasted said:
If I may ...


Except ... Gold and silver have been used as money, a medium of exchange, for over 5,000 years. Why? Because they are finite metals that take labor and time to produce; And, cannot be readily counterfeited; And, maintain their value over centuries. If it's so arbitrarily valued, why do banks store tons of it in their vaults? Why do countries stockpile it, conduct trade with it? For the longest time, as a matter of fact, the Colonies, then becoming the United States, used the Spanish Silver Dollar, and it remained legal tender here until the Coinage Act of 1857.

If one wants to screw over the ignorant population of any Nation and steal their wealth, one but just replace a sound monetary system based on specie, aka gold and silver coinage controlled by the people, and replace it with a paper debt-based fiat currency controlled by private interests. However, once converted to fiat, knowledgeable people can protect their wealth by converting those fiat debt-based dollars and acquiring gold and silver to protect their savings against inflation, aka, expansion of the money supply. Of which camp do you hail from?

As far as diamonds? They are a racket. Used to launder money, and separate money from men in an attempt to please a woman. Great for drill bits and grinder cutting wheels though.
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Gold and silver are easily counterfeited, you simply make a coin that is gold plated tungsten, make it with 14k instead of 24k etc. Counterfitable enough to fool the people that you will be trading with.

The reason for ridges on coins is because people use to shave off the outside of coins to steal some of the value from the coin. Coins also wear down, do you propose they be worth less as they wear down? It would be pretty easy to "wear" some gold off some coins and then melt that down into ingots.
 
LightRoasted

LightRoasted

If I may ...
If I may ...

PeoplesElbow said:
Gold and silver are easily counterfeited, you simply make a coin that is gold plated tungsten, make it with 14k instead of 24k etc. Counterfitable enough to fool the people that you will be trading with.

The reason for ridges on coins is because people use to shave off the outside of coins to steal some of the value from the coin. Coins also wear down, do you propose they be worth less as they wear down? It would be pretty easy to "wear" some gold off some coins and then melt that down into ingots.
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You take a minuscule possibility and spread it across an entire philosophy. Of course there are those that will engage in fraud to take advantage of people. Been happening for millennia. The overall premise of what I said is true and sound in thought and in practice. In addition, that why it is written in our Constitution, that Congress, (The People), shall have the power to coin money and regulate the value thereof.
 
PeoplesElbow

PeoplesElbow

Well-Known Member
LightRoasted said:
If I may ...


You take a minuscule possibility and spread it across an entire philosophy. Of course there are those that will engage in fraud to take advantage of people. Been happening for millennia. The overall premise of what I said is true and sound in thought and in practice. In addition, that why it is written in our Constitution, that Congress, (The People), shall have the power to coin money and regulate the value thereof.
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Its not a miniscule possibility, you couldn't get a hold of a circulated gold coin back in the day that wasn't shaved.

It would be nice if our money was worth something if the government collapsed, but there are simply too many people and we have such a trade deficit there wouldn't be enough to go around.

Gold and silver were really as arbitrary choice as anything to use for money. It was rare, it was pretty and most importantly it was worked easily and could be melted with the technology of the time.
 
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