Sounds like an interesting idea. Whether this specific implementation is the one that will catch on is unknown at present, of course.
http://www.mountainvision.com/en/update ... al-system/
BitGold
Moderator: Global Moderator
-
Libertarian666
- Executive Member
- Posts: 5994
- Joined: Wed Dec 31, 1969 6:00 pm
-
MachineGhost
- Executive Member
- Posts: 10054
- Joined: Sat Nov 12, 2011 9:31 am
Re: BitGold
Nothing new here. E-gold was offering the same since the late 90's and it turned into nothing but a money-laundering scheme for fraudsters. The Fed's eventually shut it down.
Gold is not money. It never will be again.
Gold is not money. It never will be again.
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
-
Cortopassi
- Executive Member
- Posts: 3338
- Joined: Mon Feb 24, 2014 2:28 pm
- Location: https://www.jwst.nasa.gov/content/webbL ... sWebb.html
Re: BitGold
From the article:
The main benefit of this payment system is the fact that it appears to be 100% backed by physical gold.
Not for me! One of gold's biggest positives is last resort financial security. I don't really want it only accessible digitally and stored outside the country when I might actually need it most.
The main benefit of this payment system is the fact that it appears to be 100% backed by physical gold.
Not for me! One of gold's biggest positives is last resort financial security. I don't really want it only accessible digitally and stored outside the country when I might actually need it most.
Test of the signature line
-
MachineGhost
- Executive Member
- Posts: 10054
- Joined: Sat Nov 12, 2011 9:31 am
Re: BitGold
I think you're confusing a medium-of-exchange with a store of value. What about the enslaved little girls, seashells, trinkets, cows, etc. that were used for thousands of years? Money is whatever people want it to be. A store of value is a different concept. Gold still serves that role when money is unreliable.Libertarian666 wrote: That claim is against thousands of years of history, so I assume you have convincing evidence for why it is different this time?
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
-
Libertarian666
- Executive Member
- Posts: 5994
- Joined: Wed Dec 31, 1969 6:00 pm
Re: BitGold
I'll be happy to consider anything money that has served that role for as much of history as gold has.MachineGhost wrote:I think you're confusing a medium-of-exchange with a store of value. What about the enslaved little girls, seashells, trinkets, cows, etc. that were used for thousands of years? Money is whatever people want it to be. A store of value is a different concept. Gold still serves that role when money is unreliable.Libertarian666 wrote: That claim is against thousands of years of history, so I assume you have convincing evidence for why it is different this time?
Unfortunately, I can't think of anything that fits that bill; certainly paper "money" doesn't come close, and many people have found out how worthless that becomes when the government that issues it goes under. The same cannot be said of gold.