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[mainiac]

There would be no rational incentive but it's been proven time and again that people are very irrational.  I bet many people wouldn't even know if there was a gold standard.

[scriver]

I suggest we stop with the doublespeak nonsense and just tie the value of the dollar directly to valleys.

In fairness I also hold that the equivalent should be done over here. The transition to Crowns might be less remarkable (apart from the new trends in fashion), but I think thenew use of Ears will be very interesting.

[mainiac]

I dont get it.

[scriver]

Dollar means roughly Valley/Dale, named either after the Austrian who was the first to do something to do with currency (von Daler?) or the place he was from, or something like that.

The Swedish currency is called Crowns and Ears.

[Mephansteras]

Neither has intrinsic value, both have whatever value people believe they have.

Not quite true anymore. Gold has quite a bit of value in the electronics industry for practical purposes. Industrial demand for gold, in addition to the traditional ornamental uses for gold, will also effect the relative values if you are on the gold standard.

[Lord Shonus]

Neither has intrinsic value, both have whatever value people believe they have.

Not quite true anymore. Gold has quite a bit of value in the electronics industry for practical purposes. Industrial demand for gold, in addition to the traditional ornamental uses for gold, will also effect the relative values if you are on the gold standard.

Not just electronics. Gold's physical properties (particularly not corroding) make it a very useful industrial metal.

[Mictlantecuhtli]

Neither has intrinsic value, both have whatever value people believe they have.

Not quite true anymore. Gold has quite a bit of value in the electronics industry for practical purposes. Industrial demand for gold, in addition to the traditional ornamental uses for gold, will also effect the relative values if you are on the gold standard.

Not just electronics. Gold's physical properties (particularly not corroding) make it a very useful industrial metal.

Silver is a much better bet.

[lemon10]

As I said just a few posts up, congress would be better off abandoning all sanity, and openly adoping bitcoin, rather than trying the gold standard. Bitcoin is a scarce commodity, but it is one that can have more of it created from basically nothing. (Just energy and time.)  that makes it a far better candidate than gold ever could be, because it can be inflated. Gold cant be.

I feel it necessary to note that bitcoin is actually more limited then gold. There can never be more then 21 million bitcoins no matter what (and there are already 13 million). Ever. With gold there is still a ton more that can be mined. Despite them both being limited, bitcoins are in many ways even more limited then gold.

[My Name is Immaterial]

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[wierd]

As I said just a few posts up, congress would be better off abandoning all sanity, and openly adoping bitcoin, rather than trying the gold standard. Bitcoin is a scarce commodity, but it is one that can have more of it created from basically nothing. (Just energy and time.)  that makes it a far better candidate than gold ever could be, because it can be inflated. Gold cant be.

I feel it necessary to note that bitcoin is actually more limited then gold. There can never be more then 21 million bitcoins no matter what (and there are already 13 million). Ever. With gold there is still a ton more that can be mined. Despite them both being limited, bitcoins are in many ways even more limited then gold.

I wsa unaware that there was a limitation on the total length of the block chain.  Still, the basic idea was that should such a restriction NOT be present, a cryptocurrency LIKE bitcoin would work better than gold.

[Frumple]

Or, well, not like it, since it was never terribly much more than a fairly effective scam to get the initial investors a good amount of dosh.

But a non-physical sort of currency, sure. It's not like we're not actually using one (well, several) already.

[FearfulJesuit]

The Bitcoin standard is something you hear proposed only from anarcho-capitalist morons on Reddit. Suffice to say that backing the world's largest economy in a pseudo-currency that takes upwards of an hour to transfer owners is not a move you want to make.

[mainiac]

Sounds like it would solve the problem of flash trading on wall street!  And people say the invisible hand doesn't work, silly statists!

[Bauglir]

A world in which Donald Trump's wealth could evaporate because he loses a flash drive is a world I desperately want to see, if not necessarily live in.

[i2amroy]

A world in which Donald Trump's wealth could evaporate because he loses a flash drive is a world I desperately want to see, if not necessarily live in.

Reminds me of that bit coin company that was in the process of declaring bankruptcy and clearing out their old bit coin wallets when they stumbled on one that had several billion dollars in it that they had just forgotten about. Needless to say they decided not to declare bankruptcy.