The Phaserl


Still Report # 196 – Mt. Gox Sinking, Blockchain Shrinking

from Bill Still:

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2 comments to Still Report # 196 – Mt. Gox Sinking, Blockchain Shrinking

  • Jeff

    Getting a bit tired of Bill pushing this crap. It’s bad enough that in his own words he’s “done with gold bugs” but keeps the door wide open to discuss money substitutes.

  • Z

    BS should know better… Gold was the original “hard” currency until the banksters of that day discovered they could issue receipts for actual physical Gold deposits and get people to trade with those receipts while pretending that they were real Gold. Prior to that they discovered that they could dilute the Gold with base metals in order to increase the supposed amount coinage in circulation but the people quickly got wise to that maneuver…

    We haven’t had a Gold backed currency since “tricky” Dick took the US off of the Gold standard in 1971. So now, besides all of the computerese & geektalk, what is the difference between BC and those original Gold receipts? The only difference that I can see is that there is nothing of any value to back the BC but people’s belief that it is actually worth something in the fiat of the moment. The question then becomes whether or not the fiat of the moment is actually worth anything… you might try to claim that Gold is fiat but that is a stretch.

    Now if they were to value BC in physical Gold then they might really have something going there. But the question then falls back to that of human integrity and trust in the people who are actually running the system and doing the exchanges. That integrity, as witnessed in the Mt. Gox fiasco, is what computers cannot and never will replace.

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