Comments on: The Ridiculousness Of Demanding Government Return To A Gold Standard

By: The Ridiculousness Of Demanding Government Return To A Gold Standard « BitcoinTraining.com

Sun, 10 Jul 2011 18:32:15 +0000

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By: Michael Suede

Michael Suede — Sat, 09 Jul 2011 17:54:00 +0000

You know I have absolutely NOTHING against holding gold as a store of wealth or even using it as a money. My point is simply that a government mandated gold standard is an impossible standard to keep.

The only way to keep government from inflating the money supply is to create a money that is literally impossible for government to take over and inflate.

Gold does not meet that requirement as a monetary unit because it must be represented by a receipts in order for it to be a viable modern currency.

By: Michael Allen Ellis

Michael Allen Ellis — Sat, 09 Jul 2011 17:49:00 +0000

Just a few thoughts. I am a long time precious metals fan. I, like many others saw the potential for government default back in 2000. My portfolio of precious metals has appreciated considerably against the dollar. I do see your point about gold, and initially I was a big fan of bitcoin, but the more I learned about its weaknesses and that fact that it is NOT anonymous the more I felt that I should wait for some other e-currency that is more secure. Oh and by the way, if you don’t think that government(s) would effectively shut down the internet in order to save themselves from collapse from lack of funds, then you don’t understand exactly how warped Statists are and how far they will go to protect themselves and their racket. Personally, I am preparing for a systemic collapse of government in general. In that situation I believe gold, silver, and food plus items for barter will be the best investment. I hope I am wrong but the handwriting on the wall just seems to be getting easier to read everyday.

By: Michael Suede

Michael Suede — Thu, 30 Jun 2011 19:58:00 +0000

I’ve never heard of an insurance company using coercion to fund their insurance programs before. So calling SSI an “insurance” program pretty much makes me laff my pants off.

What is it insuring? That I have no retirement savings?

By: Carolmcgovern2004

Carolmcgovern2004 — Thu, 30 Jun 2011 19:22:00 +0000

Social Security & Medicare have been funded HEAVILY by those “OLD PEOPLE”. It currently RETAINS 2 Trillion Dollars in the funds. The Social Security Fund was set up to be vested, it was thrown into the general budget. Bush funded both the Iraq & the Afganistan invasions with THAT MONEY. Those two wars were kept off-budget for precisely that reason. The Libya “war” is currently being financed the same way. And finally, Social Security, & Medicare were never investment funds, they were meant to provide a safety net for people. You understand what an insurance plan is, don’t you??

By: Jon Matonis

Jon Matonis — Thu, 30 Jun 2011 08:35:00 +0000

Another terrific piece from the prolific Michael Suede. Thanks, Michael.

By: Stevoblevo

Stevoblevo — Wed, 29 Jun 2011 19:53:00 +0000

another excellent article Mr. Suede.

proof read: “gold is simply to difficult” should be too not to. and “Bitcoins are thee panacea” should be just an italicized ‘the’ not thee. Thee is the accusative (direct object) of thou which is singular you. I love thee. Thou lovest me.

No need to be offended by my corrections. It’s only that I enjoyed the article and your site that I offer them.

By: DrGizmo

DrGizmo — Wed, 29 Jun 2011 17:34:00 +0000

Mike you hit it again, yes on all points now we need the Luddites to get the technology, to understand BTC is software, it is labor /it is the value of energy to create them (BTC) like (mining) it has utility value much like sliver, it can be used for other technology, it… perhaps

Here is intriguing Idea …The BTC can act as a stock, see in away…it is the best way so far I have found or thought of to monetize the billions of words and ideas on the web, and as commerce grows, (the tip jar economy) it will grow in value with the expansion of the web.

IAW Metclaff’s Law…the law of networks, more value to a network …the more nodes that are added… and the value will grow exponentially for a while. It sure will feel good to be on the other side of the wave. It the BTC can then grow like a stock, gaining value the more it is used, Im not sure anything like this has existed before … well yes before the FED, and FRB your money would be shares in growth of a nation… well I think BTC is shares in the growth and development of a global economic system that will supplant most other systems in the free world.

Guys who understand numbers and web (security) technologies, get it … the rest will eventually …and that is as it should be… P to P.

all Fiat money is steeped in debt of their creators… and all fiat eventually fail default for the same reasons …

BTC will not fail for that reason… maybe something else but not that… LVon M. would love this SW were he to be alive, im sure.
BTC proves him right… all his theorems of HA are right. BTC is the perfect Austrian currency much better than gold… BTC will prove to the world LVM had it right all along… he was ahead of hid time, and all he needed was BTC and internet(WWW)

BTC has no debt, never, no way, no central authority, no one to put it in debt… this fact alone should be enough for most Libs … we will see…LHRockwell Jr is a very smart, honest, and reasoned man, he will get… and he will get it soon… he may be the guy that sells this BTC idea to RP and the synthesis of RP running on BTC, and only on BTC, and getting elected with no $ from the FED spent on his campaign… Imagine that…how beautiful would that be…one last thought,… talent is the ability to hit a target no else can hit… Genius is the ability to hit a target no one else can see…

This monetizing thing will really catch on, I Think, especially with Google, …you like the BTC we leave you for you time to time… right? keep up the good work… and the Tips will keep coming…plus those tips will be worth more and more over time too…now how good is that?

By: MJ

MJ — Wed, 29 Jun 2011 15:23:00 +0000

“The storage of Bitcoins in exchange banks can be just as secure as any other normal bank.”
Could be, yes. How many banks do you trust?

See I wouldn’t call banks safe when the government routinely freezes and confiscates accounts at real banks. If your bitcoins were tied up in someone’s online Bitcoin wallet don’t think the gov’t wouldn’t grab servers or kick in the operators doors if they were located domestically. Don’t think they won’t get some other governments stasi enforcers to do the same if overseas. Bitcoins are not a friend to the health of the state. This would effect accounts without the internet being shutdown (infact most users wouldn’t even notice, like the snatch and grabs that have been happening recently).

“Well I would argue that if the internet is gone, then you have much bigger problems”
Agreed, but take a Katrina type incident. If you really needed supplies or a service you are pretty much limited to whatever of value you have on hand.

“All of the markets would be down. All of the exchanges would be down. ”
Yes, except for physical exchanges, of course.

I like bitcoins, I have them. My point is nothing is safe, and there are pros and cons to every medium of exchange upon examination and nitpicking.

By: Michael Suede

Michael Suede — Wed, 29 Jun 2011 14:33:00 +0000

The storage of Bitcoins in exchange banks can be just as secure as any other normal bank. Mt. Gox learned a lesson the hard way, but it is expected that new systems are going to be tested. It is better to get it out of the way early so the holes can be found and plugged.

Arguing that you need connectivity is essentially saying that if armageddon strikes and the internet is destroyed, your money will be worthless. - Well I would argue that if the internet is gone, then you have much bigger problems to worry about than the fact that you can’t get to your bitcoins,.

If the internet is dead, then the normal banks and ATMs wouldn’t work either, because they all rely on connectivity to access accounts as well.