Other Podcasts

[SuburbanFarmer]

I mean... the original collateralized loans were secured with gold. And all fiat was a loan secured by gold until 1971, but sure.

[DBTrek]

I mean... the original collateralized loans were secured with gold. And all fiat was a loan secured by gold until 1971, but sure.

By institutions, yes. But not between individuals. I can personally lend crypto and gain interest on it right now - through a decentralized platform running smart contracts. Or I can lend it out through various platforms at different interest rates. This is just another benefit of crypto, decoupling from banks altogether. So yes, gold and fiat have been (and are) used by large institutions to secure loans. But crypto can be used by you, without banks, to secure loans and pay you interest.

[SuburbanFarmer]

Indeed, so long as the guy running the exchange doesn’t decide to just pillage it again.

Other than that, you’re down to personal contacts - just like gold.

[Martin Hash]

I hate to say anything on this topic because there are tangents I go off on that entertain me even though other people can see I’m deluding myself; they have the compassion to let me have my fun, but... Crypto is a Ponzi scheme.

It’s odd that the world is in the simultaneous psychosis of Climate Alarmism, the Shamdemic, and Ponzi schemes? I think generations after the Boomers aren’t skeptical enough: they’re cynical, yes, but rubes about life.

[SuburbanFarmer]

All fiat currency is a ponzi scheme.

[Martin Hash]

All fiat currency is a ponzi scheme.

No, eventually somebody with a gun shows up at your house and insists you deliver.

[SuburbanFarmer]

All fiat currency is a ponzi scheme.

No, eventually somebody with a gun shows up at your house and insists you deliver.

...which is why government has the biggest guns.

[Martin Hash]

All fiat currency is a ponzi scheme.

No, eventually somebody with a gun shows up at your house and insists you deliver.

...which is why government has the biggest guns.

Exactly, which is why all money is government money.

[SuburbanFarmer]

No, eventually somebody with a gun shows up at your house and insists you deliver.

...which is why government has the biggest guns.

Exactly, which is why all money is government money.

All FIAT money, yes. Gold is the original ‘money’.

[Martin Hash]

Gold is a commodity, just like chickens but easier to carry around.