Other Podcasts

[SuburbanFarmer]

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

That is the actual idea behind money, after all.

But if you prefer to describe it that way, gold (and other metals) were the only thing considered ‘money’ in western civilization prior to debt slips. Now those debt slips are considered the ‘money’, but that’s an oral illusion.

[Martin Hash]

A nickel has a nickel’s worth of nickel in it.

Gold and silver coins used to be like that.

[SuburbanFarmer]

A nickel has a nickel’s worth of nickel in it.

Gold and silver coins used to be like that.

Indeed. The British Pound was once a literal pound of silver.

[Zlaxer]

A nickel has a nickel’s worth of nickel in it.

Gold and silver coins used to be like that.

Indeed. The British Pound was once a literal pound of silver.

Can I get a copper? Or two for the insights And wisdom I provide to the MHF?


On a related topic, what do ya’ll think the likelihood of currency reset is? Not to be confused with Davos globalist ”Great Reset”.

Wife and I have decided to keep our cash exposure to a bare min - imagine there being a week long bank “holiday”, after which 2-3 zeros are missing off your balance total.

I mean, it’s as clear as TC’s gote that bankers have picked inflation as the best way to keep from defaulting on sovereign debt - but that has to end at some point right?

[DBTrek]

Anything people agree to use as a medium exchange is functionally money. Right now, BTC is the 5th largest fiat currency in the world by market cap. Bigger than the Indian Rupee.

https://decrypt.co/39425/bitcoin-is-now ... ency?amp=1

With that much real world value backing the cryptocurrency, and millions of people using it - It’s money. Maybe not to Martin or SF, but certainly to enough people to make BTC a viable alternative to government backed currency for exchanging value.

[Martin Hash]

The logical flaw of using the amount of money there is to prove that it has value seems pretty self-apparent: print up a lot more of them dollars, we need more value in the world.

[Zlaxer]

Anything people agree to use as a medium exchange is functionally money. Right now, BTC is the 5th largest fiat currency in the world by market cap. Bigger than the Indian Rupee.

https://decrypt.co/39425/bitcoin-is-now ... ency?amp=1

With that much real world value backing the cryptocurrency, and millions of people using it - It’s money. Maybe not to Martin or SF, but certainly to enough people to make BTC a viable alternative to government backed currency for exchanging value.

How is BTC fiat? The total number of units is capped.

[DBTrek]

The logical flaw of using the amount of money there is to prove that it has value seems pretty self-apparent: print up a lot more of them dollars, we need more value in the world.

That's why I used the market cap value of BTC, not the raw amount. But as Zlaxer mentions, BTC is hard-capped at 21 million, and 3-4million is already considered permanently lost. So there will be no mass printing of BTC, ever.

[DBTrek]

Anything people agree to use as a medium exchange is functionally money. Right now, BTC is the 5th largest fiat currency in the world by market cap. Bigger than the Indian Rupee.

https://decrypt.co/39425/bitcoin-is-now ... ency?amp=1

With that much real world value backing the cryptocurrency, and millions of people using it - It’s money. Maybe not to Martin or SF, but certainly to enough people to make BTC a viable alternative to government backed currency for exchanging value.

How is BTC fiat? The total number of units is capped.

It's not backed by a commodity (or a government, for that matter).
Its value comes from mass adoption and use - aka, millions upon millions of people accepting it as a medium of exchange and store of value.

[Martin Hash]

Anything people agree to use as a medium exchange is functionally money. Right now, BTC is the 5th largest fiat currency in the world by market cap. Bigger than the Indian Rupee.

https://decrypt.co/39425/bitcoin-is-now ... ency?amp=1

With that much real world value backing the cryptocurrency, and millions of people using it - It’s money. Maybe not to Martin or SF, but certainly to enough people to make BTC a viable alternative to government backed currency for exchanging value.

How is BTC fiat? The total number of units is capped.

It's not backed by a commodity (or a government, for that matter).
Its value comes from mass adoption and use - aka, millions upon millions of people accepting it as a medium of exchange and store of value.

Like a religion.