Time to Return to the Gold Standard?

Discussion of the Gold portion of the Permanent Portfolio

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bitcoininthevp
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Re: Time to Return to the Gold Standard?

Post by bitcoininthevp » Wed May 22, 2019 9:22 am

boglerdude wrote:
Tue May 21, 2019 11:44 pm
Bitcoin could make things worse by increasing tax evasion and as a payment method for crime. Transparency is good for society
Tax evasion is universally bad?

"as a payment method for crime". You should see all of the crimes assisted with the use of cell phones. But you’re right, because Bitcoin is censorship resistant, criminals will be early adopters.

Also, all of Bitcoin's transactions are publicly viewable. Although pseudonymous, there are many techniques to clue who is behind transactions.

Do you think it is good for society for everyone to see everything you spend your money on? If so, do you currently publish your credit card and banking statements publicly somewhere for me to view?
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Re: Time to Return to the Gold Standard?

Post by boglerdude » Wed May 22, 2019 9:07 pm

Sure Id vote for a transparency law like that. It would expose the corruption in politics and bring world peace :) (I can hear Libertarian666 screaming from his bunker)

> what would be a more accurate version of your subjective Bitcoin-is-adopted-sufficiently?

When we need to use it, or when it does something that cant be done any other way. Right now it just abets crime.

Howbout using blockchain to secure video surveillance footage of public areas? So the gov cant edit it
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Xan
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Re: Time to Return to the Gold Standard?

Post by Xan » Wed May 22, 2019 10:34 pm

boglerdude wrote:
Wed May 22, 2019 9:07 pm
Sure Id vote for a transparency law like that. It would expose the corruption in politics and bring world peace :) (I can hear Libertarian666 screaming from his bunker)

> what would be a more accurate version of your subjective Bitcoin-is-adopted-sufficiently?

When we need to use it, or when it does something that cant be done any other way. Right now it just abets crime.

Howbout using blockchain to secure video surveillance footage of public areas? So the gov cant edit it
I'm truly surprised at the casual endorsement of the Panopticon. Personally I'm glad every day that cash still exists.
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Re: Time to Return to the Gold Standard?

Post by boglerdude » Wed May 22, 2019 10:46 pm

"A mill for grinding rogues honest." lol'd

Yeah I live in the ghetto, the threat from thugs is 5x greater than the gov
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bitcoininthevp
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Re: Time to Return to the Gold Standard?

Post by bitcoininthevp » Thu May 23, 2019 10:35 am

boglerdude wrote:
Wed May 22, 2019 9:07 pm
Howbout using blockchain to secure video surveillance footage of public areas? So the gov cant edit it
You can use https://opentimestamps.org/ or something like it to prove existence on the Bitcoin blockchain similar to what you describe. But someone would need to store the video separately.

Creating a new blockchain for this seems unreasonable. Who is going to mine the chain? Is someone storing the video? Since it’s a blockchain, the point is that it is decentralized, so that means many people around the world storing it? What is their incentive? etc.

These are the common questions I have for the "blockchain everything!" crowd.
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Re: Time to Return to the Gold Standard?

Post by Kbg » Sat May 25, 2019 8:36 pm

Adoption metric...that’s a good question.

My answer will highlight I haven’t put much thought to such a question for sure, but here’s some off the cuff thoughts.

Walmart test (widely accepted)

Electronically secure (as good as my bank/FDIC insured)

Convertible (as good as FX)

Stable (in the same ballpark as the major currencies or the next tier down)

Interest bearing (if I park it somewhere)

In short, it needs to be as “good” as a government backed currency.
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