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Gold and gold backing in trendy society,

Everybody is aware of how costly gold it’s proper? However have you ever ever requested your self why?

Let me begin off by saying gold is tremendous uncommon, very arduous to mine / discover, and really costly individuals who personal plenty of gold usually have plenty of wealth. BUT, There are a number of different components which can be many instances extra uncommon than gold. Take IRIDIUM for instance low cost however very very very uncommon.

My level to all that is gold’s actual world utility is about 0. The one factor gold is actually good for is coating electrical connections. Think about a time sooner or later when gold is the foreign money used may you think about toting round tons of gold chiseling off little bits and items as you want them testing them for purity and proving what you might have is actual gold after which the change that you simply get must be examined and weighed. You’d must be versed in metallurgy.
To me gold is only a fairly peice of steel. And with the value being what it’s unrealistic to make use of as a foreign money. All of the testing and measuring and weighing that will be concerned locations would solely settle for 24 or 22 carrot gold you might need 10 or 12 carat gold you may not be capable to purchase your meals that day. CRYPTO CURRENCY IS THE FUTURE. Having a fiat backed by gold is ineffective and unrealistic. A world with out gold I see. A world with out digital foreign money I can not.

4 thoughts on “Gold and gold backing in trendy society,”

  1. Exactly. people complain about bitcoin’s transactions per second, but gold would be more like transaction per hour. It doesn’t work in todays economy and it didn’t work hundreds of years ago. That’s why banks were created. To “safely” store the gold and issue you iou pieces of paper that were good as gold and easier to manage, or so they thought. You all know what happens when you introduce that trusted 3rd party.
    Also like you say, gold is hard to mine in an energy intensive environmentally destructive process. But then btc gets the bad reputation for using energy in PoW

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  2. Do you not understand that USD are notes that are “backed by gold”? Why would anyone start carrying gold around and weighing it? Bitcoin isn’t back by anything.

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