BITCOIN vs. GOLD | Gold & Cryptocurrencies | Inflation | store of value (german with english subtitles) #BITCOIN #GOLD #Gold #amp #Cryptocurrencies #Inflation #store #german #english #subtitles

BITCOIN vs. GOLD | Gold & Cryptocurrencies | Inflation | retail outlet of value (german with english subtitles)
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  • Umpire_State_Bldg Reply

    Gold has two serious problems:
    * Expensive to store securely
    * Slow, and *very* expensive to transport securely

    This caused people to migrate from using physical gold to using “gold backed” banknotes.

    Banknotes have their own problems:
    * Users need to trust bankers
    * Bankers are highly incentivized to cheat their customers
    * Fractional reserve lending
    * Bank runs
    * Boom/bust cycles

    In 1971, as a result of the mother of all bank runs, the system changed to fiat currency — created from thin air and backed by nothing. The central bankers *promised* they would not “print” too much too fast. Then, the bankers began “printing” their fiat currencies to death.

    There are now two kinds of fiat currency:
    * Those which have gone to zero
    * Those which are still on their way to zero

    Fiat currency replaced the boom/bust cycle with the super-boom/super-bust cycle.

    Both “gold backed” banknotes and fiat currency share a common, fatal flaw:
    * “Money printing” is a form of theft

    Now there is Bitcoin, the new superior form of money.

    Bitcoin has all the good properties of physical gold: Durable, divisible, portable, fungible, recognizable, and **scarce**. *Unlike* gold, Bitcoin coin is *inexpensive* to store securely and Bitcoin is fast and *inexpensive* to transport securely.

    People will naturally migrate to use Bitcoin, leaving fiat currency, “gold backed” notes, and physical gold in the dust.

    February 22, 2023 at 8:47 am

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