Is the price of gold higher than Bitcoin?

Discussion in 'Digital Currencies' started by slavaja, Feb 22, 2020.

  1. mmm....shiney!

    mmm....shiney! Moderator Silver Stacker

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    The high levels of private debt are not the problem, they're a manifestation of the real problem which is that successive governments have starved the real economy of funds needed to grow. The level of private-sector debt is equal to the shortfall in government spending in the real economy.

    A debt jubilee will only make the problem of precariously high debt levels go away for a short time, it won't solve what caused the economy to become so dependent upon private debt in the first place ie wages being squeezed and a reluctance among the business sector to expand. And then it wouldn't be long in our new debt-free world before we'd be relying on rising levels of private debt to fuel economic growth again.
     
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  2. 66rounds

    66rounds Well-Known Member Silver Stacker

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    I agree 100% with your comments. Debt Jubilees are not a solution, but I'm still expecting them to try.

    And the mechanism aren't all that confusing. Just involves the Central Bank/Fed providing "assets" to balance bank balance sheets and thus increasing economic centralisation. Eventually the private banks will become nothing more than subsidiaries of the central bank.
     
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  3. mmm....shiney!

    mmm....shiney! Moderator Silver Stacker

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    I don't agree with that so I won't be making any financial decisions based around debt forgiveness.
     
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  4. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Nor would I. I am thinking of things like student debt in the US or HECS here, not necessarily home mortgages
     
  5. mmm....shiney!

    mmm....shiney! Moderator Silver Stacker

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    yep, that would be a more likely scenario and I wouldn't be surprised if it happened. Nor cared. Of course for those students that have paid off their debt it would probably be both prudent and morally appropriate to credit their HECS taxes back.
     
  6. 66rounds

    66rounds Well-Known Member Silver Stacker

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    I doubt they will bother going back and crediting all HECS taxes. They'll just say tough luck to those who have paid it off.
     
  7. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Charles munger on bitcoin. He basically described it in 2 sentences. :D

    https://markets.businessinsider.com...ac-stock-market-speculating-2021-2-1030119897
    on wealth and happiness, which I truly agree. :Do_O
     
    Last edited: Feb 25, 2021
  8. mmm....shiney!

    mmm....shiney! Moderator Silver Stacker

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    ^ ok boomer
     
  9. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Charles Munger served as a commission officer in the US navy during WWII. Notice he didn't say much about gold, just say he doesn't buy it. Market is all about psychology. It is now driven by greed.

    Meanwhile, anyone can guess when they will announce the Fedcoin? :D
     
  10. mmm....shiney!

    mmm....shiney! Moderator Silver Stacker

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    He makes a compelling argument for why old men become irrelavent.
     
  11. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Yelen has been talking a lot? Perhaps, preparing for the big announcing? Meanwhile, the fake media continues hyping it up. All my PRC neighbours no longer talks about it.

    https://www.cnbc.com/2021/02/27/op-...he-us-and-its-allies-keep-china-in-check.html
     
  12. hawkeye1

    hawkeye1 Active Member

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    Munger reminds me of Buffett. They don't care and they don't care to care. Buffett missed the internet too.

    How's Schiffy going these days. When did he first start ranting about BTC? My guess is, somewhere around $10. How many people listened to him and how much less rich are they as a result?
     
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  13. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    you're missing the whole point of munger's interview. munger isn't interested in being "rich". munger and buffett are businessmen firstly, they derive pleasure (and longevity) from their businesses. being rich isn't the primary objective.
     
  14. hawkeye1

    hawkeye1 Active Member

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    Well, when you are already rich you are probably not that interested in becoming rich, are you?

    I still feel like these type of people have a responsibility, when they speak, to know what they are talking about or just keep quiet. But that's just my personal opinion. Then again, I also think people shouldn't look to gurus so much and learn how to think for themselves, so .... mehh... I guess they can say what they want.
     
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  15. TreasureHunter

    TreasureHunter Well-Known Member

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    Ethereum is currently priced at 1648 $. And Gold is at 1701 $ an ounce.

    However, no healthy adult man would trade an ounce of Gold for a crypto-joke-coin that ain't worth the bit it's not printed on.

    This is the true value (not price!) of cryptos. No normal brained man would trade anything with intrinsic value for 'em.

    But you would give your Gold or Silver of Dollars or Euros, if the price is right and if you happen to want to buy something (like a nice car). Now how's that?

    This is why cryptos are not money, nor currency.
     
  16. mmm....shiney!

    mmm....shiney! Moderator Silver Stacker

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  17. hawkeye1

    hawkeye1 Active Member

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    I don't think intrinsic value means what you think it does.

    https://www.investopedia.com/terms/i/intrinsicvalue.asp

     
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  18. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    No need bitcoin, they will choose chocolate bar over gold coin. :D

     
  19. TreasureHunter

    TreasureHunter Well-Known Member

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    ^
    I know that video. Many people are really that stupid. Especially in the west.
     

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