Is the price of gold higher than Bitcoin?

66rounds said:
What if there was a bigger fish that could come in and offset their asset imbalance?
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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.
 
mmm....shiney! said:
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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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.
 
66rounds said:
Nor would I. I am thinking of things like student debt in the US or HECS here
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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.
 
mmm....shiney! said:
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.
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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.
 
Charles munger on bitcoin. He basically described it in 2 sentences. :D

https://markets.businessinsider.com...ac-stock-market-speculating-2021-2-1030119897
"I don't think bitcoin is going to end up the medium of exchange for the world. It's too volatile to serve well as a medium of exchange."
"It's really kind of an artificial substitute for gold and since I never buy any gold, I never buy any bitcoin. I recommend that other people follow my practice."
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on wealth and happiness, which I truly agree. :Do_O
"Most people are born with a happy stat, and their happy stat has more to do with their [inherent] happiness than their outcomes in life," Munger said. He argued that most people wouldn't be significantly happier if they were richer or much more miserable if they were poorer.
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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
 
sgbuyer said:
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
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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
 
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?
 
hawkeye1 said:
how much less rich are they as a result?
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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.
 
sgbuyer said:
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.
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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.
 
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.
 
TreasureHunter said:
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.
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No need bitcoin, they will choose chocolate bar over gold coin. :D

 
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