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So instead of trading money for goods, are we just trading debt for goods? Instead of being paid money, we're paid in debt owed by others?
if (Object.DividedByZero == true) { Universe.Implode(); }
Meus ratio ex fortis machina. Simplicitatis de formae ac munus. -Foothill, 2016
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A_Griffin wrote: Yes - but then so is gold (upon which most world currencies are based) a speculative commodity.
I kind of wondered what the context of the original OP meant in terms of gold.
Basically no currency in the world is backed by gold.
Only One Currency Is Still Backed By Gold - Business Insider[^]
Those governments that still have gold might chose to diversify but as an asset it is no more meaningful than the actual building (asset) of the town hall or an old fire truck. It is worth something but it has nothing to do with the currency.
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You do know that Gold is a real thing? Bitcoins are generated things - phantoms. If you 'mint' them, they only value they'd have is that of the metal/plastic they're made of.
By the way - what countries, if any, are on the "Gold Standard" ? The cost of gold fluctuates in terms of all currencies - so it's not a standard for any of them. If it were, it wouldn't fluctuate.
Are they any different than regular currency?
That's a bit philosophical.
| Ravings en masse^ |
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| "The difference between genius and stupidity is that genius has its limits." - Albert Einstein | | "If you are searching for perfection in others, then you seek disappointment. If you are seek perfection in yourself, then you will find failure." - Balboos HaGadol Mar 2010 |
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You might get a weird look if you try but you can pay for anything with pure gold or silver. I can't think of any business that would not accept gold as a form of legal tender in a transaction.
if (Object.DividedByZero == true) { Universe.Implode(); }
Meus ratio ex fortis machina. Simplicitatis de formae ac munus. -Foothill, 2016
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Only businesses that keep a handy assay kit available - or at least a bottle of Nitric Acid (which won't eat gold or platinum metals, but will eat nearly any other metal). Lots of look-alike alloys.
A store that would accept a hunk of metal, particularly from a strange, is run by a nit-wit.
| Ravings en masse^ |
|---|
| "The difference between genius and stupidity is that genius has its limits." - Albert Einstein | | "If you are searching for perfection in others, then you seek disappointment. If you are seek perfection in yourself, then you will find failure." - Balboos HaGadol Mar 2010 |
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You got me there but if I ran a business, I would take gold in lieu of other forms of payment.
if (Object.DividedByZero == true) { Universe.Implode(); }
Meus ratio ex fortis machina. Simplicitatis de formae ac munus. -Foothill, 2016
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Why?
Your bank will take money and they will set you up with a business account that you can use to process credit/debt cards. And you can set up paypal if you want to go through that same account.
Your bank will not take gold. That means to use it, like pay the electric bill you are going to need to find someone to buy it. And that someone is not going to buy it at the full market value. So either you need to charge your customers more for gold or you are going to take a financial hit when converting it.
Additionally if your business is moderately successful with gold that means you are going to end up, presumably, depositing large amounts of cash, after conversion, to your account. That makes it more likely that the IRS will trigger full audits.
If you think that this makes it easier to hide assets then you must deal with informants and potential full audits for normal reasons which could then lead to unexplained discrepancies between parts of the business. Doing that is a crime (not civil.)
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If any entity would try to wrestle away the money printing monopoly from any government it will be outlawed faster than you can say bailout.
modified 20-Oct-19 21:02pm.
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That sort of system has been tried multiple times in the past and it always failed.
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What is a "Central Bank"?
And why would they have a significant (presumably) investment in gold such that diversifying to anything else would matter?
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jschell wrote: What is a "Central Bank"?
A newfangled concept, with the FED and the ECB as examples. In these modern times, they invent the economic reality as they go, mostly to prevent declines in the stock-market.
The idea behind the central bank, as being a private entity, is that it keeps the money-press out of the hands of the politicians - since they usually have a strong incentive to debase the money, as history proves.
jschell wrote: And why would they have a significant (presumably) investment in gold such that diversifying to anything else would matter?
Most countries hold gold as a monetary insurance. As much as the media may brand it a barbaric relic, most governments act otherwise.
Bastard Programmer from Hell 
If you can't read my code, try converting it here[^]
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Eddy Vluggen wrote: A newfangled concept, with the FED and the ECB as examples. In these modern times, they invent the economic reality as they go, mostly to prevent declines in the stock-market.
The idea behind the central bank, as being a private entity, is that it keeps the money-press out of the hands of the politicians - since they usually have a strong incentive to debase the money, as history proves.
I know how those work. But they have no real connection to gold so I was wondering if there was some country that had a "Central Bank" that was in fact seriously invested in gold.
Eddy Vluggen wrote: Most countries hold gold as a monetary insurance. As much as the media may brand it a barbaric relic, most governments act otherwise.
Ah that tenuous connection makes the original post somewhat more understandable.
Although that is not the sole or even a completely direct reason for such banks continuing to hold it.
And for that reason conversion it to crypto is absolutely outside the bounds of reason. Since much of the "insurance" value is based on perception of the value of which crypto has none.
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jschell wrote: I know how those work. But they have no real connection to gold so I was wondering if there was some country that had a "Central Bank" that was in fact seriously invested in gold.
There's a list, but I did not have enough time to check it twice 
The gold listed for each of the countries in the table may not be physically stored in the country listed, as central banks generally have not allowed independent audits of their reserves.
jschell wrote: Although that is not the sole or even a completely direct reason for such banks continuing to hold it.
Ah, so you are unfamiliar with Greenspans' opinion? 
Bastard Programmer from Hell
If you can't read my code, try converting it here[^]
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For those of you that are into this sort of thing, does this Samsung Gear S3 Frontier Smartwatch (5647800) require a SIM card (for 4G LTE connectivity), or does this one do everything BUT place/receive calls?
Thanks.
DC
"One man's wage rise is another man's price increase." - Harold Wilson
"Fireproof doesn't mean the fire will never come. It means when the fire comes that you will be able to withstand it." - Michael Simmons
"You can easily judge the character of a man by how he treats those who can do nothing for him." - James D. Miles
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It doesn't have 4G (or 3G) connectivity, only Bluetooth and WiFi. It can place and receive calls through a paired mobile phone like a Bluetooth headset.
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That works out very well . . . you can use the phone to call someone and ask them the time.
| Ravings en masse^ |
|---|
| "The difference between genius and stupidity is that genius has its limits." - Albert Einstein | | "If you are searching for perfection in others, then you seek disappointment. If you are seek perfection in yourself, then you will find failure." - Balboos HaGadol Mar 2010 |
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Sounds right, because the clock face would change to a phone face while talking. 
"One man's wage rise is another man's price increase." - Harold Wilson
"Fireproof doesn't mean the fire will never come. It means when the fire comes that you will be able to withstand it." - Michael Simmons
"You can easily judge the character of a man by how he treats those who can do nothing for him." - James D. Miles
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Phoney McPhoneface... I like it!
It was broke, so I fixed it.
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Good read, thanks. It seems that most issues were tied to there being too many apps running rather than an actual battery issue.
"One man's wage rise is another man's price increase." - Harold Wilson
"Fireproof doesn't mean the fire will never come. It means when the fire comes that you will be able to withstand it." - Michael Simmons
"You can easily judge the character of a man by how he treats those who can do nothing for him." - James D. Miles
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My S2 can receive make and calls independently of my S8+ and might not have enough room for a SIM card so may have the functionality built in somehow. It has it's own number or can work as a slave through Bluetooth to the S8+.
- I would love to change the world, but they won’t give me the source code.
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Forogar wrote: and might not have enough room for a SIM card so may have the functionality built in somehow
It has an embedded SIM card.
Not sure what that means in terms of service. Either it would need to clone your regular phone which I suspect is problematic or you would need another line to support it.
Also I suspect if you use it in any communication capacity extensively it would drain the battery very quickly.
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