I wish there were signs of... Burning cash, coal and silicon to make fictitious digital money.https://twitter.com/katherineykwu/status/1045059356994269184 …
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Wrong. It is literally a fictional idea made up be a pseudonymous hacker. The fact this fiction is believed as much as fiat backed by actual governments says as much about fiat as it does it. Gold is a tangible rock. From the ground. Not a fictional idea.
The monetary premium assigned to Gold isn’t assigned to it due to its physicality, but rather it’s high stock-to-flow ratio. Any other money-form with a higher stock-to-flow ratio can prove to be superior to Gold, it’s irrelevant whether it’s tangible or not.
For millenia prior to 1971, base money was a creature of the market, not a creature of the state.
Fiat has always been issued by governments even if defined by other things. Gold is a physical reality. What is wrong with fictional things becoming believed?
My point is, the “physical reality” part doesn’t matter. Money doesn’t have to be physically tangible. Nor does it have to be backed by the State.
Then you AGREE with me. Fiction is more powerful than reality.
The fact that billions of fiat, coal and silicon are being annihilated at the altar of a fiction upon a fiction is absolutely an example of the annihilation of the Fiat System itself.
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