You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more
Probably the biggest flaw with the monetary metals (gold, sil er, and copper) is that they are costly to assay/validate. This led making people vulnerable to (i.e. requiring them to trust) centralized entities such as coin minters and bank note issuers, said trust often abused.
Some of the same craft skills & tech that gave us the industrial revolution also made it much easier to counterfeit coins. As fake coins spread, use of bank notes grew. Here's a fake silver dollar made in Birmingham via a technique invented in Sheffield. https://www.coincommunity.com/articles/swamperbob_8_reales_birmingham_counterfeit.asp …pic.twitter.com/Qbx7heTq2p
Bank notes further increased trust, i.e. vulnerability. to the actions of third parties. Gold came to be held in centralized vaults, and IOUs for much more than the gold actually held were issued -- fractional reserve banking (FRB).https://twitter.com/bitstein/status/1145438009636085760 …
Governments helped set up the largest banks, which printed even more bank notes and used them to buy government debt. These banks became (Bank of England) or were set up as (Federal Reserve) note-issuing monopolies, which we now call central banks.
Eventually default turned these gold IOU paper notes into fiat. BofE started refusing to honor its notes in 1931. The Fed reduced the amount of gold it would redeem a dollar for in 1933, restricted gold trade by targeting the centralized bank vaults, and went full fiat in 1971.
Here's an example showing how, despite authority resemblance
https://unenumerated.blogspot.com/2016/07/artifacts-of-wealth-patterns-in_15.html …
the fundamental nature of U.S. dollars radically changed over the course of the 20th century. They look very similar, but the kind of money they represent is radically different.
ht @jp_koningpic.twitter.com/JF7KifIcXJ
Still harder to counterfeit and pass, and easier for retailers to detect counterfeits, than for coins.
Have you considered the possibility that gold’s price elasticity of supply is a *must have* feature that makes gold sound money? Conversely, bitcoin’s perfectly inelastic supply (there can ever be 21m) makes it terrible as money due to lack of stabilization mechanismspic.twitter.com/VBqKrXOl7e
This ignores why the business cycle happens in the first place, which is due to artificially low interest rates. Elastic supply isn’t necessary, and you wouldn’t even need to consider it if bankers didn’t (or couldn’t) lend fractional reserves in the first place.
“Business cycles happens due to artificially low interest rates” <- I was going to ignore this hilariously naive comment but it attracted a like from Nick Szabo himself 
. Best of luck with your “store of value” project guys.
Nobel Prize-winning economic theories are naive? https://www.nobelprize.org/prizes/economic-sciences/1974/press-release/ … I’m impressed with your chutzpah. I’d have a hard time gathering the courage to call Mises and Hayek naive!
Did Hayek ever say business cycles began happening *only* after the invention of fractional reserve banking? If so, I guess this’d be the first time a Nobel winning economist is wrong
Fractional reserve banking is a much older scam than 1913. Read a history book.
spot platinum currently ~40% cheaper!
yes golds greatest flaw is that it requires the holder to be in safe stable country to enjoy their holdings. Gold holdings would not survive a despotic regime or a confiscatory one.
ask a gold bug how they plan to move 100k or even 100million of gold across the border
They'll tokenise 'em #gold. No need transporting...
Token holders have to trust whoever is storing their gold.
Yes, but the gold storage trust talking point is all secondary, when the transaction has been settled in #tokens.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.
