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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.
![Giacomo Zucco [I identify as a -e^iπ vampire]](https://pbs.twimg.com/profile_images/1172971162919415813/Pn8O2gkx_normal.jpg)
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
Do you believe some of these exchanges are involved in the same practices? Especially the interest program ones; when it comes time where everyone wants to withdraw their crypto do they actually have it... Are pseudo-crypto deposits even possible by exchanges?
I do not know of any specifically but it's certainly a danger.
I’ve just got an eerie feeling some of these big new players emerging into the market may be adopting some of these old practices & transforming them into the digital world.. Interesting to think about - history does rhyme
It’s possible to cryptographically prove bitcoin reserves, although few are doing it yet, and of course - still no guarantee they will release them to you! https://github.com/stevenroose/bips/blob/7276e9ae7b0f2a4fcbdd79bce484ce4953d2ee05/bip-0127.mediawiki …
Lightning channels/decentralized exchanges could allow scalable banking/trading without relinquishing custody. Definitely seems to solve some of the main problems that plagued the gold standard.
the other day, a Silent Generation person told me she thought the dollar was still backed by gold...
Lots and lots of people think this, in my experience
I've said it before, not your vault, not your gold.
That's a great thread and do not deserve to be missed.
@dcrtimestampbot
You then conflate gold with fiat by voodooing the unbacking of USD from gold. This is a red herring. The only worthless item is that which cannot be held, touched, or smelled.... Crypto. A random sequence of numbers...
I am your militant opponent. Where is your army?
So perhaps it’s those central banks that would pose systemic risks & endanger global financial stability in the future.
The FED started with a 25% reserve rate in 1914 and by 1933 it was reduced to almost 14%
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