Excellent. Tried to explain this to commodity traders in 07&11. They couldn't really internalize it.
“post-gold-standard prices for industrial commodities are not driven purely, or often even mostly, by industrial demand being met by appropriate changes in material supply… they are no longer purely commodities; they are in part also money.” https://unenumerated.blogspot.com/2016/02/two-malthusian-scares.html …
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With functioning and deliverable futures market, Aluminium ingots and Copper cathodes are massive financing markets for banks. Acting just as good as cash for collateral.
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If you understand why gold is the sole monetary unit of accountant, you will understand why bitcoin as designed is a fatally flawed currency.http://manonthemargin.com/the-problem-with-bitcoin/ …
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@nickszabo4 Do you think that there will be a floating cryptocurrency that is backed by Bitcoin? Or perhaps a cryptocurrency pegged to a barrel of commodities such as Hayek suggested? Will there be a cryptocurrency with malleable supply to serve as Medium of Exchange? thoughts?Thanks. Twitter will use this to make your timeline better. UndoUndo
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quote: "market participants start spontaneously treating some goods as intermediate commodities. Intermediate commodities are held, not to consume them, but to store value until the next opportunity for exchange comes along. The intermediate commodity's price increases ..."
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@cburniske Incredible read, thank you for sharing!Thanks. Twitter will use this to make your timeline better. UndoUndo
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So many gold bugs be feelin rekt
#sfyl duffers who had a good idea but got passed by due to their lust for gold combined with ignorance of technologyThanks. Twitter will use this to make your timeline better. UndoUndo
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