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paulg's profile
Paul Graham
Paul Graham
Paul Graham
Verified account
@paulg

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Paul GrahamVerified account

@paulg

paulgraham.com
Joined August 2010

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    1. Naval‏ @naval 8 Aug 2017

      "Digital Gold" seems like a nonsense concept. The most solid thing turned into the most ephemeral.

      25 replies 37 retweets 171 likes
      Paul Graham‏Verified account @paulg 8 Aug 2017
      Replying to @naval

      Gold's solidity was not the important thing about it, but that it was an agreed-upon medium of exchange.

      2:15 PM - 8 Aug 2017
      • 4 Retweets
      • 95 Likes
      • Rob Lindwall Jeanne Justin Tu Mondo Michael Malo Lars Sunny Ray John Paul Henry Alex Chiriac
      20 replies 4 retweets 95 likes
        1. New conversation
        2. Kelly Eng‏ @boomereng 8 Aug 2017
          Replying to @paulg @naval

          no, the most important thing about it is its scarcity.

          2 replies 1 retweet 9 likes
        3. Adam P‏ @callmethebear 8 Aug 2017
          Replying to @boomereng @paulg @naval

          Gold is not scarce. Wall Street has created unlimited Uncollateralized paper versions of it. Over $180bn or 140mm ounces trade each day.

          2 replies 2 retweets 2 likes
        4. Kelly Eng‏ @boomereng 8 Aug 2017
          Replying to @callmethebear @paulg @naval

          actual gold is scarce. fiat currency is not. The US hasn't been on the gold standard since 1971 which is why we can "create" unlimited amts.

          1 reply 2 retweets 10 likes
        5. Adam P‏ @callmethebear 8 Aug 2017
          Replying to @boomereng @paulg @naval

          That's very much true & well said. However benchmark trading of gold trades in uncollateralized paper making price discovery lack scarcity

          1 reply 0 retweets 0 likes
        6. Kelly Eng‏ @boomereng 8 Aug 2017
          Replying to @callmethebear @paulg @naval

          agree, idc about fiat usd price of gold. my point is that scarcity is what makes a thing, physical or digital, viable as currency.

          3 replies 0 retweets 4 likes
        7. Kelly Eng‏ @boomereng 8 Aug 2017
          Replying to @boomereng @callmethebear and

          once you untether currency from innate scarcity, you end up in a system where the powerful have an outsize ability to manipulate value.

          1 reply 1 retweet 7 likes
        8. Adam P‏ @callmethebear 8 Aug 2017
          Replying to @boomereng @paulg @naval

          Which.......is the system we are stuck with at this exact moment.

          0 replies 0 retweets 1 like
        9. End of conversation
        1. Spencer Camp‏ @spencercamp 8 Aug 2017
          Replying to @paulg @naval

          Fiat: mutable, non-scarce, national Gold: immutable, scarce, local Crypto: immutable, scarce, global

          0 replies 0 retweets 3 likes
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        1.  🦉 Wisdomination  🦉‏ @Supreme_Owl_FTW 8 Aug 2017
          Replying to @paulg @naval

          The imperishability helped a lot. Bitcoin even better.

          0 replies 0 retweets 4 likes
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        1. Ali @ Streamlabs‏Verified account @ali_moiz 8 Aug 2017
          Replying to @paulg @naval

          Actually no. The most important thing was the supply was scarce, and could never be artificially manipulated like central banks

          0 replies 0 retweets 2 likes
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        1. Michael‏ @mmay3r 8 Aug 2017
          Replying to @paulg @naval

          “Most solid” can be interpreted in the abstract sense as being rare and tangible.

          0 replies 0 retweets 2 likes
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        1. New conversation
        2. peter cresswell‏ @pcresswell 8 Aug 2017
          Replying to @paulg @naval

          Sort of. Gold has a rather unique set of properties which made the whole thing work. Choice of Gold was not random.

          1 reply 0 retweets 2 likes
        3. 1 more reply
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        2.  🦎‏ @seanmfinegan 8 Aug 2017
          Replying to @paulg @naval

          But why was it agreed upon?

          1 reply 0 retweets 1 like
        3. 1 more reply
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        2. acecampbell‏ @acecampbell 8 Aug 2017
          Replying to @paulg @naval

          Not to mention gold is the perfect metal - it is beautiful and has industrial value.

          1 reply 0 retweets 1 like
        3. 1 more reply
        1. Tigran‏ @hyetigran 8 Aug 2017
          Replying to @paulg @naval

          Also a scarce resource

          0 replies 0 retweets 0 likes
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        1. Munawar‏ @MunawarCheema 8 Aug 2017
          Replying to @paulg @naval

          Gold appeal was divisibility, permanence, and simultaneously not being someone else's liability

          0 replies 0 retweets 0 likes
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        1. Jon Perrier‏ @jbperrier 8 Aug 2017
          Replying to @paulg @naval

          "..The true value of a currency is not that it's tied to a precious metal, it's the utility of it." -Paul Vigna, The Age of Cryptocurrency

          0 replies 0 retweets 0 likes
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