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0 sats \ 1 reply \ @cointastical OP 28 Jul 2023
He says hyperinflation if our government goes back to a gold standard. He is kind of correct. Goods and such priced in the gold-backed notes will see price deflation. Goods and such priced in the unbacked fiat will see price inflation.
And he wants to say something about bitcoin, and he knows what he would say about bitcoin would be wrong, because he hates bitcoin but it really fixes this. So he doesn't say anything about bitcoin other than how the gold in vaults can be traded electronically like a digital currency can be traded. He just doesn't point out how the digital currency isn't in vaults. Well, unless you categorize bitcoin keys on a Cold Card as being "in a vault".
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25 sats \ 0 replies \ @mallardshead 28 Jul 2023
Gold pegged currency is just an affinity scam. It requires the currency be pegged to a fixed amount of gold, then the issuers must engage in an industrial scale manipulation effort in forex to maintain the peg in a range. You usually want partners here for the trade legs. BRICs might be dumb enough to try this again, but I wrote a post recently why they get crushed
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