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70 sats \ 1 reply \ @tomlaies 1 Dec
What's great about this chart is that you can clearly see it didn't actually happen in 1971. You can clearly see it started at least in the 50s.
- The gold standard didn't end in 1971. It was a process stat started before that
- Modernity happened. Everything happened. Our world is unrecognizable for someone from the early 1900s. Computers happened. Widespread electrification happened. Everything happened.
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0 sats \ 0 replies \ @xz 1 Dec
That's a good observation.
I wonder what would have happened if everything happened but we did not end up with a hockey stick. Would that be possible, theoretically, and if so what differences would there be?
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0 sats \ 0 replies \ @JesseJames 1 Dec
You know what happened (gold-backed assets). We can fix this with Bitcoin. It will happen anyway, whether you like it or not.
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0 sats \ 0 replies \ @oraltosun 1 Dec
Gold was removed from the back of the dollar in 1971. 😉
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