pull down to refresh
28 sats \ 2 replies \ @Rothbardian_fanatic OP 30 May \ parent \ on: The "Magic Coin" and Renewing Interest in Monetary Policy econ
Had they been aware, they could have seen this long before BTC ever made it into reality! All they had to do was look at precious metals. The only drawback was that PM were and had been a manipulated market for some time now. I became aware of the manipulation in the late ‘90s. I lost a large sum of money when the COMEX fiddled with margins on PM around 2001. I was swinging around 20 large gold futures contracts and 25 large silver futures contracts as well as FX contracts. After that I would only use options.
Very few people use commodity money, though. People have it as a savings vehicle, but that's all they think of it as.
reply
I brings to mind the 007 movie where the hotel manage said he would accept British money only if is were sovereigns. That supposedly took place in the mid ‘60s. So people were still using commodity money at that time, not to speak of the silver coins in the US. However, since then, not so much commodity money usage. I can tell you though fish could be used as barter money in Hawaii at one time. Use to buy a lot of bananas and mangos for a little bit of fresh fish.
reply