Your gold is pretty awesome, but it's not awesome enough to be money until you can send it to Chen in China to buy a cheap .mp3 player.
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Ummmm... You can easily send $6 of gold value anywhere in the world, instantly. Just get a Goldmoney account or similar.
Before that existed, and prior to 1971, people used a crazy new-fangled technology called "dollar bills" and "checking accounts" to cheaply and easily send gold anywhere in the world.
It's not rocket science. Also, it's a metal. Metal =/= "Rock".
your wrong luv .. i have many kgs of silver. i,m not going to chip off a bit an weigh it.. i take it to an exchange and get the cash equivalent of the day. i cant believe that people are going to help the power elite with there plan to make us a cashless society. who do we think owns the internet. that this method is to withstand a (ctrl alt delete) at there choosing... right wink wink.. its as safe as the titanic... gold an silver is the only way.. look at histroy.
It's great for making jewelry and electronic devices but when you want to trade with it you have to take a risk. That's why it has never been useful as a currency. As an investment yes. As a trading currency gold and silver are crap.
Great video. This really puts it in perspective for people who might not get it. Cryptocurrency definitely should be the future of finance and payment systems. The way you explain it makes perfect sense. Fantastic episode!
Amanda can't you make an episode about previous alt coins that was just pump and dump schemes and how to detect and differentiate between real alt coins that drive the progress forward compared with scams and semi scams.
Great Video Amanda! You are correct about cryptocurrency changing the world. The first mega bank to offer a gold or silver "Backed" crypto will win the prize. http://www.goldcore.com/us/gold-blog/jp-morgan-cornering-silver-bullion-market/
One does not generally put govt. fiat in an envelope to send to China either. As others below have pointed out Gold does come with a payment network. At least two that I know of. Both gold and crypto have their pro's and cons. e.g Your gold cannot be hacked (physically)- but using it digitally, say with bitgold, however means you still need to trust a third party - unlike a cryptocurrency in which you are your own bank but are at some degree reliant upon encryption, digital security etc.
Currency competition does not necessarily mean they are all racing to the same finish line. An artisan croissant baker in France is not competing directly with a large chain doughnut maker in the USA beside both offering flour baked desserts.
Amanda I'm not sure if it's that you're exceptionally intelligent, or if it's simply your youth that prevents you from falling for the same old logic traps that those obsessed with the gold standard are stuck in. It's probably a little of both.
Please don't ever listen to anyone who confuses gold with money, or paper with fiat. Paper money was effectively the original cryptocurrency. There's no problem with paper money itself (although it has it's limitations compared to cryptocurrency), it's simply the fact that only government was allowed to issue and create it. Fiat is simply money as decree'd by law, it has nothing to do with the concept of paper currency itself. In truth the importance of what we use as money pales in comparison to the importance of the idea that it shouldn't be determined by some central "authority". I'm sure you already understand all this to some extent.
+Coletrain I couldn't agree more. A single cryptocurrency could be declared the only 'legal tender' by some politico, and if enough of the people in this world were sheep, it would become the new fiat.
And they could inflate it beyond its original issuance schedule with a majority vote.
And we'd be right back to where we started -- except worse -- because there'd be no physical cash with which to hide private transactions.
So I completely agree with you. And I make a show promoting cryptocurrency not because I believe it's inherently good or evil, but because I believe it's inevitable, and I'd like to promote competition to stave off the monopolists as long as possible. Hopefully indefinitely.
Hoarding is not as bad as automatic fiat exchange, but both are better than not using crypto at all.
Focus on the tech behind it, the capabilities, its decentralizing properties, not just as a currency and its relation to USD value in numbers.
+ausPPC No I first got into btc a few years ago. Very few people hoard fiat currency & if they do it usually to save up for something. Currency gets its name from an electrical current which means it flows & is not static. If I give you $20 right now it will still be $20 in 2 months time. You will still have the same purchasing power then as you would today. Can you say the same for btc? Btc is volatile in purchasing power that it is almost like a weimar republic situation in the 1930's.
+asperin What do you suggest I do? Pretend that crypto is our saviour? It is a major concern for many people starting out in the crypto world. I recognise that bitcoin is either hoarded or instantly exchanged into Fiat after a transaction has taken place. How are either of them situations good for a currency?
I have been thinking about the value humans attribute to whatever (anything really), and frankly the gold debate has run its course imo - its old and dusty (if you were lucky to have a peek in one of those big secure vaults you'll see how those bars gather dust year in and out). We the people ought to turn to ourselves once and for all to find value and attribute it ourselves according to whatever you are good at - to each her/his own. Luckily Crypto made this attribution possible and its happening already, thankfully. And thanx soo much to all the coders who make this dream of humanity come true - finally: I love you CODERS > you rock!!Gold and whatever other metal you like, name it: Silver, Copper, Nickel, Zinc etc. should only play a "backing role" IMHO. (and other commodities too of course)[This is redrahaka speaking from the heart]
+Fagner Nascimento lol, yes its all very subjective. I actually subjectively bought Rhodium years ago, thinking because its such a super rare platinum-group metal (second rarest element in earth's crust - way more rare than gold, see https://en.wikipedia.org/wiki/Abundance_of_elements_in_Earth%27s_crust), that one day I'll make a profit, selling my extremely rare metal for way more than gold cause it's so rare and just look at it today it's hovering around 710$ while gold going around 1250$. All very subjective.
+redrahaka, what the most important, water or diamond? of course water... but why is diamond so expensive and water almost free? and if you are alone at the middle desert, what the most valuable now, diamods or 5l of water? for those questions we have an answer; the Subjective theory of value of Carl Menger.
Oh Gosh, Amanda, Irina must have told you Au is a rock... silly devushka !
Au is elemental, Atomic weight Number 79 on the periodic table, and metallic in nature.
It is mined because it has instrinsic value. It is used as money, because it is rare.
Unlike the crypto-C, which has zero intrinsic value, there are many uses for Au in addition to it's most popular use as jewelry.
Pleases take this opportunity to review 'noble metals',or even Jimmy Wales presentation.
This brings forth my exception to crypto... Newbie that I am to the subject, I see no intrinsic value to the respected digits, and the 'mining' only as an expenditure of capitol, and power. In true mining of useful minerals, the fat cat consortiums have indeed taken over, as the digital mining farms have in crypto, yet a prudent man may still feed himself by mining. Not so, in crypto. If the computing power were to be put to work on blocks of problematic circumstances where solution would improve the lot of mankind, rather than some intricate ruse, something of value would be created, and worthy of value from it's inception.
Oh my ! Au is used to buy many, many things... And have you not yet read about the German gold which had been held in US banks and NOT returned upon request ? Or the Venezuelan gold, which has been ? At one time, fiat was not, until there was an inadequate supply backing the notes which were needed for the growing world economy. A fixed price morphed into fiat... Time to build a fire under the research team before standing in front of the camera... well, you certainly may, and I'll enjoy watching, yet I have come to expect substance from you.
You may also review debasement of coinage, which the British have been accused of on a grand scale when paying their troops putting down rebellion in Ireland. The Irish were taking gold coins, spent by the troops, to France, and purchasing weapons. When the queen debased her coinage, the French would no longer exchange weapons for an inferior product.
Well, gold does not require a network, part of it's beauty. Gold, is portable land.
Possession is 9/10ths of the Law. (Which was, at one time, respected.)
Correct me if I am wrong. Best rc
OMG, Amanda ! May I suggest you seek out an educated 'goldbug' who will most likely, (I hope), open your eyes... When the zombie mega biker apocalypse destroys the infrastructure, and digits are no longer transmitted, Au will retain it's intrinsic value. There is room for both, in a sensible portfolio...
You cant trade gold instantly and internationally without involving a third party that is expensive and inherently risky. That is why is doesn't work. For crypto C to fail the internet has to fail and that is about as likely as an asteroid striking and ending all life. The value crypto C is it can be trusted because it can't be manipulated or forged, it costs little to transact and the poorest in the world who cant afford a bank account can have it on their phone. It doesn't have to have more value than that. Very little in the history of mankind has had near the value Crypto C is going to have.
I know she was hungry when I took the picture .I dedicate my channel to attack scams on youtube specially on binary options so I make lots of people angry by exposing than .I am afraid to put my real picture not sure what could happen .I am also doing trades with cryptocurrency using poloniex I did some good investments base on the info you provide in your channel ,have done any trading?
Amandana, what you would do, is you would buy it with 90% silver quarters that used to comprise the American money supply. Bitcoin works wayyyyyyyyyyyyyyyyyyyyyyy better though for internet transactions.
Great job explaining value Amanda! and guess what, you can send physical gold anywhere already using bitcoin.
i tried bitgold, bought some gold and got 0.5 grams as a present. I even ordered a free prepaid credit card nomiated in USD (EUR and GBP also possible). today they sent an email that they are running a referral program, so everyone gets some grams of gold. Go for it gold diggers (activation within 48h, you get a 5% discount).
use this link pls: http://bitgold.com/r/LTFJd6
The problem you describe is no problem with gold. You are missing the key factors why transactions with gold are not practical at the moment:
- Governments all over the world force people to use the official currency by law and force. Any business that matters (lets say major brands of super markets) would get raided and shut down once they accept gold.
- Banks are strongly regulated by laws. Entering the market is being artificially made difficult. (You need a minimum deposit, loads of certifications and other bureaucracy, do it the way the state demands.) Current banks are in bed with politics. Banksters make politicians write the laws they need to prevent competition. If a few people would agree to create a fair bank, one that works with gold, that threats their customers are customers, not criminals and so forth, then this bank would be raided and shut down by the state. It is unfortunately forbidden for the people to come to mutually accepted volunteer contracts because a third party, the state, interferes by force.
Deprecate the state monopoly on legal tender and the free market will make it work. Currency competition not just crypto currency competition!
In your example with buying a cheap device from far away, you would deposit your gold at your bank A. Then you would tell your bank to transfer the gold to bank B. At the end of the day, banks would sum it up, make a clearing. The bank that owes the other bank money, would instruct a specialized shipping company to transfer the gold. (The clearing would happen for all customers, not just a single one.)
You know, why crypto currencies will probably not take over the world during out life time, because states will ban it as soon as it gets relevant enough. Just as they did with other currencies (gold).
+Bradley Baker ...Pls don't be so hard on padowan, Brad. She is nice to look at, pleasant in nature, and does her best to disseminate what she has learned, for the benefit of others. IMO, best to slip here a few research subjects... She does want to learn ! Best rc
1) it's not a rock it's a metal
2) most people don't buy it to pay with it but to hedge against inflation or as safe heaven
3) next time spend some time doing a proper research. Perhaps you could read "the new case for gold" by James Richards and wise up about gold
+fiazkou rock or metal, it doesn't matter. It is made out of the same stuff, we are made of...ATOMS. but, a very strange and rare collection of atoms, like this story tells: R. Krulwich, Galactic Gold featuring Neil deGrasse Tyson http://www.npr.org/templates/story/story.php?storyId=7397200
+The Daily Decrypt
Hi Amanda, I do believe services like Digix have their place in the currency
competition. Here's why: while I agree that gold backed tokens do
re-introduce the need to trust a third party, they might have a
characteristic that no other cryptocurrency offers:a stable long-term
price. And no, I don't see that in crypto pegged to USD, SDR,... The
USD for instance has lost 87% of its purchasing power since 1964 and
96% since 1913. Pegging to fiat might offer short term price
stability, backing by gold (100% reserve) will offer long-term price
stability. And I do believe there are market participants out there
that look for that characteristic.
And for all the young people (who grew up with crypto) that claim that these people are too old school
to get their head around the disruptive nature of crypto (which might
be true): don't forget that, for many years to come, this group of
old-school-people will be an important part of the market. And if a
gold backed token can give them the push needed to enter the crypto
market, I welcome that.
+Pascal Houde Any attempt to mix the trust required to believe that another person will keep "your" gold safe in their vault -- and not engage in fractional reserve lending -- with the trustlessness of an open-source blockchain makes no sense to me.
If the scarcity of a token is provable via a blockchain, you don't need to rely on the scarcity of gold anymore. An open-source blockchain is "gold 2.0."
+Lee Gordon Seebach BitGold is nice but its useless. We re in the 21th century, we dont need "rocks" like Gold or Silver anymore as "Money". Let Gold stay in mother earth and dont waste time and energy to digging it out.
The idea was a god one like Gold Money. But as you know Gold is "manipulated" on the Comex. BitCoin is maipulated by the "Banksters" as well. So...I think Altoins "are" the answer. BTW: I was a Gold and Silver Bug for the last 20 years LOL. I like the blingbling until today ;-) Thanks Amanda for sharing your experience in Crypts on a daily basis with a good sense of humor. I like it. Greetings from Swiss
+Gmgl1981 Rock definition: "Relatively hard, naturally formed mineral or petrified matter"
Mineral: "A naturally occurring, homogeneous inorganic solid substance having a definite chemical composition and characteristic crystalline structure, color, and hardness." (This includes gold)
+samerspace Oh! Goodness, I hope we did not mess up the wording of the sponsor message at the end. But it's certainly possible. I'll look into that right now and correct with an annotation if necessary. Thank you for your kind feedback.
I am so sorry that's not a rock(aka stone) it's a metal, please google to find out the difference. Also that problem of sending fraction of gold was solved a long long long time ago with paper money representing a units of gold called the "Gold Standard". Crooked people took the world off the gold standard back in 1971 but before then, most of the world was on a "Gold Standard" where a fixed amount of gold equals a fixed amount of paper money.
But hey I can't blame you for not knowing this our schools don't teach us the logic of fixing number of currency units to an asset that can not be created without limit. Your limited education was paid for by the same people that took us off the gold standard. A con artist can have the people being con know what's going on then it would not be a con.
+Michael Felton So many people call it a rock and I cringe and think it's stupid to use it as money yet accept a promise to pay nothing. Finally anyone can say the same silly thing about crypto.... We have this database that says I have number of coins and it has a ton of value?
I mean come on bitcoin and gold have value for a reason! They have UTILITY as MONEY!
+Pascal Houde Agreed, governments took over that function because the free market was not transparent when it comes to fixing the number of currency to the number gold in the vault. But governments are just a crook with the legal right to force.
+davincij15 But still. Even when money was backed by gold, how can we know that the amount of paper printed is equal to the amount of gold owned by a country? Cryptocurrencies are way more transparent. I think this is why we need to base our entire economies on them.
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