T.G.G. Moogly
Traditional Atheist
Maybe we should call it RansomCoin.So Colonial Pipeline paid ransom, at least bitcoins are useful for that
Maybe we should call it RansomCoin.So Colonial Pipeline paid ransom, at least bitcoins are useful for that
It seems to me that it must be more complicated than just the fact that the US government requires Americans to pay taxes in dollars. I expect that Turkey (one modern example) requires its people to pay in their Lira as well. Yet, their currency relative to the US dollar and the value of imports, has not done that well.All money has purely imagined value; what makes it real is its acceptance by social convention and powerful economic institutions, not any inherent property of the medium. What Cryptocurrency has crucially failed to do is gain acceptance as anything other than the identity marker of a certain very narrow societal subgrouping, a demographic slice that is wealthy but largely inconsequential to the basic economic processes that move the world along.
Of course, but the dollar is backed by the US government. As long as there is trust in the government, the dollar has value. What exactly backs Bitcoin? Everything humans make up are based on myths.
The dollar is valuable not because of US government backing, but because the US government requires that you use dollars to pay your taxes, and won't let you pay in anything else (and certainly won't let you not pay at all).
Since the 2003 reset, the Lira has again fallen from about 1.3/1 to 9.x/1 today.After periods of the lira pegged to the British pound and the French franc, a peg of 2.8 Turkish lira = 1 U.S. dollar was adopted in 1946 and maintained until 1960, when the currency was devalued to 9 Turkish lira = 1 dollar. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall.
The following are based on yearly averages:
1960s – 1 U.S. dollar = 9 Turkish lira
1970 – 1 U.S. dollar = 11.3 Turkish lira
1975 – 1 U.S. dollar = 14.4 Turkish lira
1980 – 1 U.S. dollar = 80 Turkish lira
1985 – 1 U.S. dollar = 500 Turkish lira
1990 – 1 U.S. dollar = 2,500 Turkish lira
1995 – 1 U.S. dollar = 43,000 Turkish lira
2000 – 1 U.S. dollar = 620,000 Turkish lira
2001 - 1 U.S. dollar = 1,250,000 Turkish lira
2005 – 1 U.S. dollar = 1,350,000 Turkish lira
<snip>
In December 2003, the Grand National Assembly of Turkey passed a law that allowed for redenomination by the removal of six zeros from the Turkish lira, and the creation of a new currency.
Maybe we should call it RansomCoin.So Colonial Pipeline paid ransom, at least bitcoins are useful for that
I never got why gold has value other than it’s shiny so people like it.
I never got why gold has value other than it’s shiny so people like it.
I think gold was widely used in electronics back in the day. I don't know if gold is still used significantly that way. I remember years ago a company I worked for was getting rid of a Honeywell mainframe which was huge and the scrap guy told me he was taking the circuit boards to get at the gold.
Though slipping more off topic...
It seems to me that it must be more complicated than just the fact that the US government requires Americans to pay taxes in dollars. I expect that Turkey (one modern example) requires its people to pay in their Lira as well. Yet, their currency relative to the US dollar and the value of imports, has not done that well.The dollar is valuable not because of US government backing, but because the US government requires that you use dollars to pay your taxes, and won't let you pay in anything else (and certainly won't let you not pay at all).
https://en.wikipedia.org/wiki/Turkish_lira
Since the 2003 reset, the Lira has again fallen from about 1.3/1 to 9.x/1 today.After periods of the lira pegged to the British pound and the French franc, a peg of 2.8 Turkish lira = 1 U.S. dollar was adopted in 1946 and maintained until 1960, when the currency was devalued to 9 Turkish lira = 1 dollar. From 1970, a series of hard, then soft pegs to the dollar operated as the value of the Turkish lira began to fall.
The following are based on yearly averages:
1960s – 1 U.S. dollar = 9 Turkish lira
1970 – 1 U.S. dollar = 11.3 Turkish lira
1975 – 1 U.S. dollar = 14.4 Turkish lira
1980 – 1 U.S. dollar = 80 Turkish lira
1985 – 1 U.S. dollar = 500 Turkish lira
1990 – 1 U.S. dollar = 2,500 Turkish lira
1995 – 1 U.S. dollar = 43,000 Turkish lira
2000 – 1 U.S. dollar = 620,000 Turkish lira
2001 - 1 U.S. dollar = 1,250,000 Turkish lira
2005 – 1 U.S. dollar = 1,350,000 Turkish lira
<snip>
In December 2003, the Grand National Assembly of Turkey passed a law that allowed for redenomination by the removal of six zeros from the Turkish lira, and the creation of a new currency.
I never got why gold has value other than it’s shiny so people like it.
I think gold was widely used in electronics back in the day. I don't know if gold is still used significantly that way. I remember years ago a company I worked for was getting rid of a Honeywell mainframe which was huge and the scrap guy told me he was taking the circuit boards to get at the gold.
Yup, gold is an excellent electricity conductor. High end sound equipment uses gold plated rca connectors. Frankly, I think plating over the steel does little to nothing because the current still has to go through far more steel than gold. It's like the myth of the high end Monster cables.
gold is used in electronics because its chemically inert and does not react much with anything.I never got why gold has value other than it’s shiny so people like it.
I think gold was widely used in electronics back in the day. I don't know if gold is still used significantly that way. I remember years ago a company I worked for was getting rid of a Honeywell mainframe which was huge and the scrap guy told me he was taking the circuit boards to get at the gold.
Yup, gold is an excellent electricity conductor. High end sound equipment uses gold plated rca connectors. Frankly, I think plating over the steel does little to nothing because the current still has to go through far more steel than gold. It's like the myth of the high end Monster cables.
I never got why gold has value other than it’s shiny so people like it.
I think gold was widely used in electronics back in the day. I don't know if gold is still used significantly that way. I remember years ago a company I worked for was getting rid of a Honeywell mainframe which was huge and the scrap guy told me he was taking the circuit boards to get at the gold.
Yup, gold is an excellent electricity conductor. High end sound equipment uses gold plated rca connectors. Frankly, I think plating over the steel does little to nothing because the current still has to go through far more steel than gold. It's like the myth of the high end Monster cables.
Yup, gold is an excellent electricity conductor. High end sound equipment uses gold plated rca connectors. Frankly, I think plating over the steel does little to nothing because the current still has to go through far more steel than gold. It's like the myth of the high end Monster cables.
Copper is actually a better conductor than gold. (Silver is best.) The advantage of gold plating on connectors is that is does not oxidize. Back in the day I "fixed" a number of stereos by rotating the RCA plugs on the sockets to scrape off the corrosion that had built up.
The suggestion that the material a speaker wire (or its insulation) of sufficiently low resistance is made of affects the sound is one of the more ridiculous claims by the "high-end" audio charlatans. ($10,000 for a 2 m power cord is slightly more ludicrous, but only slightly.)
Copper prices are going through the roof. Was just going to buy a 25 ft 10/3 + ground to wire the upstairs laundry. 85 bucks. Hoping my BiL, the electrician, can get me some.
gold is used in electronics because its chemically inert and does not react much with anything.
I never got why gold has value other than it’s shiny so people like it.
I think gold was widely used in electronics back in the day. I don't know if gold is still used significantly that way. I remember years ago a company I worked for was getting rid of a Honeywell mainframe which was huge and the scrap guy told me he was taking the circuit boards to get at the gold.
Yup, gold is an excellent electricity conductor. High end sound equipment uses gold plated rca connectors. Frankly, I think plating over the steel does little to nothing because the current still has to go through far more steel than gold. It's like the myth of the high end Monster cables.
Yup, gold is an excellent electricity conductor. High end sound equipment uses gold plated rca connectors. Frankly, I think plating over the steel does little to nothing because the current still has to go through far more steel than gold. It's like the myth of the high end Monster cables.
Good computer cables are also gold plated. It's not nonsense, the point is to avoid oxidation. Anything economic to make the wires out of will oxidize and eventually that will cause a problem with the connection. Digital signals are more resistant to this than analog but it's still relevant. Gold does not oxidize when exposed to oxygen, though. This means the connection will be just as good down the road as it is when the cable is new. Ever have to wiggle a connector to get it work properly? It almost certainly wasn't a gold-plated connector.
Yup, gold is an excellent electricity conductor. High end sound equipment uses gold plated rca connectors. Frankly, I think plating over the steel does little to nothing because the current still has to go through far more steel than gold. It's like the myth of the high end Monster cables.
Good computer cables are also gold plated. It's not nonsense, the point is to avoid oxidation. Anything economic to make the wires out of will oxidize and eventually that will cause a problem with the connection. Digital signals are more resistant to this than analog but it's still relevant. Gold does not oxidize when exposed to oxygen, though. This means the connection will be just as good down the road as it is when the cable is new. Ever have to wiggle a connector to get it work properly? It almost certainly wasn't a gold-plated connector.
Yup, gold is an excellent electricity conductor. High end sound equipment uses gold plated rca connectors. Frankly, I think plating over the steel does little to nothing because the current still has to go through far more steel than gold. It's like the myth of the high end Monster cables.
Good computer cables are also gold plated. It's not nonsense, the point is to avoid oxidation. Anything economic to make the wires out of will oxidize and eventually that will cause a problem with the connection. Digital signals are more resistant to this than analog but it's still relevant. Gold does not oxidize when exposed to oxygen, though. This means the connection will be just as good down the road as it is when the cable is new. Ever have to wiggle a connector to get it work properly? It almost certainly wasn't a gold-plated connector.
And all this accounts for less than 8% of the world’s demand for gold. Though I suppose it would have more utility if nearly 80% wasn’t treated as just so much shiny stuff to hold on to. If the value was proportional to its utility.
I guess it does have a leg up on Bitcoin, assuming we discount the utility of criminal activity.
And all this accounts for less than 8% of the world’s demand for gold. Though I suppose it would have more utility if nearly 80% wasn’t treated as just so much shiny stuff to hold on to. If the value was proportional to its utility.
I guess it does have a leg up on Bitcoin, assuming we discount the utility of criminal activity.
Well, there is utility beyond the criminal. That's the worst part of all this.
Bitcoin and other Proof of Work coins were the only way crypto could be born, but the concept of blockchain currencies is not a bad one.
This is because fundamentally, we are in a day and age where banking is entirely technologically obsolete.
I don't need a bank to securely hold my cash, if I can prevent access to that cash, and send it, and receive it securely without them. The same is true with document filing and notaries in the realm of "smart contracts". It means I shouldn't have to pay arbitrary fees, either. It means no collusion or price fixing on fees, since the actors there are too different and disconnected.
Really, crypto is about 1000% better than normal banking. When I want to send money, I open the program, send the money, and then it has been sent. I want to receive money? I generate a new account, and I can get money in 5 minutes anonymously without asking another human being in the world for "permission" to do so, nor notification, nor any other thing.
The utility entirely comes from the fact that there's no way really to steal a transaction in flight with crypto. It's like cash or "gold" that you don't need to actually send anywhere, nor trust anyone to hold.
And all this accounts for less than 8% of the world’s demand for gold. Though I suppose it would have more utility if nearly 80% wasn’t treated as just so much shiny stuff to hold on to. If the value was proportional to its utility.
I guess it does have a leg up on Bitcoin, assuming we discount the utility of criminal activity.
Well, there is utility beyond the criminal. That's the worst part of all this.
Bitcoin and other Proof of Work coins were the only way crypto could be born, but the concept of blockchain currencies is not a bad one.
This is because fundamentally, we are in a day and age where banking is entirely technologically obsolete.
I don't need a bank to securely hold my cash, if I can prevent access to that cash, and send it, and receive it securely without them. The same is true with document filing and notaries in the realm of "smart contracts". It means I shouldn't have to pay arbitrary fees, either. It means no collusion or price fixing on fees, since the actors there are too different and disconnected.
Really, crypto is about 1000% better than normal banking. When I want to send money, I open the program, send the money, and then it has been sent. I want to receive money? I generate a new account, and I can get money in 5 minutes anonymously without asking another human being in the world for "permission" to do so, nor notification, nor any other thing.
The utility entirely comes from the fact that there's no way really to steal a transaction in flight with crypto. It's like cash or "gold" that you don't need to actually send anywhere, nor trust anyone to hold.
Crypto is a 1,000 better than normal banking? Can I get a Crypto line of credit for my business? Can I get a building loan? Can my customers pay for my products online through crypto? Can I pay vendors via ACH or wires via crypto? Is Crypto carefully regulated by the federal government so that the bad guys can't launder money through it? The answer is no.
Really, crypto is about 1000% better than normal banking. When I want to send money, I open the program, send the money, and then it has been sent. I want to receive money? I generate a new account, and I can get money in 5 minutes anonymously without asking another human being in the world for "permission" to do so, nor notification, nor any other thing.
Really, crypto is about 1000% better than normal banking. When I want to send money, I open the program, send the money, and then it has been sent. I want to receive money? I generate a new account, and I can get money in 5 minutes anonymously without asking another human being in the world for "permission" to do so, nor notification, nor any other thing.
Just to be clear: The inability of governments to monitor transactions and thereby exert their legitimate taxation authorities is being treated as a feature, not a bug?