I mentioned adding gold in the Bitshares update thread and suddenly had a few guys jumping in trying to claim that gold has about as much value as fiat currency
Or that it was immoral as it could be hoarded
Anyway rather than derail the important BitsharesX update thread I thought I'd move the discussion over here.
The last response was this one...
Personally, I don't know why gold is relevant. I have never looked to the price of gold to value anything, especially not crypto currencies. The markets will work best when participants are most informed and the underlying asset isn't prone to its own instability. I obviously think that gold should be incorporated later, but as for the test chain the underlying assets should be those that ppl are most comfortable valuing. The ttest chain should also have as few assets as possible. One would suffice but it is very important to include the Chinese community
Not only is gold a dumb currency, It's immoral. People that hoard it and store it in the ground, instead of letting it contribute to society and life do so much destruction to otherwise possible life. Every time I have to pump my car clutch in the morning, to get it to make a clean electrical connection (because it's too expensive to use gold in the switch) I cures the selfish bastards.
Immoral because people can hoard it?
1. By hoard you actually mean the fact that people can save it, and maintain their value without being forced into our current corrupt system. (Which right now is so bad, inflation is actually higher than the interest you'd get in most savings accounts.)
2. You know that also means your against Bitcoin? Bitcoin is a deflationary currency which lets people do the same thing.
The opposite is happening to your argument, the more people use Bitcoin the more it is spent not hoarded.
Also if you look at America from 1800-1913 they rose rapidly to become the most successful & biggest creditor nation in the world using gold. I don't think I need to explain to you how things are now pretty much the exact opposite now, a hundred years on in a world where the dollar has lost 96% of it's original value.
Introducing a central bank was bad enough but at least they had some link to gold.
Look what happened after the dollar left the gold standard completely.
Only one small group has ever benefited from fiat/inflationary currency...
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