Y'all ready for FedCoin™?

[MountainGirl]

One is gold-backed. The other is not.

Right. And how (by what method) would the gold-backed one be valued?
Because unlike crypto - the price of gold would still be tied to fiat currency (dollar, ruble, etc). Yes? No?

I know I'm missing something really simple here - and I appreciate your time.

 

[TheDan]

how (by what method) would the gold-backed one be valued?
Because unlike crypto - the price of gold would still be tied to fiat currency (dollar, ruble, etc). Yes? No?

No, the other way around. They arbitrarily say X of their Đigital Đingleberries (or whatever currency) equals 1oz of gold, and that value is only held through their ability to enforce it.

Like I said earlier "gold-backed" is pretty pointless, unless they are also offering convertibility. I would be shocked if they did that.

 

[MountainGirl]

No, the other way around. They arbitrarily say X of their Đigital Đingleberries (or whatever currency) equals 1oz of gold, and that value is only held through their ability to enforce it.

Like I said earlier "gold-backed" is pretty pointless, unless they are also offering convertibility. I would be shocked if they did that.

No, it's the same way around. Instead fiat dollars or rubles, the 'value' of their gold is tied to digital dingleberries. "Tied" being the issue, here.

Crypto's value is based on supply/demand...and "tied" only to itself.

And, I agree re 'gold-backed' being pointless - as long as it's tied to something.

It might be my confusion is not being made clear. Hope you can see what I'm meaning rather than what comes out of my fingers, lol.

 

[John Sam Rayburn]

Right. And how (by what method) would the gold-backed one be valued?
Because unlike crypto - the price of gold would still be tied to fiat currency (dollar, ruble, etc). Yes? No?

Gold can be priced in any currency.

Gold can also be a currency itself.

I don't know the how BRICS plans to link gold to their coming digital currency. There are many ways.

I don't pay close attention to the practical mechanics of how BRICS intends to operate because it doesn't matter to me. I focus on the Big Picture. The important part is BRICS's long-term plan to abandon the U.S. Dollar as a reserve asset.

This cycle has repeated hundreds of times over the last 5,000 years. An empire grows. Their currency becomes the world reserve standard. Bankers then steal the value of that currency with Inflation. People abandon the currency. The empire collapses.

That is what I'm preparing for, my Grandchildren to successfully surf that mathematically inevitable collapse.

 

[MountainGirl]

Gold can be priced in any currency.

Gold can also be a currency itself.

I don't know the how BRICS plans to link gold to their coming digital currency. There are many ways.

I don't pay close attention to the practical mechanics of how BRICS intends to operate because it doesn't matter to me. I focus on the Big Picture. The important part is BRICS's long-term plan to abandon the U.S. Dollar as a reserve asset.

This cycle has repeated hundreds of times over the last 5,000 years. An empire grows. Their currency becomes the world reserve standard. Bankers then steal the value of that currency with Inflation. People abandon the currency. The empire collapses.

That is what I'm preparing for, my Grandchildren to successfully surf that mathematically inevitable collapse.

Thank you, most appreciated.

 

[John Sam Rayburn]

Excellent new video from Tucker on what causes Inflation.

America will become Argentina because most Americans are too stupid to understand this simple concept.

 

[TheDan]

Excellent new video from Tucker on what causes Inflation.

America will become Argentina because most Americans are too stupid to understand this simple concept.

Argentina is another good example of how black markets emerge and people use alternative currencies. FerFAL's book is worth a read: https://amzn.to/3EDiuA3

 

[John Sam Rayburn]

Argentina is another good example of how black markets emerge and people use alternative currencies. FerFAL's book is worth a read: https://amzn.to/3EDiuA3

I remember that guy! I subscribed to his blog for a while.

Excellent book. I actually did read it about 12 years ago.

The interesting parts were how Economic Collapse differs in reality from what we think it will be like. Instead of Zombie Apocalypse, everything just gets really crappy and run-down, really fast.

Everyone drives old cars. Kids stay living with Parents into adulthood. People don't want to get married. Alcoholism and drug abuse increase. Weeds grow in public spaces. People become meaner and less trusting. Black Markets become normal.

 

[MountainGirl]

....

Everyone drives old cars. Kids stay living with Parents into adulthood. People don't want to get married. Alcoholism and drug abuse increase. Weeds grow in public spaces. People become meaner and less trusting. Black Markets become normal.

^^ Open up a newspaper and that's whatcha got now.

 

[John Sam Rayburn]

What the heck ?

Health Ranger Mike Adams is now a Monero Bro ?!!

I quit watching Adams when he began ridiculing Crypto back in 2015.

Now he's fully on board. He added Monero Tipping of content creators on his video and social platform. He's developing an open-source Monero API for his store. He pesters his food suppliers to circumvent FedGov by trading with him in XMR.

Good on him. When Normies like Adams starting coming on board in large numbers, there is hope for the future.

Adams interview this week on Monerotopia:

How to Escape State Tyranny in All Aspects of Life w/ Mike Adams

TODAY'S SHOW: Douglas Tuman interviews Mike Adams, AKA the “Health Ranger”, a freedom fighter and Monero proponent specializing in health advocacy.

odysee.com

.MP3 I made for my phone to listen while I mow today:

Mike Adams on Monerotopia 20230918.mp3

2 downloads

gofile.io

 

[John Sam Rayburn]

By the way, here is a Bash script I wrote for quickly saving YouTube and Odysee videos as .mp3 audio files so I can wirelessly upload them to my phone with KDE Connect.

First, apt install two programs; yt-dlp and xclip. Then, "Right-Click, Copy Link" the URL of whatever video you want to your clipboard.

Then run this script...

---

(remark) Make the variable 'clipurl' be whatever is stored in the clipboard by assigning the variable $clipurl to be the output from the xclip command.
clipurl=$( xclip -o )

(remark) Use the program yt-dlp to download to my Desktop the URL I copied to the clipboard as an .mp3 file.
yt-dlp -x --audio-format "mp3" -o "/home/john/Desktop/%(title)s.%(ext)s" $clipurl

 

[John Sam Rayburn]

FedCoin™ is unnecessary.

Kids using Bitcoin to pay for a Happy Meal in El Salvador.

Coming soon to a country near you.

 

[MountainGirl]

Did El Salvador ever start up their cbdc?
Seems they were talking about it last year...

 

[Darkpriest667]

Did El Salvador ever start up their cbdc?
Seems they were talking about it last year...

El Salvador is a BTC nation

Bitcoin in El Salvador - Wikipedia

en.wikipedia.org

 

[MountainGirl]

El Salvador is a BTC nation

Bitcoin in El Salvador - Wikipedia

en.wikipedia.org

Hey, thanks for that. Good read.
They (.govs & banks) are sure scared of bitcoin.
Almost makes me wanna jump in.

 

[toddnjoyce]

With Binance having lost most of it’s senior executives and laud off 1500 employees, it will be interesting to see what happens to them and follow on effects to the various coins if the largest exchange (handles about half of all transactions) fails.

Obviously liquidity becomes challenging at that point and illiquid assets generally lose value. The question is if that happens, what’s the longer term impact going to be.

 

[Darkpriest667]

With Binance having lost most of it’s senior executives and laud off 1500 employees, it will be interesting to see what happens to them and follow on effects to the various coins if the largest exchange (handles about half of all transactions) fails.

Obviously liquidity becomes challenging at that point and illiquid assets generally lose value. The question is if that happens, what’s the longer term impact going to be.

the only coins that have any value and should be watched is BTC, Ethereum, Doge, Lite, and Monero. Everything else is just psh maybe XRP if you care.

 

[toddnjoyce]

the only coins that have any value and should be watched is BTC, Ethereum, Doge, Lite, and Monero. Everything else is just psh maybe XRP if you care.

Coins need an exchange to facilitate liquidity. Binance is the largest exchange with FTX dead. If Binance dies, there’s no real small or mid-size fish that can pick up the slack immediately.

 

[Darkpriest667]

Coins need an exchange to facilitate liquidity. Binance is the largest exchange with FTX dead. If Binance dies, there’s no real small or mid-size fish that can pick up the slack immediately.

Kraken, Coinbase, and Bitfinex would be more than capable.