Nostr Web Client

Replying to

Roberto Rios (Peruvian Bull)

Gold cannot be money because it is infeasible for micro transactions in the modern digital economy

Are you going to walk around paying flakes of gold for your coffee or some takeout?

You won’t, which is why you’ll put it back in the hands of centralized custodian who will issue you paper

Which brings us all the way back to square one with the Fiat fractional banking standard

BTC_P2P 6mo ago

It is hilarious (and pathetic) that gold bugs have this delusion. They really imagine themselves walking around as lords with bouillon worth $20k/oz shaving little flecks onto extremely precise digital scales in cafes and shit 🤣

The other reason why gold is dead in the water is it can’t be used for online commerce. Which is at least 1/5th of all transactions.

Also supply can’t be audited and is inflationary to the tune of ≈1.5% annually. Gold is fully retarded.

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Discussion

Marc 6mo ago

I tell people you can send grams of gold in the mail, but this is slow and introduces counter party risk.

William ₿ Travis 6mo ago

Let's create a gold backed app/stablecoin...oh right... nostr:nprofile1qqsyx708d0a8d2qt3ku75avjz8vshvlx0v3q97ygpnz0tllzqegxrtgppamhxue69uhkumewwd68ytnrwgqs6amnwvaz7tmwdaejumr0dsxxn50k already tried that and failed. That game is over.

Roberto Rios (Peruvian Bull) 6mo ago

He did?

When?

William ₿ Travis 6mo ago

2012 or so. He talked about it on a recent podcast.