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0 pointsnly3y ago0 comments

Anything perceived to have a stable value, is fungible, and is easy to move can be used as money. Just look at prisons.

Gold stopped be used as money because people weren't really using it, they were using tokens pegged to it under a promise. That promise went away. Gold isn't exactly fungible (purity, fake gold etc), and it isn't easy to move in significant quantities. Gold makes for absolutely shit money in the 21st century

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danenania3y ago

It’s not used for day-to-day transactions, but gold is still treated as a currency on the international level by nations that hold large strategic reserves.

The only reason they hold so much is that it still retains value as a currency.

The way things currently stand, if the fiat system falls apart, we’ll revert to gold. It’s the only viable alternative. Crypto might take over that role someday, in some form, but it has a long way to go.

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0 pointsnly3y ago0 comments

Anything perceived to have a stable value, is fungible, and is easy to move can be used as money. Just look at prisons.

0 comments

danenania3y ago

It’s not used for day-to-day transactions, but gold is still treated as a currency on the international level by nations that hold large strategic reserves.

The only reason they hold so much is that it still retains value as a currency.

j / k navigate · click thread line to collapse