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1. Daniel AJ Sokolov (newstik@social.heise.de)'s status on Monday, 04-Mar-2024 20:09:06 JST Daniel AJ Sokolov

   "Traders will create a complex thicket of derivative #financial products on two flies crawling up a wall, and in #bitcoin they have particularly demented flies to bet on."
   https://amycastor.com/2024/02/21/the-halvening-is-coming-what-this-means-for-bitcoin/
   #crypto

   • LS (lain@lain.com)'s status on Monday, 04-Mar-2024 20:09:01 JST LS

     in reply to

     • cjd
     • Râu Cao ⚡
     @cjd @raucao @newstik it just didn't work anymore, war bills had to be paid and there was no better way to make everyone poorer without them noticing immediately.
   • cjd (cjd@pkteerium.xyz)'s status on Monday, 04-Mar-2024 20:09:02 JST cjd

     in reply to

     • Râu Cao ⚡
     > The world went off the gold standard in the 1930s, with the last vestiges disappearing in 1971, because it just didn’t work anymore.
     
     Stupid article.
   • Râu Cao ⚡ (raucao@kosmos.social)'s status on Monday, 04-Mar-2024 20:09:03 JST Râu Cao ⚡

     in reply to

     @newstik By the way, it also seems like the author either doesn't know about the Bretton Woods system, or is choosing to misinform the reader intentionally, since the U.S. Dollar, and thus also the other 44 currencies pegged to it, were convertible to gold at a fixed price, until Nixon unilaterally (and allegedly "temporarily") bailed on that in 1971.

     These are not simple mistakes when someone chooses to construct arguments based on them.

     https://en.wikipedia.org/wiki/Bretton_Woods_system

   • Râu Cao ⚡ (raucao@kosmos.social)'s status on Monday, 04-Mar-2024 20:09:04 JST Râu Cao ⚡

     in reply to

     @newstik Bitcoin, like a physical commodity, and unlike any other financial asset, is 100% *non*-derivative. The mentioned ETFs are backed by actual BTC and audited for it.

     The U.S. gold reserves on the other hand, one of those nasty conspiracy theories I'm sure the author would state, have not been properly audited in half a century now. The last available report is from 1974.

     But hey, gold was a bad idea anyway, according to that author. Let's just print more dollars!

   • cjd (cjd@pkteerium.xyz)'s status on Monday, 04-Mar-2024 20:31:25 JST cjd

     in reply to

     • LS
     • Râu Cao ⚡
     I would argue it was the other way around: America abandoned the gold standard BEFORE they began their 35 year long world tour, torching Europe and turning Russia into a genocidal hell-on-earth.
     LS likes this.