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A comment on The Wealthy Are Hoarding $10B of Bitcoin in Bunkers. Parent comment

Re:The Wealthy Are Hoarding $10B of Bitcoin in Bunkers by nerfhammer on Wednesday May 09, 2018 @01:50PM (#17032027)
> Inflationary fiat or credit based currency is a relatively new invention (1972 in the US)

The dollar has been fiat since the 1930s. The gold standard from 1933-1972 was essentially in name only.

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Re:The Wealthy Are Hoarding $10B of Bitcoin in Bunkers by jpadkins on Wednesday May 09, 2018 @03:42PM (#17033224)
https://en.wikipedia.org/wiki/Bretton_Woods_system

45-72 was bretton woods era which was still fixed price to gold.

It was only after 1972 that the value was allowed to be free floating, not tied to an amount of gold https://en.wikipedia.org/wiki/Nixon_shock

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Re:The Wealthy Are Hoarding $10B of Bitcoin in Bunkers by jonknee on Wednesday May 09, 2018 @04:31PM (#17033745)
Did you miss the "essentially in name only" part? It was fixed to gold, but they also fixed the price of gold by outlawing [1] people from owning it! When they wanted to deflate the USD they just raised the price of gold [2]. It was a crude fiat system.

[1] https://en.wikipedia.org/wiki/Executive_Order_6102

[2] https://en.wikipedia.org/wiki/Gold_Reserve_Act

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