Re:Gold price rises above $2k for first time
by fredfoobar on Wednesday August 05, 2020 @04:40PM
(#24065341)
ok, I don't see people lugging around a bunch of gold coins in their purses in the future. It doesn't make sense.
edit: I actually agree 100% on "You seem to be under the impression that only 'better' things exist. That is wrong."
Worse things will also exist, but won't be adopted by the majority.
Re:Gold price rises above $2k for first time
by droffel on Wednesday August 05, 2020 @04:45PM
(#24065399)
In terms of weight, gold is a bit more valuable than twenty dollar bills, pound for pound. And its density is much higher. In no sense would the average person be 'lugging around' a bunch of gold coins for day to day activities.
There are many (better) arguments against the readoption of a gold standard. This one doesn't hold its weight (heh).
Re:Gold price rises above $2k for first time
by BMSmnqXAE4yfe1 on Thursday August 06, 2020 @07:02AM
(#24069844)
It is much costlier to verify that a gold bar doesn't contain some lead than to verify that a $20 bill is authentic. That is why if you buy a gold bar and immediately sell it, you will lose 10-20% of its value.
The fact of the matter is that for literally millenia, humans have considered gold to be valuable. That is unlikely to change any time soon, though obviously the extent that we value it is always in flux.
It doesn't have anything to do with 'better'. It's a description of reality.