Re:El Salvador to adopt Bitcoin as legal tender
by chii on Saturday June 05, 2021 @11:34PM
(#27410553)
> couldn’t have become currency under the definition you’ve presented here.
gold and silver were bad currencies back then, when people had no real alternative. People clipped coins, and debase the currency. People horded them when times were tough, and prevented lending and circulation, causing issues with the economy regarding liquidity.
Have a read of https://en.wikipedia.org/wiki/John_Law_(economist)#Economic_... and educate yourself about the past.
The word “currency” is inherently a tautology. How does something become a currency?
> Speculation only works when there's a stable currency to dump your value into when the the security is going in the wrong direction.
Precious metals long predate government monies. Gold and silver couldn’t have become currency under the definition you’ve presented here.