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Re:Why gold and Bitcoin are popular by imtringued on Monday June 14, 2021 @07:35AM (#27501402)
>Isn't that called keeping the economy going? There are people and physical capital that need something to do today. You can't save today's time for tomorrow, no matter what kind of money you have.

Yes, saving is impossible. The shiny gold rock doesn't wither. It will be long there after your death.

A shiny rock isn't meaningfully different from fiat either. It's just a token that represents an entry in a ledger. That rock represents that someone else owes you a debt but that debt continues to exist after your death. The only way that debt can be repaid is if someone completely unrelated is born in the future and works to repay the debt of a long dead person. This can't work because that person also has to work for himself to pay for food and shelter. The only reason it works today is because population and productivity growth has exploded and can take care of that debt and even pay above and beyond the original debt.

The reason why fiat rots (inflation) is that the rest of the world rots as well. Gold is the exception, it doesn't rot, therefore it lets you pretend that the rest of the world doesn't rot.

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