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Author Topic: I was asked a tough question, who can help me answer?  (Read 5796 times)
Vod
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July 22, 2011, 08:49:56 AM
 #61

Explain what you mean.  You actually took a sliver of gold or silver and gave it to someone in exchange for goods or services?   Do you have to carry around a scale and a machine to scrape from the gold mass?  I'd like to define what you mean - you don't go into Safeway and get your total, then shave off gold slices until you've reached your balance...

An e-commerce site is worth a thousand words... These are routinely used in exchange for goods and services around here.

Ok, so they give you credit based on the amount of precious metals you have deposited at a third party?  That's not spending silver/gold on a purchase any more than using a debit card is spending cash on a purchase.

When I say currency I mean something I can give to anyone that is accepted and can be reused by that same person anywhere.   In the old days you could give a gold coin to someone for a cow, and they in turn could give that same coin to someone else.   Today it's not likely you carry an ounce of gold and trade it to any merchant for goods or services, because said merchant would need a way to verify the quantity and quality of the gold, and know someone else they want to do business with who could also do the same verification.

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July 22, 2011, 08:51:50 AM
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Explain what you mean.  You actually took a sliver of gold or silver and gave it to someone in exchange for goods or services?   Do you have to carry around a scale and a machine to scrape from the gold mass?  I'd like to define what you mean - you don't go into Safeway and get your total, then shave off gold slices until you've reached your balance...

An e-commerce site is worth a thousand words... These are routinely used in exchange for goods and services around here.

Ok, so they give you credit based on the amount of precious metals you have deposited at a third party?  That's not spending silver/gold on a purchase any more than using a debit card is spending cash on a purchase.

When I say currency I mean something I can give to anyone that is accepted and can be reused by that same person anywhere.   In the old days you could give a gold coin to someone for a cow, and they in turn could give that same coin to someone else.   Today it's not likely you carry an ounce of gold and trade it to any merchant for goods or services, because said merchant would need a way to verify the quantity and quality of the gold, and know someone else they want to do business with who could also do the same verification.

Excuse me, but you need to look at that again.

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July 22, 2011, 09:02:07 AM
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You're paying for these tokens of silver and gold with US or other currency, are you not?  You don't mail in a sliver of gold that you estimate is worth about the same as a product you want to buy.  You are still converting your silver to a local currency to make a purchase - the silver itself is not the currency.

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July 22, 2011, 09:06:27 AM
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You're paying for these tokens of silver and gold with US or other currency, are you not?  You don't mail in a sliver of gold that you estimate is worth about the same as a product you want to buy.  You are still converting your silver to a local currency to make a purchase - the silver itself is not the currency.

What are you talking about? The silver IS the currency.

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July 22, 2011, 09:15:30 AM
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Interesting - so you exchange currency for one of these cards, which at the time of purchase has approximately the same amount of silver that any exchange would take for the equal amount of currency spent.  It is value based on the precious mineral and not any currency.  Same as purchasing a bitcoin.

However, I guess more merchants would be willing to accept a slice of silver over a bitcoin, simply because it is easier for the merchant to understand and figure out how much that silver is worth.  However, it cannot be widely accepted as currency, since most merchants will not carry a scale capable of verifying the card's claim of 1/10 of a gram.

Thanks error, I did not know such a service existed!   Wink

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If you want your prayers answered, you must donate to 1CDyx8AUTiYXS1ThcBU3vy4SJWQq6pdFMH
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July 22, 2011, 01:30:39 PM
 #66

I believe there may be a solution to bitcoin inflation/deflation/volatility by building onto the existing bitcoin protocol to create a pegged-value bitcoin-backed currency: http://forum.bitcoin.org/index.php?topic=30741.0

So far, nobody has given me a serious critique of why it wouldn't work. Maybe it is too verbose for anybody to bother reading all the way through . . .

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