Live data from Hacker News

Texas moves to create gold-backed digital currency

kitco.com

31–40 of 106 posts

Re: Texas moves to create gold-backed digital currency

#31
post #13

Earlier quoted context omitted.

I suspect there are three flavours of gold bugs: 1) Wealthy + Paranoid + Stupid. They'd rather keep their money in sovereigns under their mattress, than put it into any sort of productive economic activity. On a long term, especially in the US, you could pretty much throw darts and build a portfolio that competes with, or beats, inflation. 2) Conspirational: "fiat currency is a grand scheme to undermine our savings f…

> fiat currency is a grand scheme to undermine our savings How exactly is it not? Inflation = stealing value from people, that they have already created, time-limiting their spending power so that there's no way to actually save money in the long-term. Money printing is theft, indirect taxation without consent.

> no way to actually save money in the long-term

The idea is that you'd save by investing into productive enterprises (and or government bonds) obviously that doesn't necessarily function as well as one would hope for but it's an better solution than hoarding cash/gold/bitcoin/etc.

Re: Texas moves to create gold-backed digital currency

#32
post #29

Is Texas getting ready to secede from the union, or what ?

While it wouldn't surprise me if Texas decided to secede, I doubt the creation of a cryptocurrency is a preparatory step for that.

This just feels like cryptobros convincing legislators to back their latest pet project.

Re: Texas moves to create gold-backed digital currency

#33
post #29

Is Texas getting ready to secede from the union, or what ?

I mean the popular support isn't there but they'd in reality only need the support of the texas national guard. A traitor president also helps. And you also have a ton of people who go "who cares, let them leave" like they're breaking up with a romantic partner lol, absolutley no sense of patriotism.

I mean, I don't care if it is texas, missisipi or claifornia, I am an american and all of it is mine. Whether it is a buch of small skirmishes or a full on civil war again, sececession can only be accomplished by a lot of blood spilled. I can't stand guns and I don't even care enough about politics to vote but if any state tries to secede, I would join whatever military opposing them or just buy a gun and find a secessionist armed soldier to kill and hope that I have a death as honorable as fighting to defend your homeland, sure bests rotting in a bed or in a hospital. Even if I can't get others to join me I can contribute just my tiny drop of blood to the price that needs to be paid to separate a land from its people.

Now, there is exactly one scenario where I'd have no opposition to them seceding: if the constitution is changed to get rid of the electoral college, senatorial representation or if religious rights are infringed upon (even by a SCOTUS decision), and I don't mean protections for miniorities who disagree with a religion but anything that prevents people from sincerely believing (not satanists whose belief according to themselves is fake! For example) in a creator and acting on that belief (including voting). Because before you are a citizen you are a human and before you have legal rights you have natural rights that supersede legal rights(see: declararion of independence) which were the foundation and reasoning used to justify America's secession from Britain.

For Texas secessionists though, all they can acheive is destabilization of the US and as a result the whole world. Russia and China's wet dream but my take on it is that secession is as realistic as a neo-nazi white nationalist state.

Re: Texas moves to create gold-backed digital currency

#34

The state run Perth Mint in Australia created a gold backed crypto 2019 and they are already trying to shut it down.

Politicians: "Capitalism is unstable and we need regulators to control it and promote stability."

Capitalists: "We want to make something more stable than the current system."

Regulators: "Whoa there! Hold those horses! That ain't a move in the playbook! What will these madmen think of next, a full reserve bank? Shut that scheme down now!"

The 3 act play making sure the system is safe unprincipled men since ... I dunno, maybe forever. I doubt this Texan scheme will have a long life either.

Re: Texas moves to create gold-backed digital currency

#35
post #29

Is Texas getting ready to secede from the union, or what ?

While it wouldn't surprise me if Texas decided to secede, I doubt the creation of a cryptocurrency is a preparatory step for that. This just feels like cryptobros convincing legislators to back their latest pet project.

Even in rural Texas it isn't a popular topic. But texas does not have the power to mint their own currency, only the fed does?

Re: Texas moves to create gold-backed digital currency

#36
In 2006/2007 I was paid for a project in e-gold[0]. Another currency backed by gold bullion. I never saw the gold, never touched it, but was assured it was there, really. The whole thing went tits up because it was a scam. Being in Texas and not Panama I guess this is slightly less scammy. But I suspect the people who want to hold gold will simply buy gold. And skip the questionably middleman.

[0]https://en.wikipedia.org/wiki/E-gold

Re: Texas moves to create gold-backed digital currency

#38
post #33
post #29

Is Texas getting ready to secede from the union, or what ?

I mean the popular support isn't there but they'd in reality only need the support of the texas national guard. A traitor president also helps. And you also have a ton of people who go "who cares, let them leave" like they're breaking up with a romantic partner lol, absolutley no sense of patriotism. I mean, I don't care if it is texas, missisipi or claifornia, I am an american and all of it is mine. Whether it is a…

> Whether it is a buch of small skirmishes or a full on civil war again, sececession can only be accomplished by a lot of blood spilled.

There have been peaceful secessions in the past - the split of Czechia and Slovakia back in 1993 was one example. And I believe that both Scotland and Catalonia can achieve a peaceful secession, assuming that their respective central governments decide to actually listen to the will of the people.

Re: Texas moves to create gold-backed digital currency

#40
post #35

Earlier quoted context omitted.

While it wouldn't surprise me if Texas decided to secede, I doubt the creation of a cryptocurrency is a preparatory step for that. This just feels like cryptobros convincing legislators to back their latest pet project.

Even in rural Texas it isn't a popular topic. But texas does not have the power to mint their own currency, only the fed does?

Judging from some of the other comments here, that's up for debate when it comes to cryptocurrency.
Post reply on HN