(5) It must possess value in itself, which is why we don’t use paper.
that's where gold is propped up by everyone else, just like the dollar. it doesn't feed people, it doesn't house people, it doesn't power mechanisms. it's only value is the fact that it has value, and everyone else assigns it value.
given my theory that gold is just as fake as the dollar, it all comes down to liquidity. dollars are easily liquidated at a whim. gold is always bought at a premium, and sold at a discount.
when the dollar shows signs of collapse, I'll be buying food, water, and shelter. you can eat your gold.
it doesn't feed people, it doesn't house people, it doesn't power mechanisms
That's not the purpose of money. He just listed the seven necessary attributes of money and these were not included for good reason. Money needs to just sit there and do nothing until it can be exchanged for food, housing or powering mechanisms at a suitable time. That's the whole point and nothing sits there and holds value like gold. You can throw it in the ocean for 500 years and it'll come out looking pristine and even more valuable.
it's only value is the fact that it has value, and everyone else assigns it value
Everything has value because people assign it value. Food and housing only have value because people need them to survive, if they didn't they'd be worthless. They serve a purpose which makes them valuable, just like gold.
Feel free to barter if the concept of money goes over your head but it's very difficult and cumbersome which is why money was invented in the first place.
that's where gold is propped up by everyone else, just like the dollar. it doesn't feed people, it doesn't house people, it doesn't power mechanisms. it's only value is the fact that it has value, and everyone else assigns it value.
Then give me all your gold.
Even the gold-plated stuff.
No value, right?
jokes on you, I don't have any.
even if I did, I would keep it just like I keep my dollars. both are assigned value, which means both can be traded for something.
all I'm saying is that could change easily
So you want house-of-cards fiat backed by nothing and which will endlessly inflate until worthless.
We had zero inflation until 1913.
Zero.
given my theory that gold is just as fake as the dollar, it all comes down to liquidity. dollars are easily liquidated at a whim. gold is always bought at a premium, and sold at a discount.
when the dollar shows signs of collapse, I'll be buying food, water, and shelter. you can eat your gold.
Wait isn't gold used in electronical parts like computer motherboards?
It is but that's not why it's valuable. Gold is almost purely a monetary metal unlike silver for example.
That's not the purpose of money. He just listed the seven necessary attributes of money and these were not included for good reason. Money needs to just sit there and do nothing until it can be exchanged for food, housing or powering mechanisms at a suitable time. That's the whole point and nothing sits there and holds value like gold. You can throw it in the ocean for 500 years and it'll come out looking pristine and even more valuable.
Everything has value because people assign it value. Food and housing only have value because people need them to survive, if they didn't they'd be worthless. They serve a purpose which makes them valuable, just like gold.
Feel free to barter if the concept of money goes over your head but it's very difficult and cumbersome which is why money was invented in the first place.