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0 pointsanigbrowl13y ago0 comments

Gold fell out of widespread use as a currency after the mining became industrialized. Nobody wants to play in a rigged game.

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fleitz13y ago

Tell me more about how gold fell out of use as currency because mining became industrialized.

http://en.wikipedia.org/wiki/Bretton_Woods_system http://en.wikipedia.org/wiki/Executive_Order_6102

I'm not a gold bug and I see many problems with using gold as a currency, namely that the amount of currency in circulation should depend on how much stuff we can dig out of the ground. (In the case of BTC something about how many times a SHA-256 hash can be calculated.)

The idea that gold fell out of use as currency because of industrialization is either a completely new discovery in economics, or completely wrong. I'm pretty sure it's the latter.

anigbrowlOP13y ago

I don't think the Bretton woods system counts. That's between countries, I'm talking about everyday preference for gold by individuals. I suppose I should have said specie instead.

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