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China's gold back story

On Thu, 21 Apr 2016 11:30:52 -0700
Sean Lynch <[email protected]> wrote:

> On Tue, Apr 19, 2016 at 2:32 PM, juan <[email protected]> wrote:
> > On Tue, 19 Apr 2016 03:47:38 +0000
> > Zenaan Harkness <[email protected]> wrote:
> >
> > > There appears to be a multi country effort to (re)build gold
> > > backed currencies, and there's every chance they will succeed,
> > > certainly even in the face of crypto currencies - the robustness
> > > and security levels of current computing facilities means
> > > hoarding physical gold is likely seen by most, and certainly by
> > > nations, as more secure and acceptable to the public psyche
> >
> >
> >         It seems very very unlikely that any government will setup a
> >         mechanism that destroys one their fundamental means to loot
> >         their subjects : paper money and inflation.
> >
> >         Rather, what we are seeing is a move towards a fully
> >         'electronic' system in which we won't be able to buy half a
> >         potato without being taxed by the world government.
> >
> >
> What Juan said (minus the Satoshi nonsense). ZeroHedge are notorious
> gold bugs. 

	I am a gold bug too, if gold bug means understanding of the
	fact that physical cash is a decentralized and anonymous
	system and that gold is a particularly good form of cash.

	Being truly decentralized and anonymous are not properties
	that any cryptocurrency has, as far as I know.

	On the other hand, a cryptocurrency like bitcoin is threat to
	governments and the financial mafia, so it's reasonable to
	assume that the mafia is going to come up with some kind of

	But yeah, it's also true that they've been 'developing' their
	own electric monies before bitcoin arrived into the scene...


> There's no freakin' way China is going to give up its
> ability to manipulate exchange rates to promote whatever level of
> exports its central planners think its businesses need. They are
> acquiring gold only in order to diversify their reserves away from
> dollars, to reduce their dependency on the United States in case the
> shit hits the fan in the Pacific. Making the RMB "gold-backed" would
> mean letting people exchange it for the government's gold, exactly
> counter to their goals.
> >         And funnily enough, we can thank 'satoshi nakamoto' for
> > making this (disaster) happen sooner than later.