Topic: Murphy backing gold standard bill - page 2. (Read 264 times)

binance is not government run. and binance is not a depository. i haven't heard of the government missing social security or food stamp payments. so they could run a depository. that's what that guy is trying to get the kansas state government to do.

everything is an IOU. it just comes down to how much trust you have in the guarantor. even bitcoin is an IOU since your little private key is just an IOU from the bitcoin network. if it went down so does your bitcoin.

i'm not talking about switzerland. i'm talking about the usa. did you even read the article? take a look:

"We're the first to be moving forward through the committee process," Murphy said. "Florida, Utah, Texas, Oklahoma's working on one, Tennessee's working on one. I think eleven states have made gold and silver legal tender. That mostly is a tax issue, because gold and silver typically is considered property. If you sell it, you get gains. It also becomes taxable for property tax and things like that. When you make it legal tender, that takes that off. You can't take a gold coin or a silver coin in to buy groceries or gas or whatever like that. The idea behind this is, there's new technology that has come around in the last five years that allows us to have a depository."

That was the whole point of why he wants it in Kansas and so he can stop using the one in switzerland. so he won't have to pay capital gains tax for using gold like it was meant to be as money. and a store of value without being punished for doing so...

bitcoin is not free from anything not in the usa. anytime you selll any bitcoin it has to be reported to the IRS and if any gains was made you have to pay taxes on it, no matter how small. maybe you didn't realize that. but that's the truth.

that's correct and nothing fits the bill better than gold. maybe silver. maybe platinum. but i like gold the best.

i disagree. not if the government runs it. traditionally gold has huge carrying costs due to storage by third party companies. but i think if the government ran a depository they would make it affordable to actually use gold as legal tender. maybe they could print paper bills backed by gold and people could use those. but the faces values would be in grams of gold not in us dollars and when they checkout, the register would convert that paper bill into us dollars using the current exchange rate.

but how do you audit the government? you really can't. you can't audit them. you can look at the reports they issue and believe them or not. do you believe the national debt they report? do you believe what they say the annual budget is? then why not believe them about how much gold they have? if not then keep your money in a bank where you can trust them to bail out the bank if its FDIC insured, i guess!



for some reason people seems to think the usa government did a gold scam or something. all they did is took the paper money off the gold standard. but they never tried to cover up how much gold they actually had and ran some type of ponzi scheme with the gold, printing more paper money than they had in gold reserves...so i see no reason to not trust them if they ran a depository so people could make debit card purchases with their gold.

Funds are SAFU, why people still choose air gapped wallet or hardware wallet when Binance can make sure it's customers the funds are safe?

If you didn't get the real asset when you buy something, you've bought an IOU and there's no guarantee you can able to withdraw your asset when you need a third party to get it.

Wrong, gold isn't a legal tender in Switzerland, you need to pay capital gains.

And Bitcoin is free from capital gains as long as it's accepted as legal tender, just like in El Salvador.

I believe the idea was to make people able to save in something that aren't affected too much by inflation. But even if those all actually works, I bet there will be a very huge fees. There will be many parties involved, the very basic at least, the company will need to be audited whether they are actually owning the gold or not. There will also be a another party involves when people need to withdraw cash with those card. This is a good idea but will not be affordable.

There is no guarantee that real gold will be purchased, as if there is a demand, for example, for 10 kilograms of gold, you will need to wait for several days before purchasing it, and there is no confirmation that it was sold for cash, and if there is no guarantee that real gold will be purchased, the guarantee remains the promises and fiat money is based on that.

Why do you need to pay in gold to buy coffee?
Can silver coins be used to purchase products if laws allow it?
There are already cryptocurrencies that claim to have a gold cover, yet Bitcoin outperforms them.

gold is a store of value guys. its an inflation hedge just like bitcoin. but its downside is you can't use it as a payment mechanism easily if at all. alot of friction there but imagine having a debit card backed by the gold and a trustworthy depository that would be amazing...then you could invest in gold and use it for everyday things and not have to pay capital gains tax when you did that unlike with bitcoin. alot of benefits.

You can't take a gold coin or a silver coin in to buy groceries or gas or whatever like that. The idea behind this is, there's new technology that has come around in the last five years that allows us to have a depository."


Murphy currently uses one overseas, but he'd like to see one in Kansas.

"This is actually working and I actually use it," Murphy said. "There's a depository in Switzerland and there's a company named Glint, that you can get a debit card from them and you buy gold and it goes into the depository. You don't have to buy like an ounce. You don't have to buy any specific amount of gold, you buy it by how much money you want to put in. You can buy as little as one cent worth of gold. If you want to buy five dollars, $20, $100, $ 1 million, whatever, you can do that. That sits in the depository. This is not paper, it's actual gold. Then, when you need to go buy gas, groceries, pay rent, whatever like that, you can use that debit card and it will deduct whatever amount that is."

https://hutchpost.com/posts/46ff49c7-1dd3-4a9b-b59c-d8d0cdb3be3b

If they get this instituted nationwide, you wouldnt need bitcoin. Not really...