About the standard of currency and the alternatives
For the last decade or so I have been researching the prices of alternative currencies to the United States Federal Reserve dollar (USD). I have researched gold and silver and in the last two years I have been keeping my eye on bitcoin.
Gold and silver make sense because they keep their value very well and they are a tangible item with intrinsic value. Everyone knows how the price of gold continues to go up. Silver has stayed very steady but has not saw the increase that gold has. Silver has increased over the last 10 years, and is worth has had around a 900% increase from 2002 to 2012. In 2002 the price of silver was about $4.25, and in 2012 the price of silver is around $33.50. The same increase was realized with gold, but with much more over all value of course. In 2002 the price of gold was a little over $300, and in 2012 the price of gold is over $1600.
You can view these charts here for the exact information at the present time:
Then there is the Bitcoin value. In the two years that I have been watching bitcoin, I have watched the value start at nearly nothing per coin, then it went all the way up to $35, and now its down to about $10.50.
You can see this here:
The interesting thing about bitcoin is that it is based on current market value of the bitcoin community. Like gold and silver it depends on no central government or bank, it is open source and community driven. On the down side it has no intrinsic value, it is all digital. Other than what the bitcoin market itself is worth.
More on bitcoin from wiki:
Bitcoin is an experimental new digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. Bitcoin is also the name of the open source software which enables the use of this currency.
The software is a community-driven open source project, released under the MIT license and originally created by Satoshi Nakamoto.
Bitcoin is one of the first implementations of a concept called crypto-currency which was first described in 1998 by Wei Dai on the cypherpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.
But in any case, whether it be precious metal, or digital currency to me the value is more secure than the US federal reserve notes (USD).
Certainly if I had an ideal economy it would all be based on commodities like food and craftsmanship. However in this economy it is difficult to pay bills, or send provisions or payments over great distances with commodities.
I have thought having cannabis as a commodity/currency would solve a lot of inflation problems. But that is not feasible just yet.
So I have a few videos and points of interest to share with you.
First of all this is an animated video about the collapse of “the American Dream”.
The second video is from Freedom Watch with Judge Andrew Napolitano about Bitcoin.
The third video is a video that describes Bitcoin and ways to procure bitcoin without any moneitary investment.
In cryptography we trust!
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