Not Your Gold
My wife's cousin was deejaying old tango music for midsummer on a terrace (yeah - that is a thing here), and we dropped by for a drink and to say hello. It was the middle of the day and they were serving food, so it was fine for Smallsteps to be there with us and to have an apple juice. However, it is a bar that also has night events, so while we were sitting on the terrace in the sun, the inside looks like a nightclub and inevitably, Smallsteps needed to go to the bathroom, so I took her to the toilets.
It looks like a princess castle.
There was dark, there were lots of shiny stuff, and it had various colored lights and paints. It doesn't take much to impress a kid and let's be honest, it doesn't take much to impress most adults either. We are attracted to shiny things and when we see them, we believe they are more valuable than the matte version. I don't know what the evolutionary reason for that is, but it seems to hold pretty true.
We all like gold, don't we?
Well, perhaps that is not quite the statement that rings true. More likely, we all wish we had a stack of gold in our possession because of the value of it, even if we have no practical use for it. Of course, it isn't that gold as a material is completely valueless, but for most of us, it is.
What would happen if there was no gold on earth?
The short answer is - not much. Yes, there would be some changes necessary, but outside investment portfolios, there is not that much that is absolutely dependent on gold. Things might slow down a bit in comparison to today, but if it didn't exist in the first place, we wouldn't notice that either. That is the thing about conditions we never knew about, we don't know how they are affecting us.
A friend of mine who ribs me about crypto whenever he thinks it is down, simultaneously protects himself by buying gold. This is smart. However, as those in crypto know, not your keys, not your crypto, and this is similar with gold. He buys it and has been told that what he buys is physical and is kept in a vault in Germany.
Sounds legit.
Though of course, this is how most people "own" their gold, since gold itself is unwieldy to actually hold physically, and is very hard to use on a daily basis. So, instead of actually possessing it, people will pretend to buy it, telling themselves that if shit does hit the fan, that physical gold will be made available to them.
What are the chances?
While the volatility in crypto scares a lot of people away, what should be attractive is the opt-in nature of it. The freedom. It is a bit like working for oneself, rather than being an employee - there are benefits, but it also means being responsible for outcomes. And, most people aren't looking to actually take responsibility.
They want "financial independence" without having to actually be independent at all and rather, have someone else manage the assets, if they actually exist. But as said above, we don't know how we are affected by conditions we don't know about, and we really don't know that much about the mechanisms of investment, or what happens to them in the event of large scale events, like war.
Will that gold bank in Germany ship the gold to Finland?
Of course, under those conditions, no one really knows what is going to happen, and it would be a bloody mess in so many ways, but to pretend that there is security in centralization, is a fools game. But, when it is made to look shiny enough and has some colored lights.
A toilet looks like a princess castle.
Taraz
[ Gen1: Hive ]
If you buy gold, but it is in the bank it is not yours, now if you buy gold and have it in your property, it is backed, in my country there were some cases where some banks went bankrupt and all investors lost everything they had. Everyone puts their trust in what they believe to be safe.
Banks are businesses and they are prone to failure for their users, based on the way they operate to maximize profit with other people's money.
If you can't hold your gold in your hands, it isn't yours.
Yep. And this also means there are a lot of other security issues to consider, like where to actually store it, but still have it accessible if needed.
True, physical gold and silver have their own storage and security concerns, but especially gold stores high value in a surprisingly small volume. And unlike paper, even recovering a melted lump after a fire retains most of its value.
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[-]bpcvoter2 (-5)(1) 4 days ago · Will be hidden due to low rating
NO DOWNVOTES FOR MARKY MARK'S SELF VOTING !WEED
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SHAME ON YOU ALL SAD PEOPLE WHO SCAM LIE AND FARM HIVE AND HIVERS
[-]acidyo (82) 3 months ago
Haha at "I shouldn't make commercial" :D Maybe something to worry about when you have more youtube subscribers! Quite interesting content though, these things should get more subs on there and here.
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[-]gogreenbuddy (67) 3 months ago
Yeah thought that was funny too
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HE MAKES CURATION REWARDS WITH ALL HIS ALT ACCOUNTS BURNING TOKENS LIKE THIS DOES NOT TAKE OLD TOKENS IT MINTS NEW ONES AND BURNS THEM
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cwow stop the drink and drugs
Stop supporting the fake Hive police who do nothing but exploit Hive
Many people on Hive will never get to spend any of their Hive as it may become illegal in certain countries
I would like to have gold, but to have it in physical form in the palm of my hands, to see it with my own eyes, to feel its yellowish color, to touch it to know that it is indeed gold. I have gold
Can you imagine the face of those who have gold in the banks when there is a world crisis and they have to act crazy because there is no money to pay for the gold 🤣.
As it is known in Venezuela they made the turn to leave their gold in England 🙄.
I am sure that England is holding it safely for them...
My boss recently told me about how she could live in the bathrooms at one of the other centres that she visited to help set up a programme XD It probably wasn't quite as nice as a princess castle though.
Do you tease your friend back about how his gold is not real because it's not somewhere he can go grab literally any second he choosese? :D
I don't tease him - I just ask him how he plans on using it in a shop ;D
He still thinks that crypto can't be used.
That works too XD
This might be a common misconception. Most people just consider gold in jewelry/accessories and investment, but they are actually used a lot in modern gadgets. A lot of smartphones, laptops, and computers use gold in their connections. Gold is a good conductor, and doesn't corrode, and needs little maintenance. I even read that NASA uses gold a lot in things they send to space because of its dependability. I think that is also the reason why gold has a high value, it is necessary in a lot of things outside of just jewelry. This is also probably why gold purists, don't like crypto, because they don't really serve much purpose as a digital currency.
Gold doesn't need to come in bars similar to what we see in movies. There are much smaller options, and even coins, so it isn't as unwieldly as you think. But I don't really like holding it physically, because if there comes a time where it is the best form of currency, then I think the world might be a horrible place to live in at that point.
Yes, but it isn't the only thing it can be used for. As said, things might move a bit slower and astronauts won't have quite as good radiation protection, but there are alternatives for gold - I don't think that there is anything that relies only on gold, is there? I didn't even consider the value of jewellery, as that is useless as it is :)
Coins printed with the "dollar value" as legal tender are the most efficient - as if you notice, you can only carry something like "10K in cash" through an airport. that is 10,000 gold dollar coins - worth a few million.
But as we have seen, the law would mean very little at that point, wouldn't it?
Modern electronics, gadgets, vehicles, and Space equipment NEED to use gold. Sure there are alternatives like silver and copper, but they corrode easily and are not dependable. When you need security, dependability and quality, gold is necessary. With space equipment, where any problems or replacement would require millions/billions of dollars, there is no alternative. I find it concerning that you think astronauts not having quite as good radiation protection is a minor thing.
I don't really know why you suddenly brought up dollar value tokens as legal tender, as well as why you would even bring them through the airport, when we were just talking about them as physical investment. Do you print your stock certificates and bring them with you all the time? haha.
Perhaps we have a tiny piece of the same DNA as crows? I heard that they like shiny stuff... But then again I seem to recall a documentary about monkeys and they were stealing shinies as well.
Yeah - perhaps it is because it isn't that common in nature?
I stack silver and keep close by. Doesn't make sense to me to store precious metals so far away if an emergency comes up.
Let alone store it in someone else's vault without even having a key.
Well that too. LOL
A lot of people are lazy so they will want to believe in something to place their faith in. So believing in the bank and the stock market is only natural for a lot of people. I don't blame them but it's all about control and if people believe it, then nothing will be wrong. It does make me worried about Gold but I do think that the asset itself still has value. I do agree that it's uses are quite limited though but I do think that gold will always have quite a decent of value based on history.
Value of most things is all just a belief, isn't it? The problem is when that belief falls down. If there is no practical use, then there is no long term value. Fiat will suffer this also.
For sure - but it is only valuable when it is accessible. Imagine lugging gold around in a post-apocalyptic world :D
Firstly, beautiful things attracts people. That’s why you and Smallsteps were attracted by the shiny lights. One thing is that if everyone has the money to buy Gold in the world, people will surely have it. Gold is precious and for me, it is a must have because I have promised myself to invest in Gold
Are you investing in gold, or jewellery? ;D
Man I'm a sucker for gold, I absolutely love it. So true, holding it yourself feels more secure. Let's be honest, the reason the banks will have it is because they get to control and use it. They hate crypto because they can't control. I'm going to be keeping all my gold myself, hoping no one steals it hehehe
Where do you hide yours?
Well it ain't much but a safe in my bedroom hehehehe, I don't know if that's the safest place to do so but I guess it's better to have control over it.. not many people know I have some though and I think it's best to keep it that way for my own sake
What would happen?
I think because it is all about people's demand, they would find someting else to be demanded and valued.
Absolutely they would. Something else would replace gold - whether another metal, a rock, or something digital.
I like holding onto my own assets. Self custody wallets are a big deal for a reason and gold shouldn't be any different. I think it will be interesting when they finally start mining extra terrestrial objects.