Hard drive shortages could be driven by storage-based cryptocurrency

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  • Reply 21 of 22
    GeorgeBMacGeorgeBMac Posts: 11,421member
    normm said:
    DAalseth said:
    At one point, the U.S. did not have a currency.  Banks issued their own currency.
    The U.S. stepped in with currency backed by gold -- gold that was stored at Fort Knox and currency that (theoretically) could be exchanged for it.

    In the 40's, the world's world's countries pegged their currencies to the dollar -- that, in turn, was pegged to gold.
    Then, under Nixon, as the value of gold and the value of the dollar got further and further apart (Remember gold at $35/oz?) the gold standard was dropped and the dollar became backed by the "Full faith and credit of the United States".
    But since the U.S. is now paying its bills with (what used to be) massive amounts of printed money, one has to wonder how much that is worth.

    Is this cryptocurrency thing just another "Back to the future"?  Where did I park my DeLorean?

    But, anybody with their eyes open realizes that we now live as part of a global society:  we share products, innovations and viruses with each other.  Can the U.S. dollar continue to survive as the world's default currency despite the U.S.'s best efforts to undermine it?  And, if it can't then:
    -- What, if anything, will replace it?  Chia "dollars"?
    -- What happens to the U.S. if it can no longer hide its fiscal irresponsibility behind the world's default currency?
    There's been a lot of talk over the last couple of decades about replacing the US$ as the worlds default currency. If that were to happen the value of the US$ would crash. It's being supported by the other major powers. It would be devastating for the US economy. 
    I'm sorry but this is nonsense.  The benefit to the US of being the world reserve currency is probably about 0.1% of GDP, and related mostly to the use of US cash for illegal transactions. No reputable economist believes this matters.
    It's not about GDP.

    Having the world's default currency enables the U.S. to act in ways that would be considered fiscally irresponsible if done by other countries.   Instead, we are able to behave in a different paradigm where if you need more money you simply borrow it or print it without any regard for the consequences.   No other country can do that.

    It also lays a profound responsibility on that country.  But the U.S. has not behaved in a fiscally responsible manner since the Clinton administration in the 90's.
  • Reply 22 of 22
    normmnormm Posts: 653member
    normm said:
    DAalseth said:
    At one point, the U.S. did not have a currency.  Banks issued their own currency.
    The U.S. stepped in with currency backed by gold -- gold that was stored at Fort Knox and currency that (theoretically) could be exchanged for it.

    In the 40's, the world's world's countries pegged their currencies to the dollar -- that, in turn, was pegged to gold.
    Then, under Nixon, as the value of gold and the value of the dollar got further and further apart (Remember gold at $35/oz?) the gold standard was dropped and the dollar became backed by the "Full faith and credit of the United States".
    But since the U.S. is now paying its bills with (what used to be) massive amounts of printed money, one has to wonder how much that is worth.

    Is this cryptocurrency thing just another "Back to the future"?  Where did I park my DeLorean?

    But, anybody with their eyes open realizes that we now live as part of a global society:  we share products, innovations and viruses with each other.  Can the U.S. dollar continue to survive as the world's default currency despite the U.S.'s best efforts to undermine it?  And, if it can't then:
    -- What, if anything, will replace it?  Chia "dollars"?
    -- What happens to the U.S. if it can no longer hide its fiscal irresponsibility behind the world's default currency?
    There's been a lot of talk over the last couple of decades about replacing the US$ as the worlds default currency. If that were to happen the value of the US$ would crash. It's being supported by the other major powers. It would be devastating for the US economy. 
    I'm sorry but this is nonsense.  The benefit to the US of being the world reserve currency is probably about 0.1% of GDP, and related mostly to the use of US cash for illegal transactions. No reputable economist believes this matters.
    It's not about GDP.

    Having the world's default currency enables the U.S. to act in ways that would be considered fiscally irresponsible if done by other countries.   Instead, we are able to behave in a different paradigm where if you need more money you simply borrow it or print it without any regard for the consequences.   No other country can do that.

    It also lays a profound responsibility on that country.  But the U.S. has not behaved in a fiscally responsible manner since the Clinton administration in the 90's.
    You obviously didn't bother to look at the linked article.
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