patrick.net

cisTits says

But banks/lenders DO NOT create money.

Actually not true in the current system. Banks used to be allowed to lend out something like $100 for every dollar they actually have. A few years ago they basically lowered the reserve to zero. Oh yeah, and even when there was a reserve, that hundred they loaned out was considered an asset, so now they could loan $100 for every one of those dollars. The system is leveraged to the gills!

NuttBoxer says

An honest bank could easily provide this. As history has shown, if they prove reliable at appraising coins, and always having full account balance on hand

People would have to pay for the bank to store the coins though.

The alternative is to get "free" banking by letting the bank lend out the coins for interest, and risk not getting paid back.

AmericanKulak says

Patrick says

Looks dangerously woke though.

It's not.

Align is a company that provides reviews on business's based on their love for America, and lack of wokeness. I assume Alignpay is part of that same company?

Patrick says

People would have to pay for the bank to store the coins though.

I believe the bank of Venice(?) never made loans, and their profits came from notary, and other services they offered.

AmericanKulak says

Patrick says

Looks dangerously woke though.

It's not.

I'm saying that the black woman is pretty much the universal virtue-signal of wokeness. Maybe this place just has tone-deaf advertising.

We should just start our own country and call it "patrick.net-stan". We could buy an island or some offshore oil rigs...we will be fine. We should probably grow some crops in greenhouses on them. Then we will issue our own currency....which will be great!

1337irr says

We should just start our own country and call it "patrick.net-stan". We could buy an island or some offshore oil rigs...we will be fine. We should probably grow some crops in greenhouses on them. Then we will issue our own currency....which will be great!

... and immediately apply for foreign aid from the US.

Patrick says

The transaction could be done as promises to deliver gold or silver. Those promises can then be re-spent.

I believe that was the premise of the US "Silver Certificates" which stood in place of all the silver coins sitting in bags in vaults. Gold coins circulated until Roosevelt collected all of them for safe keeping in Fort Knox.


5 silver dollars would have $100 to $150 silver value, depending on who you sold it to.

GNL says

Money comes into existence through lending.

Fiat money. Real money comes into existence through labor.

It takes a lot of labor to mine and refine metals that become money. It takes a lot of labor to create materials to build things people want. The value of a gold coin, or a colored shell, is the labor it took to find it and make it presentable to the market.

Money has intrinsic value. Colored shells can make jewelry and gold can be used for high tech circuits. Fiat and crypto currency have no intrinsic value. I still hold that real money has value based on labor where as fiat money is based on the evil promises of a corrupt government.

Onvacation says

5 silver dollars would have $100 to $150 silver value, depending on who you sold it to.

There's .71 ounces of silver in every $1.00 of silver coins, so it works out to be about 3.5 ounces and that's around $70 bucks - maybe $85 as of today.

cisTits says

And what happens when mining is fully roboticized?

Still takes energy to run the equipment.

Really, money is energy, ultimately. If energy was free and unlimited, this entire would would be packed with people, and we would destroy nature. With unlimited energy, you can build anything, and anywhere.

cisTits says

Cowry shells were used as money. So have been beads. Ledger entries of wheat stored in the silos of Ancient Egypt was used as money.

Gold and silver are the only form of money that has held up throughout the centuries. Yes, you can use anything if you get people to buy into your system, or force them to, as is necessary with fiat. Gold and silver grow at a specific rate, and cannot be created by man, which prevents inflation. Intrinsic means every culture throughout history recognizes they have value. They can be VERY specifically measured, are small enough to easily store, and are very divisible. It is God's money, he made it for this purpose.

cisTits says

And what happens when mining is fully roboticized?

There have been improvements in mining already, but if you read my post on technology, you'll know ever new invention comes with a cost. Better machinery costs more money, offsetting the mining improvement by creating a higher barrier to entry.

cisTits says

We finally mine one of those NEOs, there will be millions of tons of gold, platinum and silver flooding our markets.

Then you should easily be able to buy gold and silver coins, and get delivery for far below current spot right? Let me know when that happens, I WON'T be holding my breath.

Any alternative you come up with will only work on a small scale, one that the government doesn't deem worthy of dealing with. I've always been fine with living small and under the radar like this, but anything that gains any real traction with the public and threatens their system will result in them coming for it, by force if necessary. A major source of their power is derived from this and they will never let it go without a fight.

You can be as clever as they come, but these are social problems that do not have technological solutions on a large scale. If you have honest, decent, hardworking people with integrity, you will have an honest, decent system even without technological or constitutional frameworks. We don't have that, as the last 2 years have shown us.

It's like coming up with a cunning plan to outsmart the casino at their own game, only to find that when bested, rather than give in and hand you your winnings, they have goons drag you out back and and go to work on your hands with a couple of ball peen hammers.

Understand that these people do not play fair.

NuttBoxer says

Then you should easily be able to buy gold and silver coins, and get delivery for far below current spot right?

I'm still somewhat shocked at the spread. There's an outfit in Marin that seems pretty large, and, last I checked, the premium for gold was 10% over spot and silver was an outrageous 20% over spot. And most of the well known branded bars/coins were out of stock.

Ceffer says

Barter and underground economies based on gold backed rubles, like the Russians used to do with dollars and parallel economies during the hard core Kommie times..

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richwicks says

There's .71 ounces of silver in every $1.00 of silver coins, so it works out to be about 3.5 ounces and that's around $70 bucks - maybe $85 as of today.

You're right. Coin or silver shop would try to pay you somewhere around spot price.

But you would have a hard time buying 5 silver dollars for less than $100. Five silver eagles would set you back $150+.

Can you say, "FedNow"? Repeat after me kiddos!

Karloff says

It's like coming up with a cunning plan to outsmart the casino at their own game

That's why you leave the casino and start your own game. One outside their control, using the systems God setup that can never be wholly suppressed or eliminated. And yes, it probably does mean a fight, but when the alternative is slavery, is there another fucking option?

Patrick should start running an Ethereum validator. I'd stake him an ETH coin (once I figure out how to buy one)....