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<p>[QUOTE=&quot;dougsmit, post: 7855804, member: 19463&quot;]Please excuse my ignorant question:&nbsp; Old forms of money (gold, cash, commodities had a backup method of determining who owned them including &quot;possession is 9/10s of the law.&quot;&nbsp; In the US, states have people whose job it is to seek out heirs to abandoned bank accounts as defined by them usually based on inactivity.&nbsp; Cash could be saved as mattress stuffing or pots of coins buried in a field (the popular form of secretion for our coins).&nbsp; What is the crypto currency fall back plan for ownership transfer?&nbsp; If grandpa opens an account and &#039;buys&#039; a million Bitcoin but tells no one he did it (other than the entity from whom the purchase was made) what happens to that money if grandpa dies?&nbsp; Does it disappear?&nbsp; A good part of the lasting value of gold is based on the belief that it does not disappear as readily as other cash formats. Even if it is not traceable to a previous owner, laws establish a current owner so the value outlives the human.&nbsp; If crypto currency is only a number sequence and that number sequence does not exist in any human mind, in what format does the value represented exist?&nbsp; Is it like an idea than disappears when forgotten? </p><p><br /></p><p>While I agree that gold has been an item of value for millennia, I am concerned that economists act like it has a value beyond &#039;idea&#039; status.&nbsp; When there is no water or food available for purchase, the rich and poor both die.&nbsp; History is full of examples of example where someone (Romans) paid large amounts of gold to someone (barbarians) for the privilege of continued existence.&nbsp; It is also full of examples of that continued existence not being available for sale.&nbsp; Fifty years ago, people worried about that more than they do today so a bomb shelter added more to the price of a home than did a swimming pool.&nbsp; Gold is worth exactly what you can find someone to trade you something you want or need for it.&nbsp; Thirsty people do not buy swimming pools or bomb shelters.&nbsp; Modern wars seem to have avoided the ancient concept of killing them all replacing it with rebuilding and guilt concepts that would be strange to previous cultures.&nbsp; </p><p><a href="https://en.wikipedia.org/wiki/Caedite_eos._Novit_enim_Dominus_qui_sunt_eius" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/Caedite_eos._Novit_enim_Dominus_qui_sunt_eius" rel="nofollow">https://en.wikipedia.org/wiki/Caedite_eos._Novit_enim_Dominus_qui_sunt_eius</a>.</p><p>Food and water seem to be valued by environmentalists but most economists assume there is always someone willing to accept their gold for continued existence, commodities or whatever they desire.&nbsp; In the end, is there then a difference between the idea of a gold standard and the idea behind fiat, crypto or any other convenience of exchange?&nbsp; What did Atilla the Hun do with his gold gained by selling continued existence?&nbsp; </p><p><br /></p><p>Like I said, I do not understand economic theory.&nbsp; Most, I do not understand theories based on ideas and all theories are just ideas with footnotes.[/QUOTE]</p><p><br /></p>

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