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<p>[QUOTE="mikem2000, post: 1509972, member: 30574"]I will just use the doc you provided this is the very first line:</p><p><br /></p><p><br /></p><p><br /></p><p><i><b>Money</b> is any object or record that is <b><span style="color: #ff0000">generally accepted </span></b>as <a href="http://www.cointalk.com/wiki/Payment" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/wiki/Payment">payment</a> for <a href="http://www.cointalk.com/wiki/Goods_and_services" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/wiki/Goods_and_services">goods and services</a> and repayment of <a href="http://www.cointalk.com/wiki/Debts" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/wiki/Debts">debts</a> in a given socio-economic context or <a href="http://www.cointalk.com/wiki/Country" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/wiki/Country">country</a>.[SUP]<a href="http://www.cointalk.com/#cite_note-0" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/#cite_note-0">[1]</a>[/SUP][SUP]<a href="http://www.cointalk.com/#cite_note-1" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/#cite_note-1">[2]</a>[/SUP][SUP]<a href="http://www.cointalk.com/#cite_note-2" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/#cite_note-2">[3]</a>[/SUP] The main functions of money are distinguished as: a <a href="http://www.cointalk.com/wiki/Medium_of_exchange" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/wiki/Medium_of_exchange">medium of exchange</a>; a <a href="http://www.cointalk.com/wiki/Unit_of_account" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/wiki/Unit_of_account">unit of account</a>; a <a href="http://www.cointalk.com/wiki/Store_of_value" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/wiki/Store_of_value">store of value</a>; and, occasionally in the past, a <a href="http://www.cointalk.com/wiki/Standard_of_deferred_payment" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/wiki/Standard_of_deferred_payment">standard of deferred payment</a>.[SUP]<a href="http://www.cointalk.com/#cite_note-mankiw-3" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/#cite_note-mankiw-3">[4]</a>[/SUP][SUP]<a href="http://www.cointalk.com/#cite_note-greco-4" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/#cite_note-greco-4">[5]</a>[/SUP] Any kind of object or secure verifiable record that fulfills these functions <b><span style="color: #ff0000">CAN </span></b> serve as money.</i></p><p><i><br /></i></p><p><i><br /></i></p><p><i></i>That word <span style="color: #ff0000"><b>CAN</b></span> makes all the difference in the world. Just because something <b><span style="color: #ff0000">CAN</span></b> serve as money does not mean it does. </p><p><br /></p><p>The other words of importance are <span style="color: #ff0000"><b>generally accepted. </b></span><span style="color: #000000">Just try going to your WAWA, get a slurpee and pluncking down an ASE and expecting $25 back in change. It is just not going to happen.</span></p><p><span style="color: #000000"><br /></span></p><p><span style="color: #000000"><br /></span></p><p><span style="color: #000000">Here is another line directly from your article:</span></p><p><span style="color: #000000"><br /></span></p><p><span style="color: #000000"></span><i>Modern day monetary systems are based on fiat money and are <span style="color: #ff0000"><b>no longer</b> </span>tied to the value of gold</i></p><p><i></i>No explaination needed here</p><p><br /></p><p>Now look at this:</p><p><br /></p><p><br /></p><p><i>Commodity money value comes from the commodity out of which it is made. The commodity itself constitutes the money, and the money is the commodity</i></p><p><i><br /></i></p><p><i></i>This is when gold and silver used to be money. Problem is this</p><p><br /></p><p><br /></p><p><i>Currently, most modern monetary systems <b><span style="color: #ff0000">are based on fiat money</span></b>. However, for most of history, almost all money was commodity money, such as gold and silver coins. As economies developed, commodity money was eventually <b><span style="color: #ff0000">replaced</span></b> by <a href="http://www.cointalk.com/wiki/Representative_money" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/wiki/Representative_money">representative money</a>, such as the <a href="http://www.cointalk.com/wiki/Gold_standard" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/wiki/Gold_standard">gold standard</a>, as traders found the physical transportation of gold and silver burdensome. Fiat currencies gradually <span style="color: #ff0000"><b>took over </b></span>in the last hundred years</i></p><p><i><br /></i></p><p><i></i>See where we are at. We have fiat money, there <b><span style="color: #ff0000">USED</span> </b>to be commodity money, but that was <b><span style="color: #ff0000">REPLACED</span></b> by representative money, which Fiat currencies <b><span style="color: #ff0000">took over</span></b>. So from the same article the definition of fiat money:</p><p><br /></p><p><br /></p><p><i>Fiat money or fiat currency is money whose value is not derived from any intrinsic value or guarantee that it can be converted into a valuable commodity (such as gold). Instead, it has value only by government order (fiat). </i></p><p><i><br /></i></p><p><i></i>So like I said, you may not like it, but that is where we are at. We have fiat money, which has no ties back to gold or silver and that same fiat money is the only money that is recognized as Legal Tender in the US. Gold and Silver are commodities, that is all</p><p><br /></p><p><br /></p><p>Every word of this came from the "proof" you provided.[/QUOTE]</p><p><br /></p>
[QUOTE="mikem2000, post: 1509972, member: 30574"]I will just use the doc you provided this is the very first line: [I][B]Money[/B] is any object or record that is [B][COLOR=#ff0000]generally accepted [/COLOR][/B]as [URL="http://www.cointalk.com/wiki/Payment"]payment[/URL] for [URL="http://www.cointalk.com/wiki/Goods_and_services"]goods and services[/URL] and repayment of [URL="http://www.cointalk.com/wiki/Debts"]debts[/URL] in a given socio-economic context or [URL="http://www.cointalk.com/wiki/Country"]country[/URL].[SUP][URL="http://www.cointalk.com/#cite_note-0"][1][/URL][/SUP][SUP][URL="http://www.cointalk.com/#cite_note-1"][2][/URL][/SUP][SUP][URL="http://www.cointalk.com/#cite_note-2"][3][/URL][/SUP] The main functions of money are distinguished as: a [URL="http://www.cointalk.com/wiki/Medium_of_exchange"]medium of exchange[/URL]; a [URL="http://www.cointalk.com/wiki/Unit_of_account"]unit of account[/URL]; a [URL="http://www.cointalk.com/wiki/Store_of_value"]store of value[/URL]; and, occasionally in the past, a [URL="http://www.cointalk.com/wiki/Standard_of_deferred_payment"]standard of deferred payment[/URL].[SUP][URL="http://www.cointalk.com/#cite_note-mankiw-3"][4][/URL][/SUP][SUP][URL="http://www.cointalk.com/#cite_note-greco-4"][5][/URL][/SUP] Any kind of object or secure verifiable record that fulfills these functions [B][COLOR=#ff0000]CAN [/COLOR][/B] serve as money. [/I]That word [COLOR=#ff0000][B]CAN[/B][/COLOR] makes all the difference in the world. Just because something [B][COLOR=#ff0000]CAN[/COLOR][/B] serve as money does not mean it does. The other words of importance are [COLOR=#ff0000][B]generally accepted. [/B][/COLOR][COLOR=#000000]Just try going to your WAWA, get a slurpee and pluncking down an ASE and expecting $25 back in change. It is just not going to happen. Here is another line directly from your article: [/COLOR][I]Modern day monetary systems are based on fiat money and are [COLOR=#ff0000][B]no longer[/B] [/COLOR]tied to the value of gold [/I]No explaination needed here Now look at this: [I]Commodity money value comes from the commodity out of which it is made. The commodity itself constitutes the money, and the money is the commodity [/I]This is when gold and silver used to be money. Problem is this [I]Currently, most modern monetary systems [B][COLOR=#ff0000]are based on fiat money[/COLOR][/B]. However, for most of history, almost all money was commodity money, such as gold and silver coins. As economies developed, commodity money was eventually [B][COLOR=#ff0000]replaced[/COLOR][/B] by [URL="http://www.cointalk.com/wiki/Representative_money"]representative money[/URL], such as the [URL="http://www.cointalk.com/wiki/Gold_standard"]gold standard[/URL], as traders found the physical transportation of gold and silver burdensome. Fiat currencies gradually [COLOR=#ff0000][B]took over [/B][/COLOR]in the last hundred years [/I]See where we are at. We have fiat money, there [B][COLOR=#ff0000]USED[/COLOR] [/B]to be commodity money, but that was [B][COLOR=#ff0000]REPLACED[/COLOR][/B] by representative money, which Fiat currencies [B][COLOR=#ff0000]took over[/COLOR][/B]. So from the same article the definition of fiat money: [I]Fiat money or fiat currency is money whose value is not derived from any intrinsic value or guarantee that it can be converted into a valuable commodity (such as gold). Instead, it has value only by government order (fiat). [/I]So like I said, you may not like it, but that is where we are at. We have fiat money, which has no ties back to gold or silver and that same fiat money is the only money that is recognized as Legal Tender in the US. Gold and Silver are commodities, that is all Every word of this came from the "proof" you provided.[/QUOTE]
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