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<p>[QUOTE="InfleXion, post: 1642968, member: 29012"]We've got to go back further than 1840. That is still recent history. I've already posted all about this so I will simply link it.</p><p> </p><p><a href="http://www.cointalk.com/t222057-8/#post1634842" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/t222057-8/#post1634842">http://www.cointalk.com/t222057-8/#post1634842</a></p><p><a href="http://www.cointalk.com/t222057-11/#post1636977" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/t222057-11/#post1636977">http://www.cointalk.com/t222057-11/#post1636977</a></p><p><a href="http://www.cointalk.com/t222057-11/#post1636986" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/t222057-11/#post1636986">http://www.cointalk.com/t222057-11/#post1636986</a></p><p><br /></p><p>The point is that baseline for valuation stemmed out of the nature of precious metals, and currency is a less reliable proxy that has usurped the role of PMs as central banking began to take hold and undermine our metal standards back in 1786 with the First Central Bank of the US. Prior to the 17th century all money was commodity money.</p><p><br /></p><p>Yes, all other metals can function as money (coal can't because it isn't durable or fungible enough, only metal elements suffice as money).</p><p><br /></p><p>I am not shifting the argument. I am discussing the very first thing I engaged you about which is that metals should not be treated like <u>common</u> commodities, because commodities can have falsified supply numbers to "make a market" and provide "price stability" and "decrease volatility" and therefore our progress as a society will suffer due to a <u>precious</u> commodity being squandered that is absolutely necessary for technological advancement. So that was the argument to begin with. If you are referring to whether not silver is money, there is no argument. It has a face value and it is in fact money. There are many kinds of money.[/QUOTE]</p><p><br /></p>
[QUOTE="InfleXion, post: 1642968, member: 29012"]We've got to go back further than 1840. That is still recent history. I've already posted all about this so I will simply link it. [URL]http://www.cointalk.com/t222057-8/#post1634842[/URL] [URL]http://www.cointalk.com/t222057-11/#post1636977[/URL] [URL]http://www.cointalk.com/t222057-11/#post1636986[/URL] The point is that baseline for valuation stemmed out of the nature of precious metals, and currency is a less reliable proxy that has usurped the role of PMs as central banking began to take hold and undermine our metal standards back in 1786 with the First Central Bank of the US. Prior to the 17th century all money was commodity money. Yes, all other metals can function as money (coal can't because it isn't durable or fungible enough, only metal elements suffice as money). I am not shifting the argument. I am discussing the very first thing I engaged you about which is that metals should not be treated like [U]common[/U] commodities, because commodities can have falsified supply numbers to "make a market" and provide "price stability" and "decrease volatility" and therefore our progress as a society will suffer due to a [U]precious[/U] commodity being squandered that is absolutely necessary for technological advancement. So that was the argument to begin with. If you are referring to whether not silver is money, there is no argument. It has a face value and it is in fact money. There are many kinds of money.[/QUOTE]
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