Inflation is not needed for gold. You are right. My point was gold was still money *despite* small inflation for civilization for thousands of years. So obviously inflation is not an exclusionary criteria for money if you think gold was/is money.
Also, you have to contend with the fact that circulating gold supply doesn't disappear when everyone stops mining it like it does with crypto. Gold also doesn't have transaction fees that grow the more people use it and that secure the circulating supply.
Isn't the reason for mining anything (including crypto) because you can profit more than the cost to mine? This isn't unique to gold. Whether that is in terms of USD, another crypto, or stuff you can get, there is no real distinction.
Another massive difference between fiat inflation vs gold/monero mining is that fiat inflation is massive, centralized, and unpredictable.
SaberhagenTheNameless / Saberhagen The Nameless
npub14a…yz6rn
2024-02-13 02:40:56
in reply to nevent1q…pzjs
Author Public Key
npub14a6q6xvt4wuv0wpdpfr336e4fweldtu6np3ehpw55h83xuw2h2zsgyz6rnPublished at
2024-02-13 02:40:56Event JSON
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"content": "Inflation is not needed for gold. You are right. My point was gold was still money *despite* small inflation for civilization for thousands of years. So obviously inflation is not an exclusionary criteria for money if you think gold was/is money.\n\nAlso, you have to contend with the fact that circulating gold supply doesn't disappear when everyone stops mining it like it does with crypto. Gold also doesn't have transaction fees that grow the more people use it and that secure the circulating supply.\n\nIsn't the reason for mining anything (including crypto) because you can profit more than the cost to mine? This isn't unique to gold. Whether that is in terms of USD, another crypto, or stuff you can get, there is no real distinction.\n\nAnother massive difference between fiat inflation vs gold/monero mining is that fiat inflation is massive, centralized, and unpredictable.",
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