It is uncomprehendable how much has been stolen from us.
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Feels about right
whoa.
😯😯😯
People can't comprehend how poor we are. The only reason we can afford anything is due to technical progress
I always explained this as being paid todays minimum wage in 1964 90% silver quarters. This is even more depressing.
Silver is a shitcoin so makes sense right?
And gold inflates too!
The price of gold being fixed arbitrarily low up until 1971 was the original theft... but it was ultimately unsustainable and led to the breaking of the gold standard.
The lesson here ought to be: whether we're pricing gold or labor (or virtually anything), it ought to be determined by the uncoerced valuations of the participants in an open market.
Yup! An estimate of an average annual stock increase of 2% is the best I've found.
VON GREYERZ
The biggest misconception with regard to gold – High stock-to-flow ratio is the most important characteristic of gold
In recent weeks, gold has reached new all-time highs in many currencies, including the US dollar, the euro and the Swiss franc.
We're talking about these relative to the USD which is king of shitcoins. No?
Fiat stole our purchasing power.
In 1971, the U.S. minimum wage was $1.60/hour.
40 hours = $64/week = 1.82 oz of gold.
Today, to earn the same 1.82 oz of gold, the minimum wage would need to be $162/hour.
That’s how much value has been stolen through inflation.
💡 #Bitcoin fixes this.
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WOW
Yeah with gold as our best proxy for historical value
Gold was the best. Until Bitcoin. But gold is still the best comparison because it's real world value has held most true and Bitcoin is still not even widely considered money, as gold was for thousands of years. Our great grandkids will be grateful for us.
I now see the consequences everywhere I go, I can't stop thinking about what we've lost and it infuriates and depresses me.
Bitcoin is absolutely the best going forward but it's hard to gauge things since its monetization process is what's steering the price action
Gold is best looking backwards absolutely
That said, someone else made a great comment here that the price used for this 1971 comparison was artificially low, causing the current dollar price comparison to be artificially high
Who knows where true stands and that's the problem
The bitcoin price on September 9th 2024 was $55,000. Things aren't looking so bad rn
I hope I'm not giving off a vibe that I think things are bad in that way
We are taking it back with bitcoin.
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Fiat is theft
Modern day slavery
It is called inflation (legalized theft)
Fun experiment:
1. Go back to when you first started to work. Look up how many ounces of gold you were earning per year.
2. Compare your current wage in ounces of gold.
3. 😭
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Almost everybody knows or feels that things are inflated. The problem will be worse if we get bad solutions like raising minimum wage. There is a lot of work to be done.
$337k per year salary equivalent 😳
Houses all the sudden become affordable
And Boomers be like “back in my day we worked hard blah blah blah”
Your arguments are as bad as your grammar
Friendly fire, Ben
Projections for this year have me almost back to 2012, the year I began working professionally…. I only worked half the year
Maybe. Have you given any thought to how a country would continue to run without taxation other than ‘bitcoin and booze’? If so I’m happy to upgrade you from clueless to hypocrite.
If you're just a dick, I'm good.
Ok. Clueless it is