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THE PART FROM AROUND MINUTE 25-29….
ALL I KEEP ASKING MYSELF IS WHAT HAPPENS WHEN THE GOLD MINERS QUIT SELLING FOR DOLLARS AND ONLY TAKE BITCOIN FROM THE GOVERNMENT? I MEAN…I THINK THE GOVERNMENTS WILL FORCE THE MINES TO STAY OPEN - BUT THE PEOPLE WILL EVENTUALLY DEMAND PAY IN BITCOIN AS WELL….
I MEAN AT LEAST THATS WHAT I THINK HAPPENS AT SOME POINT - I THINK IT IS INEVITABLE THAT THIS SCENARIO PLAYS OUT AS THE WORLD CONTINUES WAKING UP TO WHAT THE BITCOIN NETWORK ACTUALLY IS!
THE MOST NEUTRAL, OPEN, DECENTRALIZED, COMMUNICATIONS PROTOCOL - HUMANITY HAS EVER INVENTED.
I MEAN HOLY FUCKING SHITBALLS!!! THIS TIMELINE IS SIMPLY THE MOST AMAZING TIME TO BE ALIVE IN!
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Replies (3)
I think gold miners used to sell their gold ore to mints (that could be government run) for a share of the coins that are made from it.
It might be that they revert to that model and pay their employees in gold coins. I doubt it, though.
THAT IS INTERESTING-AND MAKES SENSE IF THE CURRENCY IS PEGGED TO GOLD-NOW THOUGH I THINK IT NEEDS TO BE BITCOIN
Well, it's a lot weirder now because gold's primary value is still monetary.
If it's not even good enough money to pay gold miners with, then it's probably lost most of its monetary premium and most gold mines would shut down.
Of course I'm trying to abstract out to the hypothetical world where gold miners no longer want to be paid in fiat. If there are still gold mines, then I think most miners will be paid in gold.