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So they agree that fiat currency has no value anymore.
Who's "they"? The random person who wrote this?
Sounds like a McDonald's employee.
Not only is the Big Mac coin more stable than the US Peso, but its also Anti-Inflationary!!!!
no, eating big macs will definitely cause you to inflate
One a day is fine
That only causes slow inflation
Really depends on your definition of fine. I would feel like complete shit if I ate a big mac every day.
your feeling like shit is irrelevant. This is about big Mac economics. Also, your inflating diabetic numbers are also irrelevant. In fact, your overall health is irrelevant where McDonald's is concerned. Take your silly healthy eating to Whole Foods!
True, plus big-macs aren't even close to what they were 35yrs ago. They used to have better beef, shredded lettuce, real cheese, and a genuine special sauce. Now? -old leaf lettuce, green tomato, cold beef, stale bun,....and tastes like bottled russian dressing. take a bite and throw out.
Big Macs get smaller every year. Go grab a big mac, they are barely macs anymore, much less big.
Well McDonald's can just mint how ever many bigmac coins they want. As well as produce how ever many bigmac they need. There are not a finite number of bigmacs to which they are bound. Thus it is an inflationary currency.
proof of beef
Proof of steak
But as long as 1 coin = 1 Big Mac then the coin is not inflationary. I think what you’ve proven here is that the Big Macs themselves are an inflationary currency.
You're completely discounting the fact that big macs are finite though. Sure new ones are created at an alarming rate, but they're also consumed nearly as quickly, and unless something's changed in the last 5 minutes, I'm pretty sure renewable resources such as meat are still finite in current supply.
The only way the big mac can be truly inflationary is if McD's starts producing more of them than are consumed, and then continuing to serve them. Today's special, 3 day old Big Macs, same price as fresh ones.
The coins aren't back by Big Macs. If they were backed by Big Macs, for every coin that was issued there would be a Big Mac in reserve. I'm almost certain they don't have a big reserve a Big Macs.
It's backed by the faith and credit of McDonald's to produce a big mac at time of redemption. Circulating notes always exceeded gold reserves under the gold standard, but it was backed by the guarantee of redemption. Pretty solid currency if you ask me.
Gold standard was supposed to be backed by actual gold, but of course with fractional reserve it's been quite a few centuries since that was actually true. Even then, it's interesting to see how every few years gold and silver coins used to be melted and reissued with a lower weight, and this went on for centuries upon centuries.
Can you explain why people think gold is so good as a currency or why money backed by gold is a good thing? Isn't gold inherently valueless the same as fiat? For example:
Fiat: I will accept this fiat for my goods and services because I know that others will accept it for their goods and services.
Gold: I will accept this gold for my goods and services because I know that others will accept it for their goods and services.
It has no inherent value other than people agree that it has value. It seems to me that the the only thing with true inherent value are goods and services themselves. Humanity started out with that but quickly realized making an abstraction of that value in the form of something easily tradeable but with no inherent value (shells, beads, precious metals, fiat, etc) was the easier way to go.
Gold is also a good valuable on itself: it doesn't oxidize, it's easy to work with, it's a good electrical conductor, it's somewhat scarce, it's shiny, and it's fungible and divisible which makes it great to be used as a currency.
Of course part of its current value comes from speculation, and what essentially is trust in others trusting in its value, but even if all that was to disappear, gold would never reach zero value.
I don't personally think that money backed by gold is a good thing, I think it's good to keep money and goods separated. The only thing I see as problematic with fiat is who has control over its value: is it the people using it like Bitcoin, or some sort of central authority like the USD?
Seriously, I love cryptocurrency and how it has potential to change our economic system but posts like this show off how so many people who support Bitcoin and cryptocurrency don’t understand basic economics.
This only recently began too with all the “get rich quick” investors looking at crypto. Back in 2013, the community actually understood the purpose and why crypto is so important.伴随着幻想“一夜暴富”的投资者进入币圈，这种风气是最近正在不断蔓延。2013年，社区的人们都了解比特币的目的，也知道为什么加密货币如此重要。
I'm lovin' it!