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rjs's avatar

"Gold and other precious metals are also not money. We know this because they have a price in money."

AUD has a price in USD (and vice versa). Does that make Australian dollars (or heaven forbid US dollars) not real money?

In so far as gold is still held by central banks as reserve currency and is used as part of inter-central bank payments, then gold is still a type of money. A strange sort of money in that it is also a commodity, but money nonetheless.

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J''s avatar

The fact that money is a statement of account as described in the article is exactly the problem crypto is trying to address, namely that the unit of measurement in the account ($ typically) is open to be manipulated by whoever is issuing the money to begin with. If Zimbabwe used bitcoin would they have had hyperinflation?

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