• 40 Posts
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Joined 1 year ago
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Cake day: July 4th, 2023

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  • I think it’s like this:

    Due to their rarity, gold and silver are only available in limited quantities. This makes them suitable as a means of payment, as the limited availability of these materials allows them to have a relatively stable exchange value. They are also durable and easy to work with. So as a means of payment, gold and silver became representative of goods that can be purchased with them.

    Coins made of gold or silver, which were used as currencies early on, were not very forgery-proof. However, as the materials themselves are rare, good forgeries were only possible if the material was available. And the rarer the material used, the more forgery-proof the coin became, which is why it made sense to mint coins with a high exchange value from rarer materials (bronze or copper for lower value coins, silver or even gold for coins with higher exchange value).

    Early examples of inflation illustrate quite well how value and material are linked: In ancient Rome, for example, silver coins were used as a means of payment. Under Emperor Gallienus, there was massive inflation because he had the silver content of coins reduced to below 5% in order to finance military campaigns and other expenses (he basically created value out of thin air with this move). This ultimately led to a loss of confidence in the currency and thus to a decline in the value of the coins, as they were not inherently forgery-proof (it became quite easy to mint counterfeit coins with such a low silver content).

    Still, the value of the material itself has always been variable and depended heavily on its rarity: When the Spanish imported large quantities of silver from their colonies in South America in the 16th century, the value of silver fell because the material became less scarce. This eventually led to massive inflation throughout Europe at the time.

    However, the value is not so much determined by the material itself, but by the value that people ascribe to it at a certain time. There are also great historical examples of how speculative bubbles work: In the 17th century, tulip bulbs were at times traded at enormously high prices in the Netherlands because they were difficult to obtain and therefore rare - this made them coveted as a status symbol. However, this bubble finally burst in 1637 when traders could no longer find buyers due to the astronomical tulip bulb prices - demand was covered; the “Tulipmania” had ended. As a result, the merchants began to sell these tulip bulbs in “panic sales” at ever lower prices in order to recoup at least part of their investment. As a result, the price fell to near worthlessness.

    Such speculative bubbles still exist today, of course. This is demonstrated very impressively time and again by cryptocurrencies, for example, which are not even material and have no central regulatory authority (such as a central bank) - their value results basically just from what someone is willing to pay at a certain point in time.

    So gold and silver were and are valuable not only because of their utility value, but also because of their use as a means of payment, whereby the value - as with today’s currencies - results from a (more or less stable) consensus on the exchange value in goods attributed to a material or currency.

    As gold in particular has historically been used as a means of payment for a very long time, most countries still have gold reserves to back their currencies to a certain extent, even if their currencies are generally no longer directly linked to an equivalent value in gold as they used to be. Nevertheless, the US, for example, still holds large amounts of gold at Fort Knox and elsewhere to counteract the fact that paper money, and especially its virtual equivalent in some digital form, is materially worthless.






  • I know, but why should someone other than Jones pay up? He has obviously put aside a lot of money that is due to those affected - he will make even more in the next trump turn. If he gets away with that and shows that it’s worthwhile to run a business as immoral as his, others will do exactly the same.

    Edit: nvm, I forgot that Trump still owes the state of New York half a billion dollars for massive financial fraud that he will never pay because the US citizens elected him the next president. Well, too bad the US legal system doesn’t prosecute anyone personally - especially not with criminal charges. Sorry, I always wrongly assume that the US has a semi-functioning legal system. My bad.



  • Yes, and fuck this shit in particular:

    A resolution adopted by the German Bundestag last week on curbing antisemitism and protecting Jewish life could negatively impact civil society and free expression in the country. (…) There are major concerns in Germany about the resolution, including from civil society, academics, Jewish artists and intellectuals, and lawyers. There are fears it will open up new avenues for abusive enforcement, further chill free expression, peaceful assembly, and free association, and risk stigmatizing migrant communities, while downplaying homegrown antisemitism in German society including from the far right. Source

    Sincerely, another German.


  • It’s probably just a simple HTML tel link that is supposed to open a phone app so that you don’t need to dial. But macOS and iOS opens these links with FaceTime if that is configured as your standard “phone” app. So it’s not the website that opens an app with camera permission, it’s the OS.

    This can be quite annoying for web developers because HTML alone cannot prevent FaceTime from being opened instead of a normal phone app, as the OS dictates what happens when a tel link is clicked. This can easily give the impression that the camera is being accessed illegitimately, even if this is not actually intended. That’s probably the case here. I can’t imagine anyone expecting their customers to book a table in a restaurant via video call - that would be stupid on many levels.








  • Europe is increasingly losing influence in the global economy, which is why I do not think that the euro is a likely candidate for an alternative reserve currency. If at all, it is more likely to be a dispute between the US and China or an eastern bloc imo. Or perhaps a system that is more decentralized and no longer requires a central trading currency in the sence of a national currency. Either way, I think an attack by the USA on Europe is out of the question - for many reasons, but if only because the US benefits from NATO and France is also a nuclear power.


  • What I mean is unbridled self-enrichment, corruption, greed, hubris and hedonism (in the negative, not the philosophical sense) of the elites of a given empire, which often had a certain share in the decline of formerly effective administrative and economic structures, legal systems etc. The excessive abuse of power by the powerful for selfish purposes. For a long time the ancient Romans were very aware of the creeping danger that came with considerable power in the hands of just a few. For example the expression “memento mori” (remember that you will die) likely comes from this context: The Romans used to say that to generals when they returned from a successful campaign as to remind them that they are not almighty gods but just mortals like everyone else. The late Roman elite however seems to have forgotten this as they became more greedy and selfish instead of being somewhat humble servants of their empire - they became decadent. But yes, if anything, that was of course just one factor among many in the decline of former empires. My point is just that even today, the excessive greed of a few very powerful people threatens not only their own power base, but even the survival of humanity as a whole. I simply think that we need to change fundamentally and urgently if we want to mitigate the foreseeable consequences of climate change to some extent - Trump is not going to do that at all.


  • Yes, most empires have perished because of their decadence. This is certainly also a danger for the USA, especially under Trump. If it comes to that, we can only hope that the US will not drag us all into the abyss with them. They will certainly use all means at their disposal to maintain the status quo - even with nuclear weapons, which the Romans, for example, did not have. I hope it goes well. In any case, the world would be better off if we did not continue to destroy our common habitat with our eyes open because of the excessive neoliberalism of the US.