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Cake day: July 24th, 2023

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  • Hereforpron2@lemmynsfw.comtoWorld News@lemmy.worldChina is hoarding the world's gold
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    8 months ago

    But when money fails (hyperinflation, sanctions, digital collapse, bank failures, violent revolution, etc.), countries who already have gold reserves will be the only ones with anything of value.

    Beyond that, just by virtue of the fear of any of those events or general international turmoil rising, the value of gold rises, too, as one of very few stores of wealth that can survive any such event. Investing in gold is a great low-risk move for guaranteed returns on huge reserves.

    Edit: I don’t know why people are downvoting this lol. Talk to literally anyone in finance.


  • I experienced very similar challenges moving from Spain to the US, from being locked out of apps and unable to update anything through Google’s app store to being unable to make purchases on PayPal and in Amazon, since everything on my phone/in my account was linked to another region.

    The issue is that I don’t think this is a “bug” in a cashless system, I think it is a “feature” that serves big banks, big data, and software providers. If you want to set up a new life or change your online behavior by necessity, with a cashless system you are forced to give companies everything they could ever want to track you and everything they need to link your history in one country to your new accounts in another. If they didn’t have 60 different ways to force you into creating these accounts and going through them to make minor changes, people could travel and purchase freely without their banks or apps ever knowing where they live permanently or if their financial situations have changed. But now, you have to directly give them that info to use your own money and apps. And they have no incentive to make it convenient.