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| The Value of Money https://gladerebooted.net/viewtopic.php?f=8&t=854 |
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| Author: | Rafael [ Mon Nov 16, 2009 12:11 am ] |
| Post subject: | The Value of Money |
Here's some evidence as to why we end up with huge price bubbles every 2-3 decades. [youtube]Gk5aRIz17fk[/youtube] |
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| Author: | DFK! [ Mon Nov 16, 2009 12:50 am ] |
| Post subject: | |
To be fair, usually people on the street like that with a camera crew are trying to pull something over on people. |
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| Author: | Micheal [ Mon Nov 16, 2009 12:52 am ] |
| Post subject: | |
My thoughts exactly. |
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| Author: | Colphax [ Mon Nov 16, 2009 3:59 am ] |
| Post subject: | Re: The Value of Money |
OK, so let's imagine what would happen if he tried it with no obvious mike or camera crew. Frankly, I'd still bet a lot of people would be wary about taking him up on the offer. Most would likely think it was some sort of con. I'm betting that's what a lot of the people who said they didn't have any money were thinking. People don't have experience with gold coins by and large any more. How would you verify on the street, without being knowledgeable about Maple Leafs or Krugerrands, or Walking Libertys, that the coin offered is authentic? Look at the guy who kept saying "I'm not a collector"--people these days don't think of the value in a coin's material, but in its collector's value (which I guess kinda proves the video's point...) |
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| Author: | DFK! [ Mon Nov 16, 2009 10:19 am ] |
| Post subject: | |
Personally, I think if somebody did that to me, I'd probably state that I'd have to get the authenticity verified prior to purchase. |
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| Author: | Hannibal [ Mon Nov 16, 2009 10:26 am ] |
| Post subject: | Re: |
DFK! wrote: Personally, I think if somebody did that to me, I'd probably state that I'd have to get the authenticity verified prior to purchase. This. Having dinner with Elmo he showed me freshly minted .999 silver coins. Honestly they look like token you would get at a Ren Faire. While the striking mark is some piece of mind, I could make a believeable mold for that in an afternoon and pass coated coins. So a combo of ignorance, and being wary is a reasonable explanation for this video. Since "If it's too good to be true, it usually is" seems to apply here, I'm sure if they repeated the experiment with a hundred dollar bill, many people would assume it could be fake. |
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| Author: | Rafael [ Mon Nov 16, 2009 11:01 am ] |
| Post subject: | |
True, it's a camera, but that's like trading a 50 dollar bill for a thousand dollar bill. I don't care if there's a camera and PETA is there trying to dump buckets of cow blood on me (I'd be pissed still). I'd buy the damned thing. Secondly, the Canadian Maple Leaf is a fairly well known coin, as far as gold minted money is concerned. And third, not a single person even offered to buy it on the condition if its verified authenticity. I'm not saying there isn't a good reason to be apprehensive, but no one gave a good reason. The last idiot was the most telling as to how people have lost their perception of what money truly is. He said "I don't need it". Does anyone need money? No, of course not. He didn't need the paper currency is his pocket either. He certainly would have said he needed a huge chunk of his mortgage or rent paid for the month more than he needed 4 or 5 days worth of groceries. |
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| Author: | Uinan [ Mon Nov 16, 2009 12:17 pm ] |
| Post subject: | |
My first thought would be that it's a scam. Just because some one tells you something is solid gold, certainly doesn't mean that it's true. |
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| Author: | Jocificus [ Mon Nov 16, 2009 1:35 pm ] |
| Post subject: | Re: The Value of Money |
Testing if it's actually gold is easy enough: bite it. True gold is quite soft, about the same on moh's scale (the scale to determine hardness of rocks/minerals) as your fingernails, a 2.5 out of 10. The less pure the gold sample is, the harder it will be and the less likely you will leave a mark. This won't tell you if then entire sample is gold though, obviously; just the outside. According to what I just looked up though, those coins are guaranteed to be 99.999% pure gold, so the bite test should work just fine. You can also do this for silver, which is slightly harder at a 2.7 on the scale. You could also quite easily flatten these samples with a hammer or a rock, as gold is very malleable. |
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| Author: | Rafael [ Mon Nov 16, 2009 2:06 pm ] |
| Post subject: | Re: |
Uinan wrote: My first thought would be that it's a scam. Just because some one tells you something is solid gold, certainly doesn't mean that it's true. So then I guess we have to presume someone is walking around with counterfeited money minted by the Royal Canadian Mint. The Canadian Gold Maple Leaf is one of the most commonly available gold bullion coins. |
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| Author: | Mookhow [ Mon Nov 16, 2009 2:33 pm ] |
| Post subject: | Re: The Value of Money |
If someone stopped me on the street and offered me a gold coin cheap, I wouldn't accept it. I wouldn't accept an offer of a car, a laptop computer, xbox 360, or any other item. I don't know this guy from Jack, and any too-good-to-be-true deal is automatically suspect. Even if I knew the offer was legitimate, I wouldn't accept. It's just an awkward situation. On the other hand, if there was, say, a contest that I won, that would add some legitimacy and familiarity to the situation, so I would be more inclined to accept it. However, if there was a choice of prizes with the gold coin being one of them, I probably wouldn't choose it. A gold coin just isn't very practical. The only thing it's good for is to sell so I can buy something I'd rather have. I'd probably take a lesser prize if it was something I wanted. Does that mean I don't understand the value of money? Maybe. |
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| Author: | Elmarnieh [ Mon Nov 16, 2009 2:35 pm ] |
| Post subject: | |
I'd take it in a heartbeat after trying to put a gouge in itwith my key or knife. If saw the camera I would assume it was exactly what it was - an attempt to show people doing stupid things on camera. |
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| Author: | Ladas [ Mon Nov 16, 2009 2:51 pm ] |
| Post subject: | |
Or an attempt to document you buying stolen goods... see your thread about arrested for turning in a gun. |
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| Author: | Elmarnieh [ Mon Nov 16, 2009 2:58 pm ] |
| Post subject: | |
That is only a crime if you know they were stolen. |
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| Author: | darksiege [ Mon Nov 16, 2009 3:39 pm ] |
| Post subject: | Re: |
Elmarnieh wrote: That is only a crime if you know they were stolen. That is a lie. You receive a christmas gift. it turns out that it is stolen property.. you are still held accountable for possession of stolen property; ignorance is not protection. |
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| Author: | DFK! [ Mon Nov 16, 2009 4:05 pm ] |
| Post subject: | Re: Re: |
darksiege wrote: Elmarnieh wrote: That is only a crime if you know they were stolen. That is a lie. You receive a christmas gift. it turns out that it is stolen property.. you are still held accountable for possession of stolen property; ignorance is not protection. Apparently in the case of the guy who found that gun in the UK, that's true. Were this to become true in the US, it would not only violate hundreds of years of precedent, it'd be a travesty of true justice. |
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| Author: | Vindicarre [ Mon Nov 16, 2009 4:25 pm ] |
| Post subject: | Re: Re: |
darksiege wrote: Elmarnieh wrote: That is only a crime if you know they were stolen. That is a lie. You receive a christmas gift. it turns out that it is stolen property.. you are still held accountable for possession of stolen property; ignorance is not protection. This is an instance where the "reasonable man" standard is usually used. i.e. If a reasonable person would have known it was stolen, then you're liable. Nevada-specific law (for example) regarding this is covered under NRS 205.275. |
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| Author: | Elmarnieh [ Mon Nov 16, 2009 4:56 pm ] |
| Post subject: | Re: Re: |
darksiege wrote: Elmarnieh wrote: That is only a crime if you know they were stolen. That is a lie. You receive a christmas gift. it turns out that it is stolen property.. you are still held accountable for possession of stolen property; ignorance is not protection. Which isn't a crime. You aren't charged with a crime if you unknowingly own stolen goods - they are returned but you're not charged. |
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| Author: | Diamondeye [ Mon Nov 16, 2009 6:51 pm ] |
| Post subject: | Re: The Value of Money |
Elmo is correct. Ignorance of fact is a defense; ignorance of the law is not. In the case of stolen property, that means not knowing that the property is stolen is a defense, but not knowing that it is illegal to hold stolen property is not. Now, that said, generally when a law rests on what you know, claiming you didn't know it when you "reasonably should know" won't help you. "Reasonably should know" that based on the facts available to you at the time, if an average person would be able to figure out that the property was stolen, you can't claim you "didn't know". For example, if the person asks you to come to an abandoned building and pay cash... "gee, maybe that's stolen property!" |
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| Author: | Leshani [ Tue Nov 17, 2009 6:03 pm ] |
| Post subject: | Re: The Value of Money |
Quote: For example, if the person asks you to come to an abandoned building and pay cash... "gee, maybe that's stolen property!" So it seems you've met my gun dealer |
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| Author: | Diamondeye [ Tue Nov 17, 2009 7:34 pm ] |
| Post subject: | Re: The Value of Money |
Leshani wrote: Quote: For example, if the person asks you to come to an abandoned building and pay cash... "gee, maybe that's stolen property!" So it seems you've met my gun dealer Nice guy, but not very subtle. |
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