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Unfortunately gold-based networks didn’t pass the market test. That’s why fiat came into being.

But luckily we have Bitcoin which is basically the digital equivalent of a well functioning gold-based financial network.

a source familiar with the matter 2y ago

Will Bitcoin be part of a financial system that allows us to send oil, grain and manufactured goods around the world with confidence?

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Discussion

Bitopia 2y ago

Bitcoin is what will be used to pay for those goods

a source familiar with the matter 2y ago

If we have reliable security & dispute arbitration to send oil, grain & manufactured goods around the world, it follows that we have reliable security & dispute arbitration to send precious metal disks around the world.

Or does precious metal somehow uniquely corrupt authority figures?

Bitopia 2y ago

You want payments to be instant and cheap across the globe, so physical is not an option. It has to be digital…

a source familiar with the matter 2y ago

I can transfer claims on gold digitally, just as we transfer claims on oil digitally