Programmability, non-seizability and scalability across space are things that gold is not good for, at all, and that's exactly why hard money has been lost for so long.
Discussion
Good take!
Do you think the same applies for a gold backed fiat currency?
They already did make a "gold backed" currency, see how it went 😉
The very first bankers who took gold in exchange for certificates, well before the state issued the gold-backed-paper-cash currencies we know about, immediately started doing fractional reserve, there is just no hope.
On the other side, a "gold backed fiat currency" is kind of a contradiction in terms, as it can either be backed by gold, or be fiat money.
Sorry you’re right- gold backed cannot be fiat, we became fiat after removing the backing, my mistake.
I also wasn’t aware that fractional reserve banking started while being on a gold standard. All this being said, I think we’re definitely on the right path with bitcoin and if previous currencies with backing were subject to fractional reserve then there definitely would’ve been a use case for BTC even on a backed dollar system
Even just from a monetary standpoint, not considering the points you mentioned before. I think I have my answer