Claims on gold can be digitally transferred already
And no, gold's value does not depend entirely on chains of speculation. I can bring my gold to a dentist and have him fill a tooth. Or trade it to someone with a cavity for that purpose.
Where Bitcoin you will only ever trade to another speculator.
Which is all well and good in fiat world where everyone is a speculator.
But don't you see the problems with fiat world?
Claims, yes, which require trust, who's currency is BRICS going to trade in, seems like a big basket of bad deals. Maybe they'll follow through on using gold, maybe the CIA sinks a tanker carrying a pallet of it.
Do I see a problem with it ultimately being based on speculation? I do on something of a risk adjusted basis, I did more so before it had any trading value, less when it entered common sentiment, less when countries started using it as a currency, and less now that its in contention as an option for international trade in a world where countries can't trust each other and the world reserve currency hangs in the balance. I'll be evermore satisfied as further developments come, be it geopolitical or code.
