Gold is impossible without trust. And nobody trusts anyone rn.
China has been trying to build trust, but closed capital markets and “trust me bro” gold currency won’t fly.
US has strategic advantage with its citizens owning guns and bitcoin.
Discussion
Nothing that any human touches is "trustless" - even Bitcoin requires trust. In fact, you need people top buy into it in order for it to gain acceptance.
Gold has been trusted for 12500 years at the very least.
Also, last I checked the Whitepaper and the current state of BTC is far from 'trustless' - remind me again how many times they've changed the protocol and created Bitcoin forks?
Can't do that with Gold.
Also, "trust me bro" applies to a growing group of BRICS nations, Indonesia most recently joining - so within that circle of trust, sure they trust each other. Do they trust the West? No. Do they trust the dollar? No.
So, you can keep your bitcoins and your guns and they'll keep their gold and their guns.
You need BRICS to buy gold for it to gain acceptance. This is true for *any* money. That argument is poor.
You’re free to fork the coin again, try several times to gain the network effect.
Do the rest of the BRICS countries trust China? We’ll see.
Yes they do. They don't trust the USA
I agree they don’t trust the USA, that’s what I originally said.
If *gold in any form* is used in international trade significantly in the next 5 years I’ll be wrong, but I feel confident in the position that it won’t happen or will be abandoned in short order if it is tried.