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For something to become money it needs to have all the characteristics you mentioned on top of the foundation, which is that it already has value. That is why I doubt Bitcoin will ever become money.

We need some sort of mashup between the two. Gold and Blockchain. As I described in my previous comment.

DasFrettchen 11mo ago

yes, also bitcoin is not recognizable at a global scale (ask my mom, she has no idea).

I see only two problems with the gold+blockchain solution:

1. gold is mined at a 2% every year, meaning supply is not fix and it compounds to a devaluation of 50% in 34 years or so.

2. the oracle problem, how do we keep the peg between the gold vault and the blockchain? if someone steals a kg or the germans invade, the people of indonesia trade with an empty token.

I would say point 1 is weak, since technology makes everything cheaper but I still struggle with point 2.

let me know if you have thought about viable solutions

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Discussion

Peace K 🪙 11mo ago

The first point isn't much of an issue since the population also grows. Relative to human population size the amount of gold hasn't grown much.

Regarding the second point I think the best thing is not to pef the PRBT to Gold, but to the value of a gold transaction. The PRBT will be the gas price to create a transaction. It's value will fluctuate with the demand to do trade.

How does that sound?

DasFrettchen 11mo ago

a little bit beyond me, let me google a couple of terms and read it again :)