the only thing that matters is "who will take out loans in dollars"
no one stores their wealth in dollars but everyone wants assets in dollar denominated jurisdictions and they therefore get loans in dollars based on their assets in dollar based regions nostr:note12hcl854qfjquprs0x3ykny694nume33wqmasq9jgac476psmzmgqdrprtk
Suppose I wish to sell my oil for your Bitcoin
Either I send the oil first and trust you send the Bitcoin
Or you send the Bitcoin first and trust I send the oil
Or we both send to some trusted third party
So Bitcoin doesn't eliminate the need for trust in international trade
And if that problem can be solved for oil it can also be solved for gold
the way this works currently is a pre bought contract and that will be the same in the future.
big players always trust each other otherwise they work with someone they do trust
If the market can somehow generate a framework of trust for hydrocarbons, base metals, salts, grains, etc why not noble metals?
