Why did gold fail to prevent the debasement of society's purchasing power?
Because we had already self selected gold IOUs to overcome gold's encumbrance; banks and govs merely capitalized on it.
Enter #Bitcoin - as portable and light weight as text messages and as scarce as gold. No IOUs needed.
Correct. The population chose to prioritize gold IOUs to overcome gold's encumbrance. We should take this to mean that society will only tolerate a money that is light weight and portable, even if that introduces currency debasement. Now, with Bitcoin, we don't have to make that tradeoff.
People who chose self custody made out alright. There’s a lesson there someplace.
