Gold is entirely sufficient to blow up the fiat ponzi, but I suspect silver (or even some base metal) will be the trigger
When Comex runs out of something I think we'll have a run on the commodity "bank"
Discussion
This is an interesting point where we actually agree.
You see the ponzi collapsing with a bank run. I do too.
I actually see the many bank runs in Bitcoin’s short history (eg Mt Gox, FTX, Prime Trust) as proof that is exactly the asset to do the job.
We can add to the list of good qualities of money: “the ability to quickly and effectively withdraw your money if you suspect shenanigans with a third party”
Yet, gold cannot do the job. Silver won't separate money and state either. Both need centralized authorities, #Bitcoin doesn't.
On gold/silver, just another fiat (backed by metal) will take over the USD position, nothing will change, just the central issuers.
If it's backed by metal it's not fiat - you can express your lack of confidence in the issuer by redeeming the currency for the metal and peacefully withdrawing from the system
Fiat makes this peaceable withdrawal impossible (at least, not for everyone)
If it's backed by metal it means a central authority. You can peacefully withdrawn unless you get cheated by one of many trusted parties
https://decrypt.co/34033/chinese-firm-dumps-83-tonnes-of-fake-gold-on-the-market
Fiat withdrawal is indeed impossible; metal withdrawal I think is simply impractical. Bitcoin withdrawal is trivial so I think it will keep blowing up the people who try to play ponzi games with it (exactly as it should).