Gold cannot be money because it is infeasible for micro transactions in the modern digital economy
Are you going to walk around paying flakes of gold for your coffee or some takeout?
You won’t, which is why you’ll put it back in the hands of centralized custodian who will issue you paper
Which brings us all the way back to square one with the Fiat fractional banking standard
Because a “blockchain” is a worthless stupid centralized database if it’s outside of Bitcoin
You could try to put gold on a blockchain aka a ledger. You’d get a kneecapped bitcoin - no true custody of the asset after a transaction unless you physically move the gold. Centralization of gold is a tendency, then you run into counterparty risk. You’re trying to use gold in a digital way when you can just use bitcoin - it was designed to solve a lot of the problems that gold presents.
It is hilarious (and pathetic) that gold bugs have this delusion. They really imagine themselves walking around as lords with bouillon worth $20k/oz shaving little flecks onto extremely precise digital scales in cafes and shit 🤣
The other reason why gold is dead in the water is it can’t be used for online commerce. Which is at least 1/5th of all transactions.
Also supply can’t be audited and is inflationary to the tune of ≈1.5% annually. Gold is fully retarded.
I tell people you can send grams of gold in the mail, but this is slow and introduces counter party risk.
Let's create a gold backed app/stablecoin...oh right... nostr:nprofile1qqsyx708d0a8d2qt3ku75avjz8vshvlx0v3q97ygpnz0tllzqegxrtgppamhxue69uhkumewwd68ytnrwgqs6amnwvaz7tmwdaejumr0dsxxn50k already tried that and failed. That game is over.
So you're saying my Scrooge McDuck dream of gold coins coming back isn't viable? 🥺
https://www.goldback.com/ ad by nostr:nprofile1qqswft34d8euqh383rns727g6dmhu8styneuglznjk28zkj7u0fuaygprdmhxue69uhkummnw3ezuenjv93hgctvd9ax2epwdejhgqg7waehxw309ahx7um5wgh8xetvvckkget5v4ex66twv4jzuer9qyt8wumn8ghj7un9d3shjtnswf5k6ctv9ehx2aq8ll5ue.
https://blossom.primal.net/f5dfbc89eefdec2057dbeb2680a60f7027783225fb40c113072d293e3070cbe3.mp4
