How is a #gold standard going to work on the internet without IOUs?
Who would ensure the IOUs were backed by real gold?
Why would this work this time around when it failed last time?
What would stop the State from slyly reintroducing money printing again?
People who desire gold don’t understand how modern commerce or gold liquidation work.
It’s a hope sheltered from the light of reality.
The world runs on a vast web of computer networks that communicate via well establish protocols that, together, we call the "internet".
While hot spots of overcentralization has crept up over the decades (DNS, CDN, cloud, social networks), the foundational protocols prevent lockin and therefor make capture extremely unlikely in the greater picture.
"The internet routes around censorship."
In time, humans striving for peace will slowly disintermediate power brokers and parasites until the full expression of the human spirit is realized.
#Bitcoin allows humans to collaborate peacefully on a scale that has never been possible. On a scale unprecedented in history: across bias and race and religion and language and government, and even vaccine status.
This works because #Bitcoin eliminates the need for trust, ala credit, as the base layer of all human transactions.
What worked at the smallest scales with gold coins is being reenvisioned for a world going deeper and deeper into the internet age.
#Bitcoin is scarcer than gold and can be sent anywhere in the world like a text message but without any power brokers to exploit the population's labor.
Gold can never be made to work on the internet because it reintroduces the problems that central banks and governments enjoyed to slyly introduce money printing: paper clearance, backing, reserve-based credit, holding institutions, etc.
Men. Lots and lots of men that we'd need to trust aren't looting the world. Aren't tightening their grip on the full range of natural rights. They will never unify the world's labor in voluntary commerce. A gold standard is DOA to freedom.
A banker's trick.
https://nostrcheck.me/media/public/nostrcheck.me_8181970160315344621695298818.webp
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Different companies will issue their own digital claims on #gold , and by competing provide one layer of protection.
Historically the New England banks (especially Boston) served as a pro-specie bulwark, demanding note redemption and driving unsound banks out of business. The Federal Reserve was created as a government-backed cartel to force sound banks to expand currency and credit in unison with unsound banks - so instead of specie the unsound banks would be able to "redeem" in the notes of other banks. Expansion in concert prevented banks from driving each other out of business. Still, ordinary Americans could drive unsound banks out of business, and so the cartel was forced to default to them in 1933. Then foreigners could drive the unsound central bank out of business, and was forced to default to them in 1971.
Sometimes it seems Bitcoiners presume that everyone needs to be honest for gold to work, but in fact all that's needed is *anyone* to be honest. This is why the dishonest banks had to create a government cartel, had to disconnect US citizens from international gold, and have sent the US to war repeatedly to stop gold from emerging as a financial alternative. The real WMDs were Gaddafi's gold dinar & Hussein's plans to break from the US dollar system to trade in Euros & gold. In 2014 China purportedly told the US it wanted to go on the gold standard & the US replied that would be an act of war. But as the world has more equal technology and more evenly distributed industrial capacity, the US loses the ability to bully the rest of the world off gold. A world without a hegemon is a world where fiat dies quickly.
What makes you think this doesn't just reset the monopoly game?
I'm sure they will try, for example with CBDCs.
If you think a global cartel can forever suppress the use of gold, you have a lot more faith than I do in the power of violence.
Peter Schiff to launch a token of physical gold IOUs, thus recreating the exact same problemset as fiat currency, which #Bitcoin was designed to solve.
The bullish case for gold is a collapse of society and a return to the dark ages. This seems less likely than AI Robots wiping us out, during which case gold will be worthless.
