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> a gold standard won out over silver mostly by **accident**.

rereading nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a book, i’m starting to think future descriptions of bitcoin and fiat could follow a similar path…

“a bitcoin standard won out over the dollar mostly by accident.”

history shifts overnight, with small things growing big, and the once significant becoming irrelevant.

there are only two parameters we must watch: time and motion, as probability is simply the outcome of accumulated time and repeated exposure.

🧡

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Discussion

W2S 1y ago

I don't have the full context of Lyn's quote, but isn't it true that, while other things may be equal, i) gold is much more scarce than silver, and ii) scarcity is a key requirement for money to function as a long term store of value?

xtogro 1y ago

yes, and yes. the competition between the two was driven, among a few things, by silver’s higher utility for daily transactions.

the “accident” refers to a single decision by britain, where the fixed gold-silver ratio made gold overvalued - worth reading how this snowballed into a butterfly effect.

W2S 1y ago

Interesting - will look into this