This is also my question of late. Does hyperbitcoinization require the world to convert to Austrian economics? If we valued hard money we didn't need BTC to save us. We could have bought gold & restored the gold standard. It seems much of the world also wants useful money.https://twitter.com/TusharJain_/status/1018951348312838145 …
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No. Powers interfered, particularly states. They created competing products and placed restriction on gold. And they can do so again.
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Sure, they can, and they probably will. But in the long run, software, cryptography and rows in a myriad of distributed databases are much harder to control, restrict and centralize than yellow metal bricks. Another question - how is fiat more “useful” than Gold?
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A few ways (USD): - stability (low volatility) - liquidity - medium of exchange - compatibility w banking system - unit of account - ability to pay US taxes
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Gold was ALL of those things for 10,000+ years. 1) Gold, over long periods, has historically been more stable than Fiat. It is said that the price of a cow in medieval times measured in weight of gold is STILL roughly the same as today.
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2) Gold was abundantly liquid when it was highly monetized. I don’t see your point.
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3) Gold was a successful medium of exchange for ten millenia, fiat only for 47 years. I don’t see your point.
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4) The banking system based on gold existed for 12+ centuries. I don’t see your point.
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5) What do you mean “unit of account”??? Once again, Gold was a fine unit of account for millenia. I would even argue it is an even better unit of account than fiat, when monetized. I don’t see your point.
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