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 …
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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6) US taxes for payable in precious metals for decades before the introduction of fiat. Once again, I don’t see your point.
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What are you even talking about man. With all due respect, all of those bullet points are nonsensical. Please actually look into monetary history. Gold was repeatedly globally seized, outlawed, centralized and subsequently supressed. Please stop spreading statist misinformation.
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Gold was these things. It is not today. (How do you disagree?) Yes, it could be all these things again. Yes, states have suppressed Gold. The Austrians value hard money. The mainstream values utility. My point: Hyperbitcoinization depends on converting people to your religion.
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paper money has never been introduced through voluntary cooperation. In all known cases it has been introduced through coercion and compulsion, sometimes with the threat of the death penalty
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