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The Gold standard could be knocked down because people were not protecting it, they got complacent and accepted the paper proxies even after they were no longer redeemable in anything else than themselves. Bitcoin is also not immune to complacency that will follow its success.
I agree on Bitcoin but need to add: The fault of the gold standard was its rigidity. Fixing money to gold at a certain rate must fail because of overprinting (always happens) and market forces. The solution is a free flowing market price and mtm of gold reserves -look at the Euro
I think the result is the same. People will print more vouchers than they have Gold, Inflation ensues and the "Gold Standard" either gets adapted or it breaks down.
Yes that actually happened and is one of the reasons we ended up with central banks that could bail out banks who overprint. I believe as long as we have alternatives in the marketplace (like BTC, XAU), the CBs need to work within "their means" to prevail.
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