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We keep gold in the basement because it's a pain to lug around or send over the internet. Bitcoin is easy to carry and send, so why bother with bitcoin IOUs?
Also, precious metals were expensive to validate without trusting a mint to reliably coin it, a trust that was often abused, as was the trust in IOUs & other derivatives. Validation of Bitcoin is very inexpensive, and universal when receiving money on the Bitcoin main chain.
![Damian Mee 😷 [🇭🇰♥️Hong Kong]](https://pbs.twimg.com/profile_images/558789649515020288/FhQvpcN1_normal.jpeg)
I’m not comparing btc to gold beyond noting the USD is/was a derivative of gold. Derivatives aren’t created for efficiency, trust, ease of transfer, or any practical reasons at all. They’re created out of profit incentive. Any sound money/hard asset will generate derivatives.
Surely if somebody is making a profit off them, and it's a free market, somebody on the other side of the deal is getting value they are willing to pay for. What is this value>?
Always the right question... usually time-value/credit/debt. US didn’t break the gold peg because they were tired of schlepping gold around. It was a coercive credit line extension. At the free market level, at this moment I can buy btc futures at CME easier than elsewhere. My $
Coercive and infinite in time. :-)
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