Holding gold in your hand, burning it with a lighter, biting into it, smelling it, tasting it with your tongue, exposing it to water, etc. are all very easy ways to decentrally and self-evidently verify it to be unique to everything else. X-Ray, chemical assays, are also cheap.
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Bitcoin's scarcity being governed by an economic majority through consensus poses a real risk over the long term. Hard money advocates do better to keep bitcoin owned by those with similar mindsets rather than selling it to the masses. Gold's natural scarcity is superior IMO.
Proof-of-work provides a fallback strategy of natural scarcity if the 21m limit fails.
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If demand for an economically inferior (by Austrian standards) protocol puts a bid under the inferior coin, won't miners be incentivized to jump ship for the inferior fork because of profitability if demand outstrips supply (bubble) from economically illiterate masses?
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I get that market forces would correct at some point but a lot of damage to the network would be done etc. Maybe loss of confidence as well.
End of conversation
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