How do I know the gold is there? Still gotta trust a 3rd party.
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Replying to @AlexDaTravellah @NickSzabo4
Very true, but it makes gold infinitely divisible, and simple to use as a means of payment. In the current system, we are always forced to trust 1 or more 3rd parties. (btc etc the exception, but usability still limited)
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You just outlined the case for bitcoin perfectly. Trusted 3rd parties are security holes. Did you guys even read the thread? You just tried to make the case for paper money, we tried that already...
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My case was simply that blockchain makes gold better (than it has been). Do not understand how you can say I make a case for paper money. But POW is IMHO a weak spot, because it makes it easy for a Gov. to strike down larger data centers.
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"In the current system, we are always forced to trust" Bitcoin is the exception. Don't trust, verify.
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Replying to @mrcoolbp @stoneagezenmind and
Your digital gold certificates are exactly how we got to paper money in the first place, they were originally redeemable for gold. Read Nick's thread again.
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Redeemable to gold in a GOVERNMENT secured system, not in a bunch of private vaults having nothing to do with a centralized system. Rather big difference.
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Governments if they desire have effective control over the vaults either way.
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But Nick! Governments would never seize our gold right??!!? There's no historical precedent for them taking it or outlawing it's possession right!?! Trusted 3rd parties might be really friendly!!11!
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Replying to @mrcoolbp @NickSzabo4 and
Of course not. All you have to do is trust, easy and simple.
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Replying to @CryptoGucciGG @mrcoolbp and
All you have to do is have confidence in the confidence men, easy and simple.
10:38 AM - 12 Aug 2019
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