To those of you grumbling about Bitcoin as digital gold, this was a popular idea even prior to Bitcoin (with bit gold). Szabo wrote the following in 2011pic.twitter.com/RjDZHX32uJ
Show this thread
-
That seems to contradict historical reality Prior to the advent of paper money, many countries had been running tri-metallic monetary systems with gold coins for the very rich, silver mostly for the merchants and craftsmen and copper coins to facilitate transactions for the poor
Indeed all three were used in parallel for many millennia. Under coin systems they were usually pegged, most commonly to silver, the most commonly used coin by value. (The famous gold standard of 1870s-1914 involved IOUs for gold parked in bank vaults).
