Credit is and will remain crucial to our economy, but it always implies the possibility of default. Counterparty risk is an unavoidable part of credit, and makes it a less secure basis for a monetary system than a well-implemented and trust-minimized cryptocurrency.https://twitter.com/izakaminska/status/950820062927212545 …
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Credit in the form of transferable bank deposits does carry some default risk, but has other advantages over crypto as a payment method, namely speed, cheapness, and denomination in the most widely used unit of account, hence less purchasing power risk.
It has those advantages over gold, not, in the long run, over cryptocurrency.
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Easy to see gold has lower purchasing power risk both short/medium term by simply observing market signal of price/volatility/skew, regardless of noise in theory or financial 'beliefs'. Bitcoin will have convenience superiority in time. Certainty of purchasing power, likely not
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Both gold/fiat benefit from base layer of value/stability/liquidity anchored in "commodity equivalence" of first order needs(Food/energy). While Bitcoin as mathematical system is anchored in unforgeable "scarcity of time",still subject to uncertainty of competition/system entropy
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