"Digital Gold" seems like a nonsense concept. The most solid thing turned into the most ephemeral.
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no, the most important thing about it is its scarcity.
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Gold is not scarce. Wall Street has created unlimited Uncollateralized paper versions of it. Over $180bn or 140mm ounces trade each day.
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actual gold is scarce. fiat currency is not. The US hasn't been on the gold standard since 1971 which is why we can "create" unlimited amts.
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That's very much true & well said. However benchmark trading of gold trades in uncollateralized paper making price discovery lack scarcity
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agree, idc about fiat usd price of gold. my point is that scarcity is what makes a thing, physical or digital, viable as currency.
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once you untether currency from innate scarcity, you end up in a system where the powerful have an outsize ability to manipulate value.
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Which.......is the system we are stuck with at this exact moment.
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Fiat: mutable, non-scarce, national Gold: immutable, scarce, local Crypto: immutable, scarce, global
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The imperishability helped a lot. Bitcoin even better.
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Actually no. The most important thing was the supply was scarce, and could never be artificially manipulated like central banks
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“Most solid” can be interpreted in the abstract sense as being rare and tangible.
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Sort of. Gold has a rather unique set of properties which made the whole thing work. Choice of Gold was not random.
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But why was it agreed upon?
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Not to mention gold is the perfect metal - it is beautiful and has industrial value.
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Also a scarce resource
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Gold appeal was divisibility, permanence, and simultaneously not being someone else's liability
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"..The true value of a currency is not that it's tied to a precious metal, it's the utility of it." -Paul Vigna, The Age of Cryptocurrency
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