₿itcoin on Nostr: But the one big downside is that the us showed that gold is not verifyable, making it ...
But the one big downside is that the us showed that gold is not verifyable, making it directly a weaker opponent on a crucial point compared to bitcoin.
Eventually, Brazil will be dependend on china or india to trust them with the gold reserves. How can they know if their gold is still there? They cannot rely on it because they have to cross others territory in order to verify their own wealth. This is the big bottle neck that centralizes control.
The same happens with normal fiat, it will fall into the hands of one validator or one issuer, making it dependend on internal trust or lobbyists.
History doesn't repeat, but it sure often rhymes"
Eventually, Brazil will be dependend on china or india to trust them with the gold reserves. How can they know if their gold is still there? They cannot rely on it because they have to cross others territory in order to verify their own wealth. This is the big bottle neck that centralizes control.
The same happens with normal fiat, it will fall into the hands of one validator or one issuer, making it dependend on internal trust or lobbyists.
History doesn't repeat, but it sure often rhymes"