BitcoinStu on Nostr: You cannot back a fiat with gold because you cannot settle gold without transporting ...
You cannot back a fiat with gold because you cannot settle gold without transporting the yellow rocks all over the Earth. It's too slow, and as a result one of the BRICS banks would have to be a trusted custodian. Good luck with that, you think India wants to trust the Chinese central bank to custody gold for it? No chance.
The only alternative in the modern digital era to fiat with a trusted central bank is Bitcoin.
Published at
2024-09-03 00:53:57Event JSON
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"content": "You cannot back a fiat with gold because you cannot settle gold without transporting the yellow rocks all over the Earth. It's too slow, and as a result one of the BRICS banks would have to be a trusted custodian. Good luck with that, you think India wants to trust the Chinese central bank to custody gold for it? No chance.\n\nThe only alternative in the modern digital era to fiat with a trusted central bank is Bitcoin.",
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