garyj on Nostr: I think he's missing these key components, gold doesn't have an unalterable public ...

I think he's missing these key components, gold doesn't have an unalterable public ledger , gold tends to get stored centrally because of security problems and gold is not readily assayable.

Eg. Ft Knox has never been publicly audited and will never be publicly audited. There may not even be any gold in there, or it may not belong to who you think it does , if it is there.

If you don't know if the gold exists or where it is and it is insecure to carry and you cannot tell easily if its real gold , you cannot back money with gold. There's the problem.