a source familiar with the matter on Nostr: Gold is an inanimate object, as is green cotton. Gold is not supposed to kill fiat - ...
Gold is an inanimate object, as is green cotton.
Gold is not supposed to kill fiat - fiat's own contradictions will do that (and many, many fiat currencies have blown up over the past 50 years).
Imagine that fiat does in fact die. I think it's quite clear that material goods will retain trade value, and based on their scarcity & usefulness we can work out exchange ratios and rebuild an industrial economy. But what will determine the exchange ratio of Bitcoin to silver? To oil? To beef?
Gold is not supposed to kill fiat - fiat's own contradictions will do that (and many, many fiat currencies have blown up over the past 50 years).
Imagine that fiat does in fact die. I think it's quite clear that material goods will retain trade value, and based on their scarcity & usefulness we can work out exchange ratios and rebuild an industrial economy. But what will determine the exchange ratio of Bitcoin to silver? To oil? To beef?