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0 points_milgram2243y ago0 comments

This is exactly correct, and also exactly why blockchain-based cryptocurrency has utterly failed to deliver on its promises to bring freedom from the tyrannies of fiat currency. In fact, the technology has been pivotal in ushering in this CBDC madness. Returning to the gold standard was always the best solution available, and we just ignored it to our own peril. It preserves both privacy and universal acceptability, which provides the user far more freedom than any other available alternative.

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2 comments · 2 top-level

armatav3y ago

Except the whole point is that there’s a digital gold standard now.

But in this case you can’t modify the gold-ledger to perform what is effectively fractional reserve gold-banking with Bitcoin.

Give it 30 years, there’s no stopping math.

Schroedingersat3y ago

Returning to the gold standard is just a very fast way of handing over everything to the people with enough resources to make the value of gold shift.

As opposed to our current system which is a moderately fast way

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