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@ Jeff Swann
2025-03-11 17:03:56
What difference does it make? Do you actually think that the physical nature of gold is what gives it value? Gold's value, despite partial demonetization, is still far higher today than it would be if it only had industrial uses. Do you think the digital units in your bank account don't have value? What do you use to buy things?
The only real problems with the digital units in your bank account is that someone can create them for free & third parties tend to control your access. If you could make them provably scarce & grant every individual soverign acess to what is rightfully theirs, then no other money would be needed.
The reason the shittier money beat gold is because the economic benefits of expanding our trade network globally & reducing transaction costs outweighed the drawbacks of the supply being less limited.
With bitcoin we get a further improvement in reach & an improvement over even gold in terms of scarcity.