Gold was tried and history shows that gold had failed. The physical nature of gold makes it unsuitable for today’s e-commerce / digital economy. As well, gold tends to centralize into big vaults (honey pots), again due to its physical nature and gold being costly/difficult to secure. Where there is centralization, government capture is always possible, and I would argue, probable.
Gold backed currency is even worse than using gold. We’re back where the government must be trusted; again, history shows that governments are not trustworthy. Gold backed or not, I believe the Zimbabweans were burned and rugged by their government enough times to never trust the government again. I believe this new gold backed currency will not gain wide adoption and will not end well.
Gold was tried and history shows that gold had failed. The physical nature of gold makes it unsuitable for today’s e-commerce / digital economy. As well, gold tends to centralize into big vaults (honey pots), again due to its physical nature and gold being costly/difficult to secure. Where there is centralization, government capture is always possible, and I would argue, probable.
Gold backed currency is even worse than using gold. We’re back where the government must be trusted; again, history shows that governments are not trustworthy. Gold backed or not, I believe the Zimbabweans were burned and rugged by their government enough times to never trust the government again. I believe this new gold backed currency will not gain wide adoption and will not end well.
Just my 2 sats. Keep working and keep it real.