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I'd disagree. What Bitcoin fans want is "digital gold", not the gold standard. The gold standard is a system where paper currency is backed by a guarantee that
by namelost 9y ago
I'd disagree. What Bitcoin fans want is "digital gold", not the gold standard.
The gold standard is a system where paper currency is backed by a guarantee that it is redeemable for a given amount of gold. Of course the govt can rescind this promise at any time.
What Bitcoin fans want is something more akin to gold coins, where the value of the currency is independent of any state.
- simias 9y agoFair enough, but effectively it has the same economical implications as the gold standard, except maybe made stronger by the fact that the government can't do anything at all to change the way it works, doesn't it? I think the pro and cons of the gold standard (as listed by Wikipedia) seem to apply fairly well to the Bitcoin economy.