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Gold was great, except the difficulty storing, transporting, and conducting commerce in it meant centralized institutions (the Bank of England) monopolized its
by monero-xmr 4y ago
Gold was great, except the difficulty storing, transporting, and conducting commerce in it meant centralized institutions (the Bank of England) monopolized its storage out of convenience for international trade. Seizures, debasement, and so on until the gold standard ended. Biggest mistake ever made, but luckily bitcoin exists now.
- awb 4y agoIt was amazing for countries rich with it. But not great for countries without it, or for undeveloped countries with it that couldn’t defend it.
- robocat 4y agoOil would make a far better base than gold, for a bunch of good reasons. Not that it would be good, because it has a bunch of obvious problems, many of which would occur with gold too. Of course many commodities are used instead of currency by blocked countries. As are cryptocurrencies.