Not saying I think gold is a good investment or that the system is in any danger, but it's obvious why gold is still important. Just as with bitcoin and unlike

Not saying I think gold is a good investment or that the system is in any danger, but it's obvious why gold is still important. Just as with bitcoin and unlike fiat currency or IOUs, it's quite hard to forge metal (or proof-of-work) into existence. Having something unforgable is a hedge against inflation, not against catastrophe. It's worth noting that lately there has been talk[0] of using the cashless society in order to implement negative real rates. Negative real rates are a way to fight inflation (by removing money directly from bank accounts), but typically such rates are not possible because people will just hold gold and physical cash against negative rates. In the past such behaviour is what prevents rates from going negative. [0]: http://www.bloomberg.com/news/articles/2015-04-10/citi-economist-says-it-might-be-time-to-abolish-cash http://www.bloomberg.com/news/articles/2015-04-10/citi-econo...