Where does fiat value come from? Why is gold not worth only about 200X what iron is, based on relative abundance, instead of thousands of times?
ALL monetary value is entirely artificial- the only real uses for gold aside a medium of exchange (an artificial value) are due to its special combination of elemental material properties, such as corrosion resistance, malleability, electrical and electronic properties, stc.
Digital currencies could easily be used as the "money of the future"- EVERY supposedly "gold-backed" transaction is ONLY data anyway, unless someone actually shows up with gold to exchange for goods, and this has been true for decades.
RE: The "Godfather of BitShares"
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The "Godfather of BitShares"
"ALL monetary value is entirely artificial" Be that as it may, FIAT currency is controlled by a private entity, that "owns" the central bank, the main reason gold was adopted instead of silver (or iron or whatnot) is that silver has more everyday utility (conductivity, anti-septic) than gold and the discovery of huge silver reserves in the new world (which would introduce unstable inflation), the other "only" reasons you mentioned are precisely why gold is (was?) ideal. Bitcoin is "owned" by the two mining pools that manage over 50% of the blockchain transactions, as they can disrupt the system at their will (why would they do it? Because shorting Bitcoin is now, can be, viable). Delegated Proof of Stake is the "most decentralized" system of any blockchain we have today. I just wanted to add information, not to argue with your post, the bold AND italic words prove your wisdom. BTW the Quint will be actually redeemable for gold and silver.
Cheers!
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