Gold 1.0 was taken off as backing to the dollar to get us into this mess. Gold would have kept us out of this mess if it had been left as the backing for the dollar. That was an intentional act. Bitcoin is backed by the same nothing as the Federal Reserve Note is today.
So in other words, Gold 1.0 would have kept us out of this mess if the government and banks had just acted honorably and preserved the gold standard that was keeping them from getting filthy rich via printing fedbucks.
That is the problem with the gold standard. It requires you to trust governments and banks to act honestly. The fact that the gold standard is a trust-based system is the reason it has failed and given way to a fiat ponzi scheme every time it has been tried in human history.
Bitcoin eliminates the need for trust in the monetary system. And in the long run, it eliminates the need for governments to issue money, or banks to custody it.
Bitcoin is backed by mathematics and code. It is a set of laws that does not require government to enforce. And it is further backed by the astronomical amount of energy consumed to keep it that way, currently twice the annual power consumption of the US Navy and climbing.
I am fairly sure a real US Dollar backed by gold will kill the Fed, and that is going to happen.
I believe it will also kill crypto.
Gold 2.0 (also known as Bitcoin) will kill the Fed. Gold 1.0 got us into this mess in the first place.
Gold 1.0 was taken off as backing to the dollar to get us into this mess. Gold would have kept us out of this mess if it had been left as the backing for the dollar. That was an intentional act. Bitcoin is backed by the same nothing as the Federal Reserve Note is today.
So in other words, Gold 1.0 would have kept us out of this mess if the government and banks had just acted honorably and preserved the gold standard that was keeping them from getting filthy rich via printing fedbucks.
That is the problem with the gold standard. It requires you to trust governments and banks to act honestly. The fact that the gold standard is a trust-based system is the reason it has failed and given way to a fiat ponzi scheme every time it has been tried in human history.
Bitcoin eliminates the need for trust in the monetary system. And in the long run, it eliminates the need for governments to issue money, or banks to custody it.
Bitcoin is backed by mathematics and code. It is a set of laws that does not require government to enforce. And it is further backed by the astronomical amount of energy consumed to keep it that way, currently twice the annual power consumption of the US Navy and climbing.
Gold got legislated away. Same goes for Bitcoin (BTC is coded to shit by the same evil forces).