21 The fatal flaw of the Gold Standard is that it is a trust-based system. It requires the people to trust gov't and banks to not print over, dilute, confiscate (EO6102), or otherwise manipulate the gold, even though there is massive politcal and economic incentive to do so. Bitcoin fixes this. (twitter.com) posted 1 year ago by quai24 1 year ago by quai24 +24 / -3 10 comments share 10 comments share save hide report block hide replies
Water down shares of gold are worth more than plain paper or a bit/byte.