>>18019531 (lb)

What is gold backed by?

Bitcoin is digital scarcity 21m.

It is also backed by energy the one it consumes derived by the difficulty to find the next block.

Is gold used as a means of payment or accepted by merchants? No but it is scarce. So is bitcoin but digital.

>>18019539 (lb)

It is a public blockchain so it would be caught pretty fast. Who or how to audit the gold? Can you make a bank run with a gold standard not if the banks deny it.

Bitcoin doesn't need verification of energy it needs verification of the timechain.

>>18019543 (lb)

Petrodollar was tried it failed, gold backed, is still fiat, you need to trust.

Bitcoin is a protocol, we can all agree humans tend to disagree hence the difficulty to make any changes to the bitcoin protocol or network humans rarely agree.

Bitcoin is or can be audited by all the protocol hardly changes l, so changing the 21m proposition will be near impossible. Quantum this quantum that , algorithms evolve, so cam bitcoin without changing what it is. I see a verifiable decentralised censorship resistant worldwide agnostic network, the timechain doesn't lie, if it does it would be caught.

I can't audit gold I can barely split gold and a gold backed currency requires massive amounts of trust.

>>18019859

My problem with the gold standard is it requires auditing. I don't trust central banks.

Bitcoin is easy to audit either your keys or not your coins. It is also easy to sign an offline transaction, it is also divisible and easy to send to anywhere in the world.

Gold is hardly divisible, it is easy to confiscate, it is easy to cheat using it ie a metal with approximate weight and gold outside sure tech has evolved but gold is cumbersome, bitcoin is harder "money". It also requires to be melted to check purity.

>>18019913

Has bitcoin ever been inflated yes ftx tried what happened when people went for the door? Ftx crashed 70k bitcoin oops guess not now try that with gold?

How much paper gold there is? Thought so