No. Gold and silver acted a bit like on-chain bitcoin and Lightning in some ways: gold was simply too valuable for micro transactions such as buying a drink since it's hard to physically move, store, or measure a tiny fleck of gold.
As soon as you can operate purely on s2f factors via credit and checking banking by which the volumetric value becomes irrelevant, you have a fractional reserve so you are not *really* on a "gold" standard.
If you want to understand more about coinage, William Jevons' *Money and the Mechanism of Exchange* from 1875 goes through mind-numbingly excruciating detail of the compositions of all sorts of coins.
Anyway, the key takeaway is that silver still had monetary advantages over gold in some dimensions (divisibility), but neither has any advantage in any way over bitcoin. Nor does any other monetized asset class such as equities or real estate have any advantage over bitcoin within any narrow domain, so 100% all monetary premiums will be absorbed by bitcoin. RE & Equities have a monetary premium of >2x to put a conservative floor on it.
Dirac Delta
npub1c8…pqsah
2023-03-25 07:35:18
in reply to nevent1q…ewcn
Author Public Key
npub1c8nlcgd5l8qenesgdcy4vw0s794yujyy23z50n52v5ld0ddkcjnsppqsahPublished at
2023-03-25 07:35:18Event JSON
{
"id": "a906a57868c19077ff51496b8be3ceaaa9b8e008e0a599a4ae2d1f6f05730e4c",
"pubkey": "c1e7fc21b4f9c199e6086e095639f0f16a4e4884544547ce8a653ed7b5b6c4a7",
"created_at": 1679729718,
"kind": 1,
"tags": [
[
"e",
"fde448991f450b830192c7d2fb4d812a3f8689e9e09d77a955c1c5b2f30d747f"
],
[
"p",
"e8c73171ccb039e66fb25af2061371a0fbd811a1d38d34e2ceef1132d93b97cf"
]
],
"content": "No. Gold and silver acted a bit like on-chain bitcoin and Lightning in some ways: gold was simply too valuable for micro transactions such as buying a drink since it's hard to physically move, store, or measure a tiny fleck of gold.\n\nAs soon as you can operate purely on s2f factors via credit and checking banking by which the volumetric value becomes irrelevant, you have a fractional reserve so you are not *really* on a \"gold\" standard.\n\nIf you want to understand more about coinage, William Jevons' *Money and the Mechanism of Exchange* from 1875 goes through mind-numbingly excruciating detail of the compositions of all sorts of coins.\n\nAnyway, the key takeaway is that silver still had monetary advantages over gold in some dimensions (divisibility), but neither has any advantage in any way over bitcoin. Nor does any other monetized asset class such as equities or real estate have any advantage over bitcoin within any narrow domain, so 100% all monetary premiums will be absorbed by bitcoin. RE \u0026 Equities have a monetary premium of \u003e2x to put a conservative floor on it.",
"sig": "b646bfc33756baf9a045fa605b606b090ccb178b842928cf908af9c0210fbf3215b85c99f43cdfeee326ab9c8e1567ddb00971d1983705bd6107ee167972d938"
}