Except everyone in finance already knows all metal backed currencies have failed, turned into fiat, or are backed by 1 gram of silver per trillion dollars (Brits).  It's a non-solution.  It's the equivalent of the USD collapsing and saying, "we're going to add another two zeros to the currency and call it USD2!  Don't worry, it's backed by a shoebox of gold."  Debt based money expansion through fractional reserve is a scam.  They're implementing a for-profit scam that's destined to collapse, it does collapse, then here's MatTheCat lining up saying, "More sire, where can I sign up for more!  Let's clear the Monopoly board and start again!"

People aren't buying Bitcoin solely to try and flip for 1% day trade profit.  They're buying because it's the only sound money on the planet besides metals (actual coins circulated in an economy, not gold "backed" paper).  The problem is that metals have lack of granularity, high friction in use, difficulty to secure, etc, so don't work above a stone age barter type civilization.  I sure as hell can't spend gold anywhere either.  Gold has been around trillions of years, yet the only thing I can do with it is mail it back to the dealer for fiat.  You can at least spend Bitcoin at businesses.

So let's look at this checklist.  I don't want to be a victim of a fractional reserve debt-based currency scam.  My options are gold and Bitcoin.  I can't spend gold anywhere so it has literally no utility for me.  Hmm which one do I pick?  The fact that Bitcoin has a microscopic market cap compared to gold while currently having more utility than gold means there's a massive correction in Bitcoin price coming and it's going to be upwards.


You think this because you don't understand what the words Nash equilbrium means and how it applies to currency, international trade, and governments.  If a country like China and the US trade and both have their own currency, they both constantly do currency wars, devaluing to export, etc.  The person on the losing side of the trades would eventually demand the Nash equilibrium option and force the other into it if such an option existed.  The only way such a Nash equilibrium can be formed is if no single nation has a monopoly on the currency and it's accessible to all.  The only options for this on the planet are Bitcoin and gold (not closed entropy proof of stake systems).

The fact that I don't have to send a barge of gold to China over a time span of weeks to do a payment to utilize such a Nash equilibrium means it is fundamentally an extremely valuable system when the market cap of gold is trillions and less efficient in most ways.  You do not have the computer science background to do fundamental and cost benefit analysis of these systems.