Quote from: CoinCube on January 21, 2017, 02:34:45 AM

This won't effect gold anytime soon. We do not yet have a token that is demonstrably better then gold but silver is a much weaker case as gold is obviously better. Your essay argues that historically silver and copper were also necessary as there was not enough gold in small enough denominations to provide the required liquidity. This may have been true in the past but will only be true in the future if one hypothesizes a collapse of society.

This is the bullshit FOA argument. He argues that only one metal is needed because people "can just trade 1 gram of gold". I'm sorry but nobody is inserting one gram of gold in vending machine or paying the Dominoes pizzaman with one atom of gold. The FOA argument was ENTIRELY central banker propaganda and assumes central bankers will not only maintain their current power structure, but accelerate it EVEN MORE where everyone is forced to store all of their net worth inside the bank in the form of gold the bankers then leverage.

LOL, yes, if the USD blows up, that does sound like a great deal for the banks as a fallback option doesn't it? Too bad nobody cares about what the banks want. Nobody will trust the banks for decades after an enormous percent of the population loses their life savings to them. Since the only other noble metal that functions as currency at all is silver, there is no way they could possibly contain it or prevent people from using it to avoid the counter party risk. FOA's complete FAILURE in predictions shows this, where he claimed silver would go from $5 to $0.50 and it went to $50 instead.

You CANNOT rig the universe to fit your will in an actual aggregate market. The only reason gold has value is to prevent counter party risk and gold alone is not capable of the task. Silver has to be utilized as well in any circumstance where the price of gold skyrockets. And please, do not even try to claim Bitcoin solves all these problems to prevent counter party risk. Bitcoin endgame is basically as centralized as fiat is, with the added bonus of additional black swans on top of it to make it even more unstable.

Then you get to add additional counter party risk above and beyond fiat even if it doesn't implode in a black swan because the tokens aren't fungible. If someone can tell you if the coin is spendable or not or if it's India style "black money", then you're trapped inside of some permissioned ledger hell that puts everything we already use to shame.