Re: Global Wave of Debt Is Largest, Fastest in 50 Years
When people talk about backing currencies, they think of backing it with gold (like it used to), not crypto. Or in some cases, crypto backed by gold.
It's the perfect recipe for failure.
The whole point of crypto is that you verify, and not trust. How can you verify that Brinks actually has enough Gold in its vaults to back up whatever Gold backed crypto? I don't want to trust on an "independent" entity doing the verification part and they then release a report that says they are backed. If I can't see that they are backed myself, their words hold no value.
Bitcoin is Bitcoin. You can verify everything easily and fast with how transparent this whole system is. Why go back to something we try to get rid of?
That's true but I think governments are more likely to go back to the gold standard (and claim they actually have the gold to back it up) than to adopt Bitcoin. Almost every government plan for their own crypto seems to insist on backing it with a physical asset, for example Venezuela's sham petrocrypto.