Quote from: Hydrogen on August 25, 2021, 12:33:19 PM

Quote from: RainbowKun on July 26, 2021, 12:57:47 AM

Our currently prevailing monetary system has no solid value support, leaving countless potential crises, which will inevitably lead to the outbreak of economic and financial crises, and then the system breaks down. Bitcoin will be chosen since it's similar to gold in some degree and has advantages that gold has not.

Central banks expand the money supply. To bailout failing industry, investment firms, hedge funds, banks. Also to bailout failing and underfunded government programs.

The question is whether adopting a gold standard or cryptocurrency gold standard can prevent this vicious cycle of cause and effect.

The gold standard is often held up as a silver bullet, plug and play, solution to fixing every economic and financial issue society will ever face.

Consider the following. How would the 2008 economic crisis have gone with a gold standard in place. Would it have prevented the economic crisis which followed? The simple answer may be: no.

A gold standard is great for strengthening the purchasing power of consumers to offset rising taxes and cost of living. But it wouldn't prevent investment banks from gambling with leverage on subprime mortgage CDOs which is where our real economic problems usually stem from.

The biggest problem now is that the current monetary system and financial system are fundamentally corrupt, unfair, and man-made manipulation and control. It is based on the exploitation of ordinary working people in the world. Therefore, whether to adopt the gold standard or not will not be able to fundamentally solve the fundamental problems existing in the current world financial system. Bitcoin fundamentally solves these problems. It has created a decentralized financial system that is not controlled by any single force. No force can tamper with or destroy the Bitcoin network. This produces absolute fairness and ultimate trust, and brings ultimate freedom to people who believe in Bitcoin.