Personally, I like the idea of Verifiability. It is quite powerful to be able to verify that you have real bitcoin. It is really difficult to do that with anything else..
gold? holy shit what a nightmare.. especially on a system wide level, even though it might not be so difficult if you have a coin in your hand and you melt it down or whatever it is that you have to do to really have confidence.
Let me add one drawback of verifying gold or even melting your gold. It will break the fungibility of it in the process, as gold coins/ bars we acquire need to be manufactured by some renowned mint. Otherwise you will loose some degree of saleability/ market value in the process. It’s hard for a regular person to even verify their gold or use it freely in some other way, without some major drawbacks.
Gresham's law dynamics will continue to push these valuations versus price in a likely to be more true direction/assessment.
Thiers law can also be a good indicator on how a potential abandonment process of fiat could look like in action. Bitcoin is ultimately money and will be used as a store of value and medium of exchange when the time is right, no intervention necessary. That is what is mindblowing to me, as it makes all the fiddling and policies economists try to introduce completely unnecessary, as the market can handle it itself when a pure form of money is introduced.
You are absolutely right. I forgot that important one. Verifiability. But even gold was way better than the shitshow we actually have. Like, I think about it this way: before 1971, the world was under the gold standard and as Ron Paul said countless times, the price of US dollar was roughly stable. That means something. That even without them knowing about what was to come in 2009, gold was te best element to back up the fiat system, from the people's standpoint.
This guys says it all in a few words
https://www.youtube.com/watch?v=dfWgmw435YEHe knows what he's talking about and he knows what will come. And see what is happening today... Just what he said. fiat losing value, people freedom going to near 0, bankrupcies, corruption, lies, etc.
Yes, Bitcoin will take time. That's why I keep saying and "explaining" over and over again about the importance of Time Preference. Probably one of the hardest concepts to soak in, accept and actually put in practice.
The gold standard was a lot better than fiat for the average person, but also suffered from the trust based model and the lack of verifiability. And ultimately failed, because politicians could simply abandon it whenever they like, without a possibility of verification or stopping it. Ultimately the most sound money can only stay sound if it can overcome the wickedness of man, and there is no other approach than Bitcoin so far that comes closer to this. Everything before this failed for this simple reason, and will fail again for this very same reason.
Bitcoin is the only attempt so far that can possibly resist this path, so it is the only sound money possibility worth pursuing in this day and age. Bitcoin is the only money that possesses this quality at the moment, and will grow more and more in value if it stays this way. It’s still highly undervalued at the moment as the average joe doesn’t realise what huge difference this simple property would have on its life yet.