Quote from: Mauser on August 08, 2022, 07:00:22 AM

The world has moved on for many years now to place the value of money on a commodity. In the past countries had a fixed exchange rate between their currency and gold, which was very a difficult issue for the country. They always had to store large amounts of gold in the central bank and could be attacked by speculative traders. UK stopped the Gold standard in 1931, and USA in 1973 after Bretton Woods. Today it is enough for a country to guarantee the value of money. It doesn't make sense for crypto currencies now to go back to an outdated monetary system. First of all, which commodity should the value of bitcoins be based on? Gold? Then Bitcoins would just mirror the gold price and we wouldn't need cryptos. The same effect we could have by buying ETCs on gold. I think we are past the time where we other to tell us the worth of things. Just because there is no big central bank behind bitcoins guaranteeing it's valu doesn't mean it will be worthless.

That type of situation created a bit trust wave where you have to trust a nation that the money has some value, and that means we will have a ton of nations that will fail. At the end of the day if you can't trust that nation then the price will go bonkers. We haven't seen that with USD just yet, even though it did lose a lot of value, it didn't lose that much of a value, and that means we are seeing something that is risky with other fiats instead.

Look at south America, Africa, middle east and even in Asia where fiat currencies became so much less valuable. That’s the risk you take when you base it on nothing at all. But crypto is not the same, because it's limited, not printable.