Post
Topic
Board Speculation
Re: Gold collapsing. Bitcoin UP.
by
FNG
on 18/10/2014, 19:04:08 UTC
Money as a Ledger


Nice one. I really believe this is the key for the masses to understand bitcoin. They must understand what money is first..a ledger. A ledger controlled by centralized entities with full control over how many units are allowed on the ledger, with the ability to move your entries whenever they feel like it, and / or confiscate said entries.

This is why gold is / was important. Gold is a distributed, trustless, fungible unit on a distributed scarce ledger.

Bitcoin completely destroys the credit / money ledger and has additional properties that the gold ledger cannot compete with (trasmission)

Therefore..it is the perfect money. I don't think it will completely eat gold's SoV role anytime soon but the SoV role of currency will be destroyed.