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Author Topic: Take a look at the future of Bitcoin from the gold standard system  (Read 461 times)
RainbowKun (OP)
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July 26, 2021, 12:57:47 AM
Last edit: August 27, 2021, 06:29:26 AM by RainbowKun
Merited by LeGaulois (2), CryptopreneurBrainboss (1), dansus021 (1)
 #1

Previously, I have said that to truly understand the function of Bitcoin in the current human society, history, esp, history of global currency, must be learned. History is repeating every moment, telling the answers of untold unfathomable questions to us. We frequently call Bitcoin “digital gold”, so the past of gold is needed for further predication of the prospect of Bitcoin.

Previously, I have talked about the invention and collapse of Bretton Woods system. The history of human currency for the last eighty years can be briefly divided into three phases:

1.1944~1973. Bretton Woods system. Gold exchange standard is implemented: USD is linked to gold, and the currencies of other countries linked to USD. Gold is adopted as the final value anchor, and a fixed exchange rate is set. Legal tenders of different countries are all valuable;

2.1973~2009. Jamaica system. Gold is demonetized, totally quit its function of currency. Currencies don’t need to be linked to gold any more, leading the world into the age of purely credit money. They can be issued infinitely, entering a floating exchange rate system, and exchange rate is determined by the market;

3.2009~2021. Jamaica system and Bitcoin system coexist. Since 2009, Bitcoin, a kind of super sovereign currency based on mathematics and algorithm, was born, no single strength has the power to control Bitcoin network. Bitcoin gradually demonstrates the features of digital gold, gaining increasing recognition and support.

Then what would happen in the future? We may see:

2040~2140. Bitcoin standard exchange system. All fiats in the world would employ Bitcoin as the anchor, to set up a new global currency and finance structure on the foundation of Bitcoin.

That’s my anticipation, which might take a long time to come true. But I firmly believe that’s bound to happen.

Then what about the currency system before 1944? What’s the regulation then?

Earlier than 1944, the globe uses gold standard currency system, treating gold, the basis of this system, as the universal equivalent yet without USD as the intermediary. Take gold as the standard currency, the exchange rate among different currencies launched by various countries relies on the value of these currencies respectively. Gold can flow freely among these countries. International balance of payment is adjusted automatically.

Gold standard Wiki:https://en.wikipedia.org/wiki/Gold_standard

In 1816, Britain release The Gold Standard Act. Hence gold standard is put into action, encouraging gold to rise to be global currency. In 1871, German announce to adopt the gold standard system, so did Denmark, Sweden, Norway in 1873. After 1870s, this system gets accepted worldwide. The currency systems of many countries are unified step by step, and the gold standard system is evolving from a domestic system to an international one.

International gold standard system has the following characters:
1.Gold can be freely minted, exchanged, exported and imported. Anyone can use gold as the universal currency;
2.Gold can be used to specify the value currency represents. Every currency has a legal value, and currencies of diversified countries have a certain exchange rate according to the value contained in it;
3.Gold has unlimited legal tender and the power of unlimited means of payment;
4.The currency reserves of governments are gold, which is used in international settlements .

Since gold can be transferred freely between countries, which ensures the relative stability of the foreign exchange market and the unity of the international financial market. Therefore, the gold standard is a relatively sound and stable monetary system. However, to prepare for WWI, all governments strengthened their plunder of gold, which severely weakened the free casting and conversion of gold, the export and import of gold suffered great restriction. When the war broke out, the military expenditures of various countries increased drastically, stopping the casting and conversion of gold, prohibiting its import and export, which fundamentally destroyed the foundation of the survival of gold standard. That system completely fell apart.

Reconnecting the history of gold, we can discover that the half century we are now in is the most unreasonable years in the world currency system of the past two centuries. All currencies issued by countries have to be anchored with gold and supported by certain value, no matter during Bretton Woods system or during the century before WWⅡ. But at present, countries in the world can issue legal tender without restrictions. Money is printed just like paper! That led to unlimited issuance of currency and festering inflation. So Bitcoin comes.

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.

When we replace gold with Bitcoin and establish a world currency system centered on Bitcoin, isn't this the reappearance of the gold standard system 100 years ago? But this time, digital gold, Bitcoin takes the place of physical gold.

I believe this is the future of Bitcoin. Bitcoin becomes a currency embraced by the world, allowing the return of the gold standard system. What Bitcoin did is more than creating a brand-new fabric.

My opinion is above. How about you?

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July 26, 2021, 01:20:57 AM
 #2

bitcoin blockchain is being manoeuvred where its a 'reserve' and its altnets(layers/subnets/subchains/sidechains) that are to be the 'currency tokens/iou notes..for general spend payment system
'coz too expensive to use bitcoin network'
'coz transaction count limits on bitcoin network'

the future is thunderdome: two may enter one may leave
people lock their bitcoin to contract vaults(locks) with some well established custodian/service

then play on other altnets using different denominated tokens(micropayments). offering faster services lower fee's or something.
then at the end of the month when its time to exit the altnet. bitcoin is too high a tx fee to claim the sats back

and so the altnet partner offers the value wishing to be withdrawn, but do so via a cheaper altcoin to exit the altnet (atomic swap)

like how banks offered people nickel, brass, copper in exchange for banknotes
altnet custodians will offer altcoin exits instead of btc exits. 'coz cheaper and faster'

and now the custodian hoards the sats and the person ends up with cheap altcoin

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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July 26, 2021, 01:58:55 AM
 #3

I believe that there are two reasons why the gold standard failed:

1. The primary reason for the failure of the gold standard is that governments discovered that they could spend as much money as they wanted by switching to fiat. They were no longer limited by the amount of money they had.

2. Gold has limited portability and divisibility.

Bitcoin only fixes #2, so I don't believe that governments will voluntarily switch to a Bitcoin standard. It will take a failure of their currency and a potential reliance on another country's currency to get them to switch.

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RainbowKun (OP)
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July 26, 2021, 03:06:54 AM
 #4

bitcoin blockchain is being manoeuvred where its a 'reserve' and its altnets(layers/subnets/subchains/sidechains) that are to be the 'currency tokens/iou notes..for general spend payment system
'coz too expensive to use bitcoin network'
'coz transaction count limits on bitcoin network'

the future is thunderdome: two may enter one may leave
people lock their bitcoin to contract vaults(locks) with some well established custodian/service

then play on other altnets using different denominated tokens(micropayments). offering faster services lower fee's or something.
then at the end of the month when its time to exit the altnet. bitcoin is too high a tx fee to claim the sats back

and so the altnet partner offers the value wishing to be withdrawn, but do so via a cheaper altcoin to exit the altnet (atomic swap)

like how banks offered people nickel, brass, copper in exchange for banknotes
altnet custodians will offer altcoin exits instead of btc exits. 'coz cheaper and faster'

and now the custodian hoards the sats and the person ends up with cheap altcoin
Yes, thank you for your wonderful reply. In the future world currency system, Bitcoin plays more of a role as a store of value. It may not be directly applied to the specific behavior of daily payment, but uses Bitcoin as collateral to issue more stable coins or altcoins, and use these altcoins for daily payments.

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July 26, 2021, 03:19:10 AM
Last edit: July 26, 2021, 03:50:43 AM by franky1
Merited by bitmover (2)
 #5

no your missing the point
its not about fiat attaining bitcoin as a fiat peg for bitcoin to become a world world reserve for all fiats..

bitcoin will never be the "one world fiat currency"
its meant for a second option away from fiat. not to be the only main fiat

my reply is about bitcoins future.. using the gold standard scenario of 1900-1970
OG bitcoiner devs stifled out bitcoin progress to institutional investors who want to hoard btc and offer general users who had btc a service to offramp away from the network and lose their btc by being primed into thinking altcoins are better.

much like bankers convinced people that small shiny copper and brass coins were better then getting their gold deposits back

..
bitcoin wont replace fiat.
bitcoin was designed as an alternative 'safe room' beside fiat. to hedge against fiat.

..
the first game is offer a different medium of exchange..
the next game. is debase the value of the altnet(sidechain/layers) token to no longer be 1:1

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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July 26, 2021, 03:55:19 AM
 #6

no your missing the point
its not about fiat attaining bitcoin as a fiat peg for bitcoin to become a world world reserve for all fiats..

its about OG bitcoiner devs selling out bitcoin progress to institutional investors who want to hoard btc and offer general users who had btc a service to offramp away from the network and lose their btc by being primed into thinking altcoins are better.

much like bankers convinced people that small shiny copper and brass coins were better then getting their gold deposits back

..
bitcoin wont replace fiat.
bitcoin was designed as an alternative 'safe room' beside fiat. to hedge against fiat.

..
the first game is offer a different medium of exchange..
the next game. is debase the value of the altnet(sidechain/layers) token to no longer be 1:1

Ok, I am further understanding your point. It is believed that the development of Bitcoin in the future will also be diversified. Different countries and institutions may have different strategies. But as a safe room for hedging fiat risks, I fully agree with this point.

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July 28, 2021, 09:59:42 AM
Merited by RainbowKun (1)
 #7

Bitcoin has certain characteristics as the world's legal currency, but there are also some problems。

Its advantages are:
Bitcoin is limited. Everyone will know this.
Convenient to carry and transfer (Bitcoin can be transferred to others, gold transaction is more troublesome)
Bitcoin is divisible (can be accurate to eight decimal places, the golden section will consume a little)
Bitcoin cannot be counterfeited and stored for a long time,

But Bitcoin now has some problems that prevent it from becoming the world's legal tender:
Bitcoin is currently volatile and no one knows what will happen to the price in the next second
The government's attitude towards Bitcoin has not yet been fully accepted
Therefore, to make Bitcoin a world currency, we need to continue to work hard. I believe that Bitcoin will become the world currency sooner or later!
RainbowKun (OP)
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July 28, 2021, 10:20:42 AM
 #8

Bitcoin has certain characteristics as the world's legal currency, but there are also some problems。

Its advantages are:
Bitcoin is limited. Everyone will know this.
Convenient to carry and transfer (Bitcoin can be transferred to others, gold transaction is more troublesome)
Bitcoin is divisible (can be accurate to eight decimal places, the golden section will consume a little)
Bitcoin cannot be counterfeited and stored for a long time,

But Bitcoin now has some problems that prevent it from becoming the world's legal tender:
Bitcoin is currently volatile and no one knows what will happen to the price in the next second
The government's attitude towards Bitcoin has not yet been fully accepted
Therefore, to make Bitcoin a world currency, we need to continue to work hard. I believe that Bitcoin will become the world currency sooner or later!

Yes, the current price of Bitcoin is fluctuating. This is because it is still in the early stages of Bitcoin's development and the value of Bitcoin is still on the rise. When 10 or 20 years later, the total market value of Bitcoin can anchor the entire human economy, and its overall value will no longer fluctuate widely. Just as the price volatility of gold is relatively small now.

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July 28, 2021, 05:18:03 PM
 #9

Gold does not have a clearly total supply like Bitcoin.

It is easily portable like Bitcoin.

You need to have vaults to store gold bars.

You can not send gold from any wallet you control fully. You have to rely on accounts in banks, vaults etc to store or send your gold.

Bitcoin is light, portable, controllable with your private keys and its total supply is unchangeable. 21M Bitcoin will be mined till 2140. No more Bitcoin to mine after 2140.

R


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RainbowKun (OP)
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July 30, 2021, 12:09:26 PM
 #10

Gold does not have a clearly total supply like Bitcoin.

It is easily portable like Bitcoin.

You need to have vaults to store gold bars.

You can not send gold from any wallet you control fully. You have to rely on accounts in banks, vaults etc to store or send your gold.

Bitcoin is light, portable, controllable with your private keys and its total supply is unchangeable. 21M Bitcoin will be mined till 2140. No more Bitcoin to mine after 2140.


Yes, compared to gold, Bitcoin continues to have advantages similar to gold, and it also has many advantages that gold does not. Compared to gold, Bitcoin is more suitable for world currency preparations. No one can stop this trend.

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July 30, 2021, 03:14:57 PM
 #11

Gold does not have a clearly total supply like Bitcoin.

It is easily portable like Bitcoin.

You need to have vaults to store gold bars.



I don't think it is as portable as bitcoin. Carrying 100k usd in gold may be quite problematic, and as you said the storage is a lot more complex than using a bitocin wallet.

2. Gold has limited portability and divisibility.

Bitcoin only fixes #2, so I don't believe that governments will voluntarily switch to a Bitcoin standard. It will take a failure of their currency and a potential reliance on another country's currency to get them to switch.

Governments and banks already figured out how to increase gold supply. There is a discussion about "paper gold" , where people say that those gold etf might not really have all that gold  backed up, but have some of that value in usd or other assets. It is possible that there is already more paper gold than gold.

In the future it is quite possible that banks will do the same with bitcoin funds and etf... holding physical gold or bitcoin is certain safer.

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July 30, 2021, 03:44:33 PM
 #12

Gold does not have a clearly total supply like Bitcoin.

It is easily portable like Bitcoin.

You need to have vaults to store gold bars.

You can not send gold from any wallet you control fully. You have to rely on accounts in banks, vaults etc to store or send your gold.

Bitcoin is light, portable, controllable with your private keys and its total supply is unchangeable. 21M Bitcoin will be mined till 2140. No more Bitcoin to mine after 2140.
You're talking about the physical rather than gold and bitcoin.
I see op is not talking about the physical nature of gold and bitcoin, but more inclined to the market concept embraced by bitcoin and gold.
the concept of the market, if gold goes down if the asset is not sold, then there is no loss and can be sold when the price returns to normal, as well as the concept of bitcoin.

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July 31, 2021, 06:24:14 AM
 #13

Gold does not have a clearly total supply like Bitcoin.

It is easily portable like Bitcoin.

You need to have vaults to store gold bars.

I don't think it is as portable as bitcoin. Carrying 100k usd in gold may be quite problematic, and as you said the storage is a lot more complex than using a bitocin wallet.
Gold can be stored physically in vaults. We can open accounts have have credited gold numbers in balance but they are just credited number and we have to rely on banks, vault companies to secure real physical gold bars.

We never know what will happen with them

You're talking about the physical rather than gold and bitcoin.
I see op is not talking about the physical nature of gold and bitcoin, but more inclined to the market concept embraced by bitcoin and gold.
the concept of the market, if gold goes down if the asset is not sold, then there is no loss and can be sold when the price returns to normal, as well as the concept of bitcoin.
Bitcoin is best. Even companies digitalize things, you will not have same level of security, privacy and portability with gold as same as what you can easily have with Bitcoin AND non-custodial wallets. Remember with non custodial wallets, not with custodial wallets or centralized exchanges.

R


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July 31, 2021, 09:10:04 PM
 #14

it may also not be an exaggeration to say that bitcoin is currently better than gold with the positive trend experienced by bitcoin at this time, and even bitcoin can easily be used as a world currency for legal transaction needs in various parts of the world, if it's really not too much to speculate on the most popular trends for now


They are both better but has their own pros and cons. right now bitcoins surpass gold in terms of ROI if you invest at the right tie but if you only want to save your money with a little increase in your capital then you can go for the gold for high assurance of not getting the volatility that we have in holding bitcoins. Nevertheless, if you can afford to lose your capital, then there's no need to go for gold. You can always ride the roller coaster in the crypto market and sold all your BTC when the price is high enough from your expectation.
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August 01, 2021, 07:28:13 AM
 #15

it may also not be an exaggeration to say that bitcoin is currently better than gold with the positive trend experienced by bitcoin at this time, and even bitcoin can easily be used as a world currency for legal transaction needs in various parts of the world, if it's really not too much to speculate on the most popular trends for now
We can't conclude that bitcoin is more preferable than Gold, because all the primary function's of cryptocurrency more especially bitcoin is also similar to functon of gold, besides check the existence difference between both, then you will notice that it's obvious that gold has been in existence for age's, so bitcoin is just thirteen (13) years old with much influential, we trade bitcoin and we also trade gold, we use bitcoin for exchange and we also do so with gold, so from my perspective their is no much different.

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August 02, 2021, 02:37:16 AM
 #16

Gold does not have a clearly total supply like Bitcoin.

It is easily portable like Bitcoin.

You need to have vaults to store gold bars.

I don't think it is as portable as bitcoin. Carrying 100k usd in gold may be quite problematic, and as you said the storage is a lot more complex than using a bitocin wallet.
Gold can be stored physically in vaults. We can open accounts have have credited gold numbers in balance but they are just credited number and we have to rely on banks, vault companies to secure real physical gold bars.

We never know what will happen with them

You're talking about the physical rather than gold and bitcoin.
I see op is not talking about the physical nature of gold and bitcoin, but more inclined to the market concept embraced by bitcoin and gold.
the concept of the market, if gold goes down if the asset is not sold, then there is no loss and can be sold when the price returns to normal, as well as the concept of bitcoin.
Bitcoin is best. Even companies digitalize things, you will not have same level of security, privacy and portability with gold as same as what you can easily have with Bitcoin AND non-custodial wallets. Remember with non custodial wallets, not with custodial wallets or centralized exchanges.

Yes, Bitcoin has more unique advantages over gold. The government can pass laws to prohibit gold from becoming currency. But it is difficult for the government to prohibit the circulation of Bitcoin. Bitcoin will become a truly free currency. It cannot be controlled or banned.

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August 02, 2021, 10:17:19 AM
 #17

it can be said that bitcoin is almost a virtual gold that almost resembles gold with various forms of factors that exist, and one of them is the price that changes from time to time which makes bitcoin almost like gold, although it also has many the difference with gold we all know that gold is always used as a tool to store our assets very safely than to save money so many people prefer to save their money with gold assets

I really hope people can stop spewing lines they do not understand. When people referred to Bitcoin as digital gold, they did not call it virtual gold for one reason -- it is not gold, it only acts as a safe haven for some people,,, and it is digital. The differences are very attractive in that it is easily transportable,,, easily verifiable,,, easily liquid.

But the "weakness" is volatility. Price that changes from time to time? Have you even been looking at Bitcoin price charts?Smiley

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August 02, 2021, 12:31:43 PM
 #18

Bitcoin is very good but I can’t really imagine it that the world will come to a time that the value of fiat will be linked and determined by Bitcoin just like the fiat was linked to gold in those olden days. The way that I have always seen Bitcoin is totally different from that.

I kind of see it that Bitcoin is going to continue the way it is headed, and that’s by being the money of the internet and being used online by people, willingly, to make payments and as well receive payment from others. That’s how I think it’s going to be for Bitcoin, then we are still have going to have fiat as the currency that is representing every country like they are doing now. Bitcoin will always be powered by the community.

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August 03, 2021, 09:17:35 AM
 #19

Bitcoin is very good but I can’t really imagine it that the world will come to a time that the value of fiat will be linked and determined by Bitcoin just like the fiat was linked to gold in those olden days. The way that I have always seen Bitcoin is totally different from that.

I kind of see it that Bitcoin is going to continue the way it is headed, and that’s by being the money of the internet and being used online by people, willingly, to make payments and as well receive payment from others. That’s how I think it’s going to be for Bitcoin, then we are still have going to have fiat as the currency that is representing every country like they are doing now. Bitcoin will always be powered by the community.

Bitcoin will definitely not be able to replace legal tender in a short period of time. But if we stretch the timeline, 50 years, or even 100 years? We are very likely to enter a currency system based on Bitcoin. Because ordinary people have liberated their minds, their wealth in legal currency will continue to shrink, and their wealth in Bitcoin will continue to appreciate. At that time, let you choose, how would you choose?

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August 08, 2021, 09:39:26 AM
 #20

bitcoin is indeed better when compared to gold, indeed gold has no risk that we will experience, because the price of gold can be said to be very stable, but bitcoin is very risky if we are impatient, maybe we will experience big losses, invest in bitcoin You must have extraordinary patience, because if we are patient, it is very likely that success will always be with us.


Yes, the price of Bitcoin is now very volatile. However, because of the large price fluctuations, there are many opportunities to earn wealth. Many people realized the freedom of wealth in this process. Of course, it is inevitable that many people lose their wealth. Bitcoin has just been born for 12 years, and we must be patient with Bitcoin's future.

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