[Turskarama]

Crypto is the opposite of the gold standard. Instead of backing currency with a physical object with inherent value, it's backed by absolutely nothing and grows at a pace governed by people whose primary goal is to benefit off a pyramid scheme.

Fiat currency gets a bad rap because it can be mismanaged, but a metal backed currency isn't compatible with rapid growth and we've yet to find a better alternative.

[contravariant]

I'm not saying crypto is like a gold standard, I'm saying it behaves more as a commodity (like gold) than a currency. There's a couple of properties that make gold really useful as a form of money (rare but available, easily divisible, easy to transport) some of which are shared by crypto. The main difference is that gold also has some intrinsic value, but I reckon most of its value comes from its use a store of value. If not convincingly gold looking jewellery should have a similar price, and I don't think that's the case.

Not sure if a metal backed currency is harder to mismanage. Lowering the metal content in coins or simply lowering the corresponding amount of metal have both happened. I'm pretty sure the US simply reneged on their promise to exchange promissory notes for gold at some point.

Frankly I think that no matter the currency bankers are going to abstract it into something that they can work with eventually.

[Ekaros]

And with gold. Dealing with actual physical gold is lot of work.

And with any type of certificates be it paper or digital someone will immediately start playing games... And thus you can not trust them.