Hacker News new | ask | show | jobs
by jnbiche 4542 days ago
OP points out the gold standard has disappeared from all modern countries and that this is a good reason to eschew a similar system in Bitcoin.

But could it be that the reason why the gold standard disappeared was that it acted as a check on political power? That is, that leaving the gold standard behind has permitted politicians to consolidate their power to a level heretofore unseen in "democratic" countries?

Just because a system has been left behind doesn't mean it's a bad system. Sometimes good systems are abandoned if they challenge/limit the authority of a powerful actor.

And I'm no gold bug, but I'm not convinced that a monetary standard is an entirely bad thing. I think there are trade-offs in each direction.