Separation of Money and State with Josef Tětek (WiM337)
The "What is Money?" Show
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Bitcoin Fixes Gold's Problems
Gold is physical and requires intermediaries, banks and the state to first validate that it's really gold. The intangibility of Bitcoin fixes gold's problems Exactly. Because then we don't need the intermediaries. Right? We trusted third parties are security holes, as Nixabu said. So gold, in my opinion, gold culminates in fiat currency. It's inevitable. You put that much power in one place. People are going to abuse the trust before you go from four reserve to fractional reserve to zero reserve Fiat currency. And here we are in 2023, living through the latest iteration of that. Yeah, unfortunately, our fortunately less.
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