Present Issues And Historical Records Clearly Indicate Gold Is Not Fit To Compete With Bitcoin🍾🤩✅😎👍🏿
Peter Schiff fails to authenticate gold bar during onstage test with Binance co-founder Changpeng "CZ" Zhao!
A panel featuring gold advocate Peter Schiff and Binance co-founder Changpeng “CZ” Zhao at Binance Blockchain Week highlighted the challenges of verifying physical gold, after Schiff was unable to confirm whether a gold bar presented to him was genuine.
The debate centered on whether tokenized gold or Bitcoin is a better store of value asset based on divisibility, portability, verifiability, durability and supply constraints — key factors in assessing an asset’s viability as money.
CZ argued that BTC is a better medium for storing value for several reasons, including the ability for any user to instantly verify the cryptocurrency through a full node or other methods that check a cryptographically secure public ledger.
Fire assaying, or the process of melting down gold to verify its integrity and makeup, is the only way to attain 100% certainty.
However, the London Bullion Market Association (LBMA) characterizes this as a “destructive” testing method.
“At present, there does not appear to be a definitive non-destructive testing solution that can be endorsed” the LBMA says.🤣😂😹
Meanwhile, We Have An Excerpt From An Austrian Perspective On The History Of Economic Thought Volume I-II By, Murray N. Rothbard
"The heart and soul of the currency principle was a rigid tie of Bank of England note issue to 100 per cent gold reserve; but if this restriction was to be suspended whenever banks or businesses got into trouble, then the currency principle lay in shambles.
As the prominent London banker George Carr Glynn correctly prophesied after the 1847 suspension, the public would expect another suspension in every future crisis.
And sure enough, that is precisely what happened. In response to the 1847 crisis, there were committees of parliamentary inquiry in 1847 and 1848.
The suspension of Peel's Act during the crisis of 1857 was easier, and while there were parliamentary committees in 1857 and 1858, there was, in contrast to the 1847 crisis, no debate on the floor of Parliament.
And the suspension of Peel's Act in 1866 was considered so routine that there was not even the bother of a parliamentary committee of inquiry.
It is therefore remarkable that, from the time of the first suspension in 1847, the currency school, without exception, defended the suspension of Peel's Act, giving no sign of realizing that they were thereby abandoning their entire doctrine.
For not only did suspension in crises weaken the point of the Act, but also the knowledge that suspension would come to the rescue
in any crisis emboldened the bank and banking system to expand credit as if the restrictions of Peel's Act did not exist at all
As a result, all that was left of the currency principle was the monopolization of notes by the Bank of
England."
Remainder Of The Article: Ultimate Resource For Bitcoin’s Inflation Rate VS Gold And The U.S. Dollar:
DPL
Ultimate Resource For Bitcoin's Inflation Rate VS Gold And The U.S. Dollar - DPL
Bitcoin’s Inflation Is Now 5X Lower Than U.S. Dollar’s And De. Ultimate Resource For Bitcoin's Inflation Rate VS Gold And The U.S. Dollar
