It's the same picture.

Canada had a super successful and stable private banking system in the late 1800s. Totally different than the US system that only allowed banks to operate within a state and notes centrally cleared. In contrast, Canada allowed branch banking across the country. So if you wanted to clear notes, you walked across the street to clear with the other bank, instead of having your bank send the notes to clear in Toronto.

🔥🔥🔥 Somebody has been doing their homework. 😁

I'm sympathetic to this view, it's not however clear to me whether free banking on top of gold was a solution to the technical limitations of the time and if it would make sense on top of Bitcoin (yes it's slow, but still much much faster and cheaper than transferring gold was) Are there any more structured opinions on this that anyone knows?

It's not true though is it? Banks are too big to fail and get bailed out.

Read Lyn Alden to understand why gold failed and how bitcoin solves those problems. Gold settlement was too slow, risky, and hard to verify. The telegraph made physical settlement obsolete and centralized gold reserves. Gold is physical so it is vulnerable to capture by whoever has the biggest guns. The government simply captured the centralized gold reserves and forced everyone onto a fiat standard. This is what will happen to all the ETFs, exchanges, and treasury companies. Saylor's bitcoin will be the national reserve. History rhymes.

Crony state banking in a nutshell. 🥜󠅓󠅑󠅣󠅘󠅥󠄲󠅟󠄢󠄶󠅤󠅕󠄳󠄺󠅟󠅔󠄸󠅂󠅧󠅓󠅪󠅟󠅦󠄼󠄢󠄡󠅠󠅒󠅞󠅁󠅥󠅒󠅇󠅜󠅥󠅑󠅇󠄺󠅠󠅔󠄸󠄽󠅥󠅉󠄢󠄶󠅪󠅑󠄳󠄩󠄳󠅑󠅈󠅂󠅚󠅒󠄢󠅜󠅥󠅉󠅈󠅆󠅚󠅓󠄢󠄶󠄠󠅉󠅈󠅃󠄲󠅟󠅝󠄶󠅠󠅃󠄱󠄲󠅁󠄲󠅆󠄴󠅧󠅃󠅅󠄶󠄷󠅉󠅈󠄳󠄲󠅠󠄷󠄶󠅘󠄷󠄳󠄲󠅘󠅓󠄣󠅘󠄱󠄽󠅇󠅆󠅚󠄽󠅇󠅆󠅘󠄿󠅇󠄺󠅙󠄽󠄴󠄽󠄤󠅊󠅚󠅉󠅨󠅊󠄴󠅉󠄡󠅊󠅄󠄱󠅩󠄿󠄷󠄽󠄣󠄾󠄷󠅊󠅜󠅊󠅇󠄵󠄡󠅉󠅚󠅛󠄥󠄾󠅪󠄵󠄣󠅊󠅚󠅉󠄥󠄽󠄴󠄽󠅪󠅉󠅄󠅗󠄣󠄽󠅄󠅛󠅪󠄿󠅄󠅉󠅧󠅊󠅇󠄵󠅧󠅉󠄢󠅅󠅧󠄿󠄴󠅅󠅪󠅊󠅇󠅅󠄣󠅉󠅇󠄶󠅚󠅇󠄳󠄵󠄴󠄠󠅘󠄣󠄱󠄡󠄱󠅒󠅝󠅘󠅖󠄵󠄼󠅙󠄹󠄹󠅩󠅒󠅛󠅡󠅢󠄧󠅩󠄨󠄸󠅕󠅆󠅩󠄥󠅃󠅪󠄦󠄺󠅞󠅂󠄲󠄣󠄩󠅨󠅘󠅔󠅩󠅘󠅂󠅘󠅊󠄻󠄾󠅘󠅊󠅆󠅗󠅗󠅠󠄵󠄹󠄳󠅧󠅣󠄡󠅥󠅉󠄢󠅉󠄿󠅓󠄾󠅂󠄴󠄠󠅢󠅂󠅗󠅠󠅧󠄧󠅃󠄢󠄺󠅠󠅒󠄩󠅗󠅏󠄷󠅂󠅧󠅂󠄷󠅟󠄲󠄥󠄦󠅁󠅉󠄺󠅘󠅓󠄡󠅗󠅗󠅕󠅪󠄼󠄱󠄾󠄽󠅥󠅓󠅇󠄾󠄢󠅅󠅞󠄡󠅠󠅖󠄣󠄵󠄺󠄧󠄢󠄾󠅀󠄶󠅂󠄩󠄧󠅉󠅛󠅂󠅤󠅁󠅡󠄻󠄳󠅆󠅛󠄩󠅊󠄡󠄡󠅈󠅔󠅘󠅓󠅜󠅗󠅗󠅚󠄣󠅚󠅇󠅉󠅞󠅃󠄩󠄿󠅏󠄽󠅈󠅟󠅥󠅁󠄳󠄤󠅜󠅣󠅟󠅃󠄶󠄷󠅦󠅝󠅀󠅤󠄳󠅣󠅔󠅁󠄽󠄢󠄧󠅦󠅂󠅔󠅒󠅤󠄦󠅩󠅝󠄱

This makes me think about @calle's mint auditor

Mint Auditor

I've been trying to grok a relationship between pricing mint credit risk, LN liquidity, and miner revenue. Exiting a mint incurs fees, and fees are what power LN and the base layer. Miners will ultimately want predictable fee revenue. Are hashrate derivatives the glue that binds them together?