[brent1a]

Why I hope it catches on is that politicians can no longer run their ponzi schemes like Social Security by just printing more money. It’s kind of like going back to a gold standard.

Except cryptocurrency is nothing like a “gold standard” because a gold standard is, well, backed by physical gold. Cryptocurrency like bitcoin is backed by, well, nothing-nada-zilch.

[aMorePerfectUnion]

“Cryptocurrency like bitcoin is backed by, well, nothing-nada-zilch.

All currency today is backed by nothing but the confidence in a government.

Crypto currency is no different.

[Boogieman]

“Except cryptocurrency is nothing like a “gold standard” because a gold standard is, well, backed by physical gold. Cryptocurrency like bitcoin is backed by, well, nothing-nada-zilch.”

True, it has no real backing, but it is similar to gold in the fact that cryptocurrencies have a built-in rarity and cannot simply be cranked out in great amounts like fiat currency. In fact, gold production can be ramped up much easier than cryptocurrency production, once a certain plateau is reached.

[DesertRhino]

“Except cryptocurrency is nothing like a “gold standard” because a gold standard is, well, backed by physical gold. Cryptocurrency like bitcoin is backed by, well, nothing-nada-zilch. “

All a gold standard does is make it impossible to inflate money supply by assigning a fixed value to a dollar. A fixed supply of gold means a fixed supply of dollars, ergo, the value isn’t harmed over time.
Bitcoin will only have 21 million bitcoins, ever. Essentially it’s a digital gold standard. And it has the added fun of transactions not having to go through a bank.

It’s good stuff and will only be more prevalent.