RE: The "Godfather of BitShares"
Lets start with the question if Crypto currency could be used as a normal curency like your dollar , baht , euro , or pesos . So first of all The worth of cypto currency is changing all the time so you could buy a house with your bitcoins oneday and on the following you would just be able to affort a Sandwitch with the same amount of Bitcoins. This does happen beacause Bitcoin or any other Crypto currency is worth anything beacause people think, beacause people believe in this projekt, Bitcoin, Litecoin, or Steemdollar do not have a worth, there are just worth anyting beacause people believe that this virtual money is worth anyting.
Second there is no equivalent in gold or anyting valuabe. ( Euro or dollar are equivalent to the gold reserves )
These reasons are enough to say that this currency, that way it exists today will never be able to be used as the "money of the future".
Well, we're ready to launch the Quint, which is a gold-backed legal tender. We also have bitAssets that are quite stable (bitUSD, bitCNY, bitEUR, bitGold, bitSilver, bitBTC, and the HERO.) Other coins are held by traders precisely BECAUSE they are volatile. Something for everybody!
The Euro and the Dollar are NOT equivalent to gold reserves, Euro and Dollar are debt money of the fractional reserve central banking system, that's why people hoard physical gold and crypto, of which Bitshares is light years ahead of the rest, and offers many possibilities, like the Quint our dear Stan mentioned. Thanks four your work Stan! BTW, @stan what are your thoughts on American agro-chemical business, as you mentioned you are a farmer, I also come from a farming family, and I think the blockchain offers many possibilities for sustainable farming (loans, logistics, decentralization).
Thanks
Where does fiat value come from? Why is gold not worth only about 200X what iron is, based on relative abundance, instead of thousands of times?
ALL monetary value is entirely artificial- the only real uses for gold aside a medium of exchange (an artificial value) are due to its special combination of elemental material properties, such as corrosion resistance, malleability, electrical and electronic properties, stc.
Digital currencies could easily be used as the "money of the future"- EVERY supposedly "gold-backed" transaction is ONLY data anyway, unless someone actually shows up with gold to exchange for goods, and this has been true for decades.
"ALL monetary value is entirely artificial" Be that as it may, FIAT currency is controlled by a private entity, that "owns" the central bank, the main reason gold was adopted instead of silver (or iron or whatnot) is that silver has more everyday utility (conductivity, anti-septic) than gold and the discovery of huge silver reserves in the new world (which would introduce unstable inflation), the other "only" reasons you mentioned are precisely why gold is (was?) ideal. Bitcoin is "owned" by the two mining pools that manage over 50% of the blockchain transactions, as they can disrupt the system at their will (why would they do it? Because shorting Bitcoin is now, can be, viable). Delegated Proof of Stake is the "most decentralized" system of any blockchain we have today. I just wanted to add information, not to argue with your post, the bold AND italic words prove your wisdom. BTW the Quint will be actually redeemable for gold and silver.
Cheers!