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IPFS News Link • Bitcoin

The Debate Between Gold and Bitcoin in 2023

•, By Alasdair Macleod

This article addresses a number of issues that next year will make or break bitcoin's claim over gold. Besides the interest of governments to prevent it having any monetary role, hodlers ignore the legal status of gold as money, and the different treatment likely to be accorded to bitcoin in criminal law. Furthermore, bulls of bitcoin are mainly only that: speculators hoping for a profit measured in their fiat currencies.

This is not to deny bitcoin's virtues: only to question its monetary future relative to gold at a time when the period of declining interest rates, which played a large part in fuelling the cryptocurrency phenomenon, appears to have ended. Furthermore, the financial considerations in the geopolitical context centre on the dollar's relationship with gold, leaving cryptocurrencies as wallflowers in the financial conflict between east and west.


If there is one uncontroversial fact in the science of economics, it is that the central issue is the inflation of currency and credit and has been increasingly so since the First World War. The debasement of the circulating medium has always been western governments' principal monetary policy. The last British attempt to stand in the way of the inflation steamroller ended in 1931, when economists, such as Keynes, pointed out that a gradual and automatic lowering of real wages that results from a reduction of the currency's purchasing power would be less strongly resisted "than attempts to revise monetary wages downwards".

1 Comments in Response to

Comment by PureTrust
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To take Bitcoin out of government control, do a fork of it that makes it into a Private Membership Association (PMA) as described here - Add wording to the cryptocurrency client used that says, right in the transaction page, that this is a PMA transaction, with appropriate wording for the transaction type - between controllers/owners of the cryptocurrency addresses included in the transaction. Each new transaction is a new PMA. Search to see how it is being done all over the place. Why not cryptocurrency?