>>60886148 (OP)
Fiat currencies are nothing more than the native tokens of networks called nation-states.
Want to access the services of that network? You pay in its token.
Taxes are just mandatory transaction fees denominated in the state’s token.
To operate inside its jurisdiction, you must use its currency.
Fiat isn’t backed by nothing, it’s backed by enforced access rights to the nation-state’s infrastructure, security, and rule of law.
Nation-states enforce their native tokens through violence-backed institutions: legal tender laws, tax obligations, courts, police, armies.
Crypto networks enforce their native tokens through cryptography: consensus rules, signatures, block validation.
Gold provides none of the features that make a token usable. It is simply an alternative asset people hold to shield themselves when states debase their own tokens. Gold competes directly with all other assets for that role.
As long as crypto networks function as intended, gold’s role diminishes. Its only remaining use case would be in scenarios where the digital layer itself collapses: global internet outages, cryptography failures, or systemic black swan events. Outside of those edge cases, crypto outperforms gold on every dimension of money except physical tangibility.
Thank you for reading my blogpost.
