gold standard

In 2019, I was involved in a crypto project that aimed to provide a usable basis of large-scale commerce in an environment where existing fiat currencies were failing badly. Of course, I was in support of a 100% gold system — which has always worked in the past. And, people agreed that this was a good idea “theoretically,” and “eventually.” But, the perception at the time was that there should be some kind of intermediate step. For example, if a country had a regular gold-based currency today, then the value of the currency would be fixed to gold. In other words, foreign exchange rates with the other major fiat currencies would be terribly volatile, and also, would introduce a lot Read More ›