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Comment by pxue | Hacker News Reader

the gold standard was abolished to due it's volitile nature, compared to stability of a fiat like the USD. Bitcoin being a volitile commodity itself, it will not be able to run the global economy on-top of it.

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This is incorrect. The gold standard was abolished in the US because it was too hard for the US to control macroeconomic policy [1] (especially import/export rates) through gold. The US already had elaborate ways to manage reserves to help in keeping the dollar steady. It was also a matter of dwindling gold reserves for the US.

Whatever your thoughts are about the gold standard, it was not instability that did it in.

[1]: https://www.wsj.com/articles/when-the-u-s-gave-up-gold-11625...

It was a lack of Turing completeness.

Gold standard was nixed because the government wanted to be able to create new money out of thin air and give it to itself. Simple as that.

I honestly can’t tell if this is satire. Fiat is stable in so far as the number doesn’t change, but good luck with that purchasing power.

Bitcoin is a scarce commodity with no issuer. It cannot be counterfeited on the whim of a small group. Its volatility should decrease with adoption.

Down 66% in 1 year after the whole world knows about it. Any day now. Wasn't it supposed to be an inflation hedge? Fiat sure retained value much better this year...

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You're precisely talking about the impossible trilemma.

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