Gold: A Use Case for the Modern Era – (Part I)
The comments below are an edited and abridged synopsis of an article by Claudio Grass
Whether online or offline, through a mobile app, an exchange or physical contracts, gold keeps changing hands. After eons of putting up with fiat money, with all other choices removed by decree, an increasing number of people are executing trades with their peers using real money.
This development is entirely organic, coming as a result of many people arriving at the same conclusion freely and without any kind of centralized authority. They were not forced to use this gold-backed solution.
The decentralized aspect of this shift can provide answers for other problems that we face as individuals and societies. Answers don’t come from experts, rulers or special committees. That has always been the job of the individual who is affected by the issue and those who agree to work together with him or her.
The lack of central authority renders any project more robust, sustainable and protected from outside threats. This resilience is undeniable. The possibility for systemic failures and top-down domino effects are eliminated, and one mistake in one part of the network or the system does not affect the whole.
The most important thing about decentralized systems is the way they promote innovation and allow for differences of opinion, vision, values and priorities. In a gold-backed currency example, we see this play out clearly. Competition fuels the advancement of the different applications and solutions, but this freedom also brings different worldviews to the forefront. For instance, some users might prioritize ease of use and seamless transactions, while others might prefer to deal in physical formats.
“Let us try a different tack this time. Let us all agree to disagree with our fellow citizens who might have another way of looking at life and the world. Let us all respect each other’s inalienable right to decide what’s best for themselves and for their families and if those decisions diverge enough, then let us part ways. And let’s all pursue the path that we think is right and at the end of it all, let us see who fared better and learn from them.”