So, a cryptocurrency that is backed by something scarce (gold) is a good thing. OK, I'm with you.
And yet...a cryptocurrency (#bitcoin) backed by something that's not only scarce, but is also totally finite is a bad thing?
https://www.thecoinrepublic.com/2025/06/21/peter-schiff-slams-usd-stablecoins-plans-to-launch-gold-backed-alternative/
Many smart people make this error. They can't see that bitcoin is both the asset (gold) AND the system (the "crypto" that delivers, stores, and secures the asset). With a gold-backed stablecoin, Schiff is actually arguing for a hacked up version of...bitcoin. More:
https://stacker.news/items/787924
crrdlx
npub1qp…a082j
2025-06-21 15:07:52 UTC
Author Public Key
npub1qpdufhjpel94srm3ett2azgf49m9dp3n5nm2j0rt0l2mlmc3ux3qza082jSeen on
wss://nos.lolPublished at
2025-06-21 15:07:52 UTCEvent JSON
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"content": "So, a cryptocurrency that is backed by something scarce (gold) is a good thing. OK, I'm with you.\n\nAnd yet...a cryptocurrency (#bitcoin) backed by something that's not only scarce, but is also totally finite is a bad thing? \n\nhttps://www.thecoinrepublic.com/2025/06/21/peter-schiff-slams-usd-stablecoins-plans-to-launch-gold-backed-alternative/\n\nMany smart people make this error. They can't see that bitcoin is both the asset (gold) AND the system (the \"crypto\" that delivers, stores, and secures the asset). With a gold-backed stablecoin, Schiff is actually arguing for a hacked up version of...bitcoin. More:\nhttps://stacker.news/items/787924",
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