Hanshan on Nostr: Unlike most individuals, nation-states are already used to the idea that if you don't ...

Unlike most individuals, nation-states are already used to the idea that if you don't play ball your supposed wealth means fuck-all.

Smaller social units have the liberty of prolonging fantasy without undue consequences longer.

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Even nation states can't use the gold they supposedly own.

Venezuela 'owns' 31 tonnes of gold. For almost eight years it couldn't have it.

The gold sat in the Bank of England while London's courts decided who the owner was. Today the FT reports it's moving to the New York Fed. Under the deal, Venezuela still can't sell it. It can borrow against it.

A country with an army, a central bank and a seat at the UN needed two governments' permission to touch its own gold, and got a loan instead.

Bitcoin collapses ownership and possession into one thing. Whoever holds the key has the coins, and there's no appeal.