Without the State

If it was not for the state's meddling in the currency markets, demanding central banking and fiat money to be accepted by all subjects, gold would have been money today just the way it used to be. Crypto was invented with the sole purpose to circumvent the state's fiat money. It is in other words a reaction against the state. It is a rebellion.

The ironic thing about this is that the rebels who are currently betting on Bitcoin and other crypto-currencies, are often big believers in the state, with no objections to fiat and central banking. The minions that are confronting the state in a head to head battle are largely state worshipers of various shades.

Adding to the irony is the fact that none of the crypto-currencies will ever function very well as currency. They are simply too energy demanding, and easily forked into new versions. If the rebellion against the state and its central bank were to succeed, and the state let the free market once again decide on what to use as money, gold would be back within days. The crypto minions are in other words doomed if they win, and doomed if they lose.

Meanwhile, no one is paying attention to the gold price, nor the fact that Goldmoney now has a payment system that delivers the exact service that crypto was meant to provide. It is possible to buy a cup of coffee for a fraction of a gram of gold, with hardly any transaction fee. Try that with crypto, and see how well that goes. The waiting would be for minutes, if not hours, and the transaction fee would be several times the price of a cup of coffee.

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