Comment by lotsofpulp
3 days ago
That is the non idiotic thing about gold, since it is not fiat, is not easy to produce, and it is easy to verify, it can be used as a currency in less stable times/places. It’s a redundancy. Perhaps bitcoin satisfies many of these properties without the high costs to secure and move gold, but it needs electricity and a network?
https://www.macrotrends.net/1335/dollar-vs-gold-comparison-l...
Gold is a fiat currency because it has no inherent value.
That is not what fiat currency means.
https://en.wikipedia.org/wiki/Fiat_money
Gold has a lot of material uses, eg computer chips and other electrical equipment for starters.