The writer names a currency based on the gold standard and Bitcoin compared to that.
Quote from: Nathan Lewis
In the case of a gold standard system, the base money supply is adjusted via an automatic mechanism similar to a currency board, such that the currency’s value maintains its defined parity relationship with gold bullion.
Quote from: Nathan Lewis
Obviously, [Bitcoin has] no daily adjustment system [...] — not a gold standard-type system, or a floating-fiat type system.
I'm not really into economics, but wasn't Bitcoin designed to mimic the finite supply of gold? Or am I missing something here? Does the writer mean something else?
Quote from: Nathan Lewis
Bitcoin, alas, is just another failed experiment.
A little bit early to state that in my opinion. It's never been so popular as it is now.
