Another example of the ridiculous overhead for gold.
Gold refining and verification processes are the equivalent of Bitcoin mining. In both cases, the overhead ensures quality and security.
Bitcoin mining is WAY more than that. It also has the chance to replace the entire banking system.
In point of fact, gold has a much better chance of 'replacing the entire banking system.' I wish it were otherwise, but as they say, 'if wishes were horses...'
Furthermore, the old adage of 'be careful what you wish for' might come into play. Either a metal or Bitcoin backed monetary system has much potential for abuse and general misery.
Digging way back into my memory for one of the reasons Bitcoin appealed to me and one thing it 'had over' gold as the backing for a monetary system is exactly the fact that Bitcoin COULD fail, and more importantly, the fact that it could fail at the hands of the 99%. Bitcoin derives the core of it's strength from the users, and hoarders could end up completely shit out of luck if they don't act right.
