Chapter
The Limitations of Gold as a Currency and the Introduction of Custodian Operations
1:42:43 - 1:49:54 (07:10)
Gold is limited in terms of portability, so custody of it has gradually centralized into fewer warehousing operations. This shortcoming led to the introduction of paper gold, which allows the trading of gold without having to physically possess it.
Clips
This podcast explains the five properties a good form of money should have: divisibility, durability, recognizability, portability, and being scarce.
1:42:43 - 1:45:11 (02:27)
Summary
This podcast explains the five properties a good form of money should have: divisibility, durability, recognizability, portability, and being scarce. It also discusses why monetary metals, such as gold, are considered the most satisfactory tool for money, given their marketability aspects.
ChapterThe Limitations of Gold as a Currency and the Introduction of Custodian Operations
Episode#176 – Robert Breedlove: Philosophy of Bitcoin from First Principles
PodcastLex Fridman Podcast
Scarcity occurs when demand exceeds supply, which is true for money as well.
1:45:11 - 1:46:35 (01:23)
Summary
Scarcity occurs when demand exceeds supply, which is true for money as well. However, the unique thing about money is that its demand always exceeds supply, as it is the most marketable good that can be traded for any other good or service.
ChapterThe Limitations of Gold as a Currency and the Introduction of Custodian Operations
Episode#176 – Robert Breedlove: Philosophy of Bitcoin from First Principles
PodcastLex Fridman Podcast
The limitations of gold as a currency include centralization in warehousing and lack of portability.
1:46:35 - 1:49:54 (03:19)
Summary
The limitations of gold as a currency include centralization in warehousing and lack of portability. While paper currency allowed for value to be moved across space, it also introduced the risk of supply being modified by political agendas.