Hacker News new | past | comments | ask | show | jobs | submit login

it's important to note that it should be compared with what it's supposed to change: gold mining, bank stores, payment systems. Then the cost is less.

Also important that this is the first iteration of a technology that will eventually be replaced with Proof of Stake systems which will be replaced by X.

There are already online only banks without physical presence in most places and many countries don't tie their currency value to gold. The payment systems are not great on either side of the issue.

> many countries don't tie their currency value to gold

Is there any national currency still on the gold standard?

It doesn't look like it. I wanted to stay on the safe side without research :-)

But it's interesting - not really a gold standard, (they're pegged to USD) but it looks like Lebanon has between 1/3 and 1/2 GDP worth of gold backing it's currency.

Guidelines | FAQ | Support | API | Security | Lists | Bookmarklet | Legal | Apply to YC | Contact