Comment Re:Bubbles are strange. (Score 1) 76
I do agree that electrical costs make crypto very suspect. Originally it was a cheaper way to ensure honest transactions, as compared to the cost of the current banking confirmation systems. But that no longer applies.
As regards to coinage, you are incorrect. Coinage was originally done as a way to save time testing the metal for purity and weighing it. Here is a set amount of gold/silver/ copper/ etc. that has already been tested and weighed once. Even when they debased the coinage, that amount of debasement quickly became known, so again the coins were a known purity and weight.
People still buy gold coins, melt them down and sell them for industrial uses, and it has less fraud and is quicker and easier than doing it for jewelry