Thank you for laying this out so simply. I had encountered the same basic argument made by George Gilder in Life after Google.  He stated that #gold was optimal over #bitcoin because the jewelry stock of gold could be quickly #remonitized in the event of a #liquidity crunch. The argument felt wrong to me but I didn't have a succinct way of explaining why until now.  The simple fact that the #market settled on gold over the more easily expanded monies such as #silver shows it's a weak argument.