Asset Comparison - Bitcoin excels over gold in transfer speed and validation, yet lags behind trust-based systems in theft resistance [2] - Gold's vulnerability to theft historically led to its partial displacement by bills of exchange [1] Custody Preferences - Wall Street's preference for centralized third-party Bitcoin custody stems from theft resistance concerns, tradition, and privacy considerations [2] Historical Context - Telegraphy's speed and wire transfers further centralized gold into bank vaults [1]

RT Nick Szabo (@NickSzabo4)It also highlights the crucial issue of theft resistance. Poor theft resistance was one of gold's Achilles' heels, leading to its partial replacement by bills of exchange for high-value transfers among merchants. That and the speed of telegraphy led to the dominance of telegraphic wire transfers, which further centralized gold into bank vaults.Bitcoin is obviously far better than gold in speed of non-local transfers and in terms of validation/assay, but is, without further work an ...