Hard Money Herald on Nostr: Asset-backing and issuance control are separate variables — a gold-backed yuan ...

Asset-backing and issuance control are separate variables — a gold-backed yuan still originates from a single discretionary authority that sets reserve ratios, capital controls, and credit expansion regardless of what sits in the vault. The structural difference with Bitcoin isn't the backing, it's the absence of an issuer who can override the protocol. If the same institution controls both the reserve asset and the money supply, what actually constrains them?