As to letting the market decide things, I lived through the Bre-X scandal, where the market decided to invest in a fake mine, and real lives were ruined. I believe in regulated marketplaces.
What you list as drawbacks of gold are exactly the thing that preclude it being so easily weaponised for scams/fraud/rapid-wealth-redistribution.
You call bitcoin a SoV but further down describe it as a form of money. You also have an implicit assumption about what makes a "better" form of money. I'd like to read a bit more about what defines "better" in your opinion.
> You call bitcoin a SoV but further down describe it as a form of money. The primary functions which distinguish money are as a Medium of Exchange, a Unit of Account, a Store of Value: https://en.wikipedia.org/wiki/Money
> I'd like to read a bit more about what defines "better" in your opinion. There is definitely a list of features but I would argue that being hard money is the most important feature. Meaning hard/sound where the nominal amount of money does not change.
Bitcoin in definitely hard but Ethereum does even better by being deflationary. As network transactions are slowly reducing the total amount in circulation.
Other nice features of Bitcoin/Ethereum vs Gold/Dollar are: digital, non-seizable and no third party risk.
Gold... what if this common belief can be upgraded to a better form of money?
Bitcoin is energy quite energy intense and slow in the number of transactions but gold has many drawbacks too! It's a heavy rock, can't be easily split for payments, you have to spend efforts in custody and can't be transferred digitally.
Bitcoin... what if this common belief can be upgraded to a better form of money?
Ethereum is way more complex than Bitcoin but solves through clever engineering most of it's drawbacks. Let the Market decide which form of money is best.