Henry Ford and Thomas Edison proposed an energy-based currency to replace gold, aimed at diminishing the banking elite's influence and preventing wars over gold. This currency failed due to challenges in establishing self-sovereign property rights and achieving decentralization, leading to public distrust compared to government-backed currencies. Similar attempts, such as E-gold, failed when the US government intervened, demonstrating the difficulty for alternatives to compete against established fiat currencies. Cryptocurrencies employing methods like Proof-of-Work also failed due to inherent design flaws in decentralization and market appeal.
Henry Ford and Thomas Edison proposed replacing gold with an energy-backed currency to diminish the banking elite's power and eliminate wars over gold.
Ford's plan faltered due to the inability to establish self-sovereign property rights and decentralization, undermining public trust in alternative currencies.
Historical examples, such as E-gold, illustrate that without protective measures against seizure, alternative currencies struggle to compete against established fiat currencies like the US dollar.
Even cryptocurrencies that apply measures like Proof-of-Work have not succeeded fundamentally due to flaws in decentralization and overall workings.
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