All the arguments against gold are completely bogus because there is nothing stopping the price of gold from climbing to meet the economic need. The price of gold was suppressed for a long time by institutions, but this active suppression is increasingly difficult to continue.
As for verification and transfer, that's what electronic shares are for, distributed across a few key physical asset holders.
Price of a commodity metal can do whatever they want without causing a big problem. It is just a resource allocation signal. However if you base your currency value on it suddenly you are forcing debtors into bankruptcies if the value shoots up. Credit relationships aka investments are what make an economy run and grow, not some arbitrary commodity price.
Debtors who roll their loans also go bankrupt when the fed raises interest rates.
Rolling loans is par for the course for many capital intensive businesses. This is because in a low interest rate environment if you act prudently you’ll get outcompeted.
You're just so used to a debt fueled economy that you can't think of it being any other way. That is the problem though in that 99 times out of 100, debt goes rogue in a runaway sense and blows up the system. It is a time bom.
In essence, debt doesn't need saving from the system; it's the system that needs saving from debt.
A system that lasts a hundred years before failing is a successful system. This reminds me of comments about bankrupt companies that made massive profits for 10 years, calling them failures. That's a success and the comment is sour grapes.
As for verification and transfer, that's what electronic shares are for, distributed across a few key physical asset holders.