completely false. Even when there was hard money, when everyone was using physical gold, equity, real estate, and optionality generated a superior return. Gold does not inherently pay dividends. Your vision of a financial system without debt contracts is hilarious, and ends up with a load of perverse incentives like Islamic finance. Because families need a roof to live under, and it costs more than an average laborer’s year’s income for land and construction of a domicile. It always has and always will. Collateralized debt contracts are an inherent externality of people’s needs being greater than their ability to pay for them, so there is a give-and-take between capital and labor. The only systems that argue against this are communist ones, and Bitcoin is not going to lead to a communist utopia.