Yes, it’s silver. It occurred during the Hunt brothers buy up a few years after Nixon broke from gold. Remember it only came to a end due to a short ban. The point I’m making here is that silver (or any free market money such as bitcoin) are not immune from market forces. They are however ultimately immune to fiat decree.. which is our goal.
Bitcoin does satisfy the definition of a free market money and we shouldn’t let its novel crypto form distract us from its real attributes as a money. There seems to be some confusion between a bitcoin (money) and the bitcoin network (medium or market). The network shouldn’t be confused for a counter-party.. It’s like saying that the market which demands gold is the counter-party. Obviously a party needs to buy the gold but you wouldn’t say that is a counter party.
The question is could bitcoin authentication (via the bitcoin network) be a similar concept to the market authenticating you have real gold??