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I get it, but none of that actually answers my question. i think the recipe that investopedia article lays out makes the most sense. there is some circularity to its value but also a good mix of qualities that made for good currency, then a currency backer, and now a safe-haven (whether real or perceived, or real because perceived).

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Of course it answers your question you just didn't like the answer. There are still thousands of applications that there is no substitute for gold and that doesn't even get to the natural attractions humans have to gold for things like jewelry.

And I'm not sure why you keep this focused on gold. Currency can be backed with any precious metal or element as long as it has an inherent value. Gold isn't the only one.

Either way, I find it odd that the people who tout crypto currencies as the alternative to today's typical fiat currencies don't seem to realize nothing is more fiat currency than cryptocurrency.

In the end, I think we need to find a way to combine the concept of cryptocurrency with a precious metal/element backing of some kind. The technology is great.