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Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. But government bonds are not backed by tangible wealth, only by the government’s promise to pay out of future tax revenues, and cannot easily be absorbed by the financial markets. A large volume of new government bonds can be sold to the public only at progressively higher interest rates. Thus, government deficit spending under a gold standard is severely limited. The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. - Allen Greenspan

What is a "crypto-currency"? What are Bitcoins and all the rest of the crypto-currency pack?

They are digits on computers, and nothing more. What is "a digit on a computer"? The definition would seem to run along the lines of "an electric charge in a computer memory".

If the ownership of a crypto-currency digit on a computer, or more exactly, on  a "blockchain system" of computers, constituted a legal right to a thing that has objective existence, say 1 kilo of copper, or 1 ounce of silver, or 1 ounce of gold, or any other physically existing commodity in a legally constituted depository, then I would have no problem with such a "crypto-currency". However, so far as I know,  none of the crypto-currencies carry with them any legal right to the ownership of anything tangible at all. ...

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Baby Frog: Mama, who is smarter- a chicken or a frog? Mama Frog: We are of course!!
Baby Frog: How do you know? Mama Frog: Well, who ever heard of Kentucky Fried Frog?
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Why are frogs so happy? They eat whatever bugs them!