Bitcoin Forum

Hi,
first im a really big noob in technic around bitcoin and cryptocoins.
I just ask myself if its possible to create a coin based on a spezific amount of gold and Btc (no clear distribution yet, but 50/50 for example)?

How could this work technically?
I do not talk about store psysical gold - it should be do with gold on paper.

What can you say about this?

There is a coin that claims they are based on Gold and it's called DinarDirham I am not sure how it goes but that's how they advertise themselves and that's how they say what they are. They already have a thread here https://bitcointalk.org/index.php?topic=1709404.0 but it's not available yet for trading, it can be bought at an exchange site only. Not sure also when this DinarDirham will go full blast.

Looks interesting - but it only backed by gold right?

I mean a coin backed by gold and Bitcoins - is this possible or are there any logic problems i do not see?

This question has been asked many times.

Cryptocurrency's main principle is trust-less-ness.

Backing a currency with something removes this trust-less-ness as you suddenly have to trust some company to make good on the backing, hence it makes no sense for a cryptocurrency.

That's an argument.
This would build privat banks out of it.

Funny thing really is that probably 95%-99% of the people in crypto don't give a shit any more about the whole purpose behind crypto currency. All they want is to make money and turn the real crypto currencies into standard financial institutions. Almost all the crap stuff that's come out in the last few years has been nothing but money making schemes, "coins" being controlled by a few individuals and those run by new big business. It's extremely sad that they all just use a blockchain and call it crypto currency.

Search "Spots" coin from 2013.. ask iGotSpots here.

Thats true.
But there will be freedoom fighters who run the system open source and visible free for every human on earth.

I just think about combine gold and Bitcoin in one credit.  :)

I don't think you should actually trust a coin who's name is currency of qatar (dinar) and dubai (dirham) and they have setup their office in hong kong and Kuala Lumpur. I just feel sad that nowadays people are creating coins with famous background and scamming people. I would recommend you to stay away from this coin

There is no Gold on paper.

Xaurum is coin backed with gold. $18m marketcap. what is quite some.

I think your ideas is good combinate between digital coins with gold, unfortunately we don't how much amount of gold
because still there are gold out there that not be mined, it will be difficult for write amount of gold around the world on the paper
 to be combinated with amount of digital coins.

Even there would be a better using with that altcoin on one central free chain. This would takes alot of transactions from bitcoin .

There are people working on this, but most are struggling to find success in the space. A couple coins recently have come out trying to work on this as well.

My question is, how are you going to keep the price of any crypto pegged to any set value?  Anything that gets traded on exchanges is going to take on a price of its own, as market forces dictate.  Who would decree that Coin_X should be valued at the price of gold, silver, the US dollar, or anything else.  And then there's the question of why this would even be necessary.  I don't think it is; I think it's a terrible idea that is unnecessary.  If you want gold, buy gold.  Or buy a gold ETF.  Or buy gold mining stocks.  Crypto should not come into this equation.

I heard and see so many coins doing this already but all end up as scam.

The idea is found a easy using money for all, backed with xamount of gold (paper) and xBTC - just name it Credit and the whole world using it.
It's clear that there will be comming a world wide currentcy - so why not backed on gold and BTC - that would give the BTC more a status like gold and not fast using capital. There would be physical and digital "gold" backed a worldwide using currentcy...

 :)

push

fiat were based on gold, but it's a thing of the past it's no used anymore to be backed by gold, it's better to be backed by supply and demand like bitcoin, some coins like you want tried this in the past like gold coin, but they failed, because they had no the money to back it with gold, you have that someone should invest big for this to be true, i can't see this happening without incentive

maybe something similar to a gold dinar that can be freely traded

Gold is useless except for jewelry, and to me it is obsolete as a store of value now that we have cryptocurrency.