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Title: Bitcoin to Gold Exchange Post by: neilcoleman78 on April 19, 2013, 06:49:28 PM Hello,
I have an idea I have come up few days ago. Seeing all these exchanges closed, and their USD bank account closed got me thinking. Can you trade bitcoin for lets say gold? What if there is an exchange where you can freely exchange BTC for gold or some other commodity, and later on you can cash in at some gold to USD exchange? Is there some large gold exchange that has some sort of IOU certificates which can be maybe traded even on the p2p bitcoin-to-IOU exchange? That way FINCEN regulations would not apply for bitcoin to gold exchange. Let me know what you think. Regards, Neil Title: Re: Bitcoin to Gold Exchange Post by: BTC Books on April 19, 2013, 06:58:44 PM This might not be exactly the right time to start dealing in paper gold. ;) Ask here:
https://bitcointalk.org/index.php?topic=68655.0 Title: Re: Bitcoin to Gold Exchange Post by: neilcoleman78 on April 19, 2013, 07:21:29 PM Gold is here to stay. Regardless if BTC make it global or not, right?
Title: Re: Bitcoin to Gold Exchange Post by: acoindr on April 19, 2013, 07:36:35 PM Hello, I have an idea I have come up few days ago. Seeing all these exchanges closed, and their USD bank account closed got me thinking. Can you trade bitcoin for lets say gold? What if there is an exchange where you can freely exchange BTC for gold or some other commodity, and later on you can cash in at some gold to USD exchange? Is there some large gold exchange that has some sort of IOU certificates which can be maybe traded even on the p2p bitcoin-to-IOU exchange? That way FINCEN regulations would not apply for bitcoin to gold exchange. Let me know what you think. Regards, Neil Yes, I actually had this idea in the form of getting coin shops involved. They are not high tech (I asked one once about any Web interest and he replied something about a webbed foot), so there might be a barrier there but everyone understands profit potential. All we would need to do is sign up shops to allow people to walk in and trade their gold for bitcoins or vice versa, giving the shop and any middle men a cut of course. I think that would be really popular. As the FinCEN guidance says exchanging bitcoins directly for goods or services is not subject to regulation or record keeping requirements. Title: Re: Bitcoin to Gold Exchange Post by: BTC Books on April 19, 2013, 07:37:40 PM Gold is here to stay. Regardless if BTC make it global or not, right? Long term? No. Except as an industrial material. https://en.wikipedia.org/wiki/Asteroid_mining https://en.wikipedia.org/wiki/Asteroid_mining#Proposed_mining_projects You want long-term value, that can't be degraded by either the discovery of fresh sources or cost-effective technological duplication? Try rare and exotic woods. Title: Re: Bitcoin to Gold Exchange Post by: acoindr on April 19, 2013, 07:47:26 PM Gold is here to stay. Regardless if BTC make it global or not, right? Long term? No. Except as an industrial material. https://en.wikipedia.org/wiki/Asteroid_mining https://en.wikipedia.org/wiki/Asteroid_mining#Proposed_mining_projects You want long-term value, that can't be degraded by either the discovery of fresh sources or cost-effective technological duplication? Try rare and exotic woods. What do you call long term? Quote An upcoming NASA mission (OSIRIS-REx) to return just 60g (two ounces) of material from an asteroid to Earth will cost about $1 billion USD. ... Planetary Resources admit that, in order to be successful, they will need to develop technologies that bring the cost of space flight down. FYI two ounces of gold right now is worth about $2,800. Title: Re: Bitcoin to Gold Exchange Post by: BTC Books on April 19, 2013, 08:05:11 PM Gold is here to stay. Regardless if BTC make it global or not, right? Long term? No. Except as an industrial material. https://en.wikipedia.org/wiki/Asteroid_mining https://en.wikipedia.org/wiki/Asteroid_mining#Proposed_mining_projects You want long-term value, that can't be degraded by either the discovery of fresh sources or cost-effective technological duplication? Try rare and exotic woods. What do you call long term? I'm not sure. But certainly within the lifetime of most of the people here. The US is pushing a mission - right now - to grab an asteroid and move it to the moon's orbit: http://www.politico.com/story/2013/04/senator-nasa-to-lasso-asteroid-bring-it-closer-89691.html We're just not that far away. Title: Re: Bitcoin to Gold Exchange Post by: acoindr on April 19, 2013, 08:49:42 PM I'm not sure. But certainly within the lifetime of most of the people here. The US is pushing a mission - right now - to grab an asteroid and move it to the moon's orbit: http://www.politico.com/story/2013/04/senator-nasa-to-lasso-asteroid-bring-it-closer-89691.html We're just not that far away. That project is for a small asteroid, around 25 feet. I'm pretty sure the scientists for the mining project you linked earlier considered any which might be brought closer to earth too. Anyway, the Federal Reserve was created only 100 years ago, and the euro brought into existence far more recently than that. I'm pretty sure gold will have monetary value for a long while to come. Title: Re: Bitcoin to Gold Exchange Post by: marcus_of_augustus on April 19, 2013, 10:38:23 PM I think GoldMoney or Pecunix may begin to issue gold-redeemable 'vouchers/crypto-tokens', digital gold or similar that can be traded for btc ... they would be my pick for the first to do something like that.
There are already several, maybe as many as a dozen, on-line shops delivering physical gold for bitcoin ... but no depositories as far as I'm aware. The regulatory burden for this space is infested with authoritarian vested interests. Read about the sad history of E-gold's run in with the facist monetary powers. Follow Julia's Digital Gold Magazine blog if you are interested to keep up with it ... http://www.dgcmagazine.com/ (http://www.dgcmagazine.com/) |