I've been reading recent news/rumors about Perth Mint wanting to start a gold backed crypto. For those unaware of who they are, they are Australia's largest gold refiner. This is interesting to me, because I've seen (who the hell knows who) others try to create a gold backed crypto and fail. But here we have a giant refiner looking to do it. They will be able to process a lot gold, as they already regularly do, and will be able to distribute either the bullion itself, or a crypto that may be redeemed for the bullion at any time. I think this is important, because I believe previous attempts at this have failed due to a lack of liquidity, reputation (very important), supply, and etc.

http://www.abc.net.au/news/2018-01-24/cryptocurrency-backed-by-gold-being-developed-perth-mint/9352036

If this turns out to be successful, this could/should replace Tether to some extent. While gold isn't pegged 1:1 to the USD, it's very stable compared to the likes of crypto. Holding a gold backed crypto should provide sufficient short term stability from bear markets. And to know that you could trade it in for the bullion at any time (may require big PM exchanges like APMEX or JMB to get on board) would be a pretty reassuring thing. I understand that one of the main benefits of USDT, is that allowed exchanges to avoid KYC, but everything is slowly heading that route anyway. (*cough* Bittrex)

And what should stop them for printing more crypto than gold? Maybe a success audit by Friedman LLP... but let's for the sake of discussion assume they will be 100% transparent about their balance sheets.

What do you all think about this? Does this have a place in crypto?

[will he or she be able to claim long-term capital gains on any amount of BTC up to peak A]

Hi,

Here is a schematic of a Bitcoin wallet I made up, with events that caused dramatic movements in this wallet. The balance has fluctuated much due to luck, poor decisions, and just even holding no BTC, but instead all altcoins at one point. But the general trend has been up, thanks to altcoin trading, with some pretty notable peaks here and there.



By having a record of this BTC wallet, if this person decides to sell, will he or she be able to claim long-term capital gains on any amount of BTC up to peak A? If so, then any new "personal ATHs in BTC" today should also be sellable for claim long-term gains one year from now. Let's assume a cost basis of zero on everything due to exchanges being hacked and old wallets being destroyed/deleted.

Does this sound right?

 

[If this isn't allowed, I do apologize in advance and have no problem with the thread being taken down.]

I read the rules thread, and I found nothing against this? If this isn't allowed, I do apologize in advance and have no problem with the thread being taken down. I have over $3000 worth of gold (around 10B gp) sitting on there that I feel would be wise for me trade into crypto, instead of letting it just sit there doing nothing.

The reason I am trying here is because I have already been trying on Sythe.org where these kinds of MMORPG gold trades take place, but nobody seems to have crypto there, except for the major traders who pay very low compared to market value. And because it's difficult (and time consuming) to get it into USD and then into crypto, I'm trying to avoid that step of all together (gold -> $ -> crypto). So I figured I'd at least give it a shot here.

DOGE rate $0.32/M (special rate as I'm most interested in DOGE)
BTC rate $0.34/M
LTC rate $0.34/M
WDC rate $0.36/M
FTC rate $0.38/M

If you have a newly released alt that looks promising, let me know. But for those I am looking for $0.45/M due to future uncertainty. Newly mined alts usually provide a lot more instant profit than mining LTC anyway.

If you have concerns about trust, I have an account with over 100 vouches at Sythe.org and would happy to verify it to you via PM there (you'll have spend 5 minutes registering). I'd also be happy to trade in increments.

PM if interested.

In my lab there's this computer that has Windows XP 64-bit installed on it. I have this spare HD 6850, and since all of my miners have their slots filled, I was thinking about using this computer to run it in. The problem is I cannot seem to find drivers that enable OpenCL in XP64. The newer drivers disable it. And my search for 11.2 - 11.6 drivers for XP64 has failed.

Does anyone know or have a link for older XP64 drivers? Thanks.

I thought about a coin based off two needs :

1) One that could be treated forever as the "loose change", like pennies, nickels, dimes and quarters.
2) Stability relative to fiat in the crypto market.

My belief is that such a coin could only exist if it could dynamically "update itself". There would be no limit to how much of this coin that could be mined in total, but instead an algorithm that determines how much of this coin is allowed to be released into at any given interval of time. This amount could be based off the BTC and LTC market caps in USD value. Like right now for example, if this coin were to exist, tons of them would be getting pumped into the market by miners to prevent them from going parabolic or even experiencing a pump and dump. Even though they wouldn't be able to rise in value relative to fiat, miners would still be profiting because they'd be obtaining more of them. Think of it like "reverse difficulty".

To expand on points 1 and 2, whole purpose of such a coin wouldn't be about "claiming bronze" after BitCoin (gold) and LiteCoin (silver). It would be about creating the absolute lowest denominator of the crypto market, and having it stay that way. This way it could turn into the stable link between fiat and crypto currency. So that people could transfer into crypto currency and hold their position there without worrying much about price movements.

I call it... "UnitCoin". And the symbol is simply a "1".

What do you all think? Sorry if something like this exists or is in the works. Outside of mining LTC for a few months I'm still a noob to the crypto market.

Newbie here!

I was watching BTC-e and Mt.Gox BTC prices over the past day. Mt.Gox was consistently $100 higher. Chinese exchanges were supposedly $200 higher. What I don't understand is, how is this even possible? What is stopping players from buying from the cheaper exchanges and selling on the more expensive ones? But I guess it's not happening else all the exchanges would be roughly even in price. What gives?