UK gold mint to use blockchain tech

[Cranky4u]

Blockchain technology is about to come full circle. The technical ideas that allow bitcoin, designed as a form of digital gold, to operate will soon be used by the UK’s government-owned Royal Mint in a new gold-trading system.

http://qz.com/848797/gold-and-bitcoin-the-royal-mint-and-cme-group-are-launching-gold-on-a-blockchain/

[babyjesusftw1]

So blockchain systems are gonna be the wave of the future in terms of revolutionizing mainstream capital assets? It'll be quite interesting to see how governments employ these systems in the future.

[QuestionAuthority]

Royal Mint Gold (RMG) That is too funny. The Royal Mint is making an altcoin. ROFL

Soon there will be an altcoin for everything. Nikecoin, Hershey'sChocolatecoin, Trojancondomscoin. LOL

Of course, you know this has no more to do with Bitcoin than Dogecoin does, right?

[European Central Bank]

i don't see where a blockchain is applicable in this case. there won't be any miners. looks like just another database which has been available for a long ass amount of time already.

[~Bitcoin~]

RMG tokens sound more like another altcoin which will be inside company vault so centralized. They seem to only use blockchain as ledger and for sure there will be only some centralized exchanger exchanging this token, i even don't think they gonna have option to buy RMG tokens for bitcoins.

Another bitgold/goldmoney with lots of virtual gold, and even worse which will never be in company vault in reality.

[Velkro]

i don't see where a blockchain is applicable in this case. there won't be any miners. looks like just another database which has been available for a long ass amount of time already.

Yup ;] without miners its just another database. Using fancy words like blockchain won't change that.
Cloud services all over again when its only putting ur own data to someone's else computers. Fancy words...

[Sir Alpha_goy]

i don't see where a blockchain is applicable in this case. there won't be any miners. looks like just another database which has been available for a long ass amount of time already.

Yup ;] without CHINA its just another database. Using fancy words like blockchain won't change that.
Cloud services all over again when its only putting ur own data to someone's else computers. Fancy words...

Fixed

 

[Wind_FURY]

Royal Mint Gold (RMG) That is too funny. The Royal Mint is making an altcoin. ROFL

Soon there will be an altcoin for everything. Nikecoin, Hershey'sChocolatecoin, Trojancondomscoin. LOL

Of course, you know this has no more to do with Bitcoin than Dogecoin does, right?

Exactly this. That is all hype and them jumping on the bandwagon while "blockchains" is still trendy and a buzzword. Do not worry everyone, everything "blockchain" will come crashing in time then we will all come back to the true and original Bitcoin.

I wonder what consultancy group advised them to use a "blockchain". Because they are scamming the Royal Mint out of their money. That is so funny.

[Kakmakr]

This is the same as the Zimbabwean government trying to print themselves out of trouble. You create these fake tokens and link some sort of value to it, or a promise that it is valuable and people buy this. The control is still centralized and it can manipulate the operating parameters.

Do not jump up and down about this, because Bitcoin is in no way connected to this. ^hmmmm^

[Milkduds]

Just need to trust that the gold is there I guess when you buy the crypto amount.
This is really a win win for them as they will never have to prove they have that gold and if the world does go crazy they can just unplug and walk away. I always assume gold is for that day we start eating each other,so I tend to keep my focus on end of days when its a matter of gold to get out alive or die.
Its interesting that they are doing this,thought it would be more a way to keep track of gold,since it does seem to go missing in large amounts.

Or you can just wait at a truck and walk off with a bucket of gold flake.

[franky1]

as some have noted its not bitcoin related

The 1,000-year-old Royal Mint is working with CME Group—the world’s largest futures exchange operator—to put $1 billion worth of gold on a blockchain sometime next year.

yet its a hyperledger project, trying to get fame by mentioning bitcoin

[puddlejumperzz]

Vaultoro is more anonymous, faster and easier.  Why use that stick in the mud firm?

[donalddlanod]

Vaultoro is more anonymous, faster and easier.  Why use that stick in the mud firm?

You can make anonymous purchase up yo $5000. It is registered to the email account.

[MingLee]

Good concept, interesting market strategy, nice niche that it's filling, but I don't know how well it is going to do. Opening up a new market slice to investors who don't necessarily want to trade in thousands of dollars will likely be a net gain for the mint, and it seems like the blockchain tech is useful for something like this.

Blockchain and the financial trading sector should go hand in hand to be honest, looks good for the future.

[1enterthebtc]

It will bring a tremendous amount of attention to bitcoin which is great. Most people think blockchain and bitcoin are the same.