[2018-01-24] Australian Gold Refiner to Launch Cryptocurrency

[Rick Nolan]

The Perth Mint, Australian gold refiner announced that it is developing its own cryptocurrency backed by physical precious metals to make it easier for consumers to buy gold.

Read more: https://hype.codes/australian-gold-refiner-launch-cryptocurrency

[TheCryptoSwan]

Asset-backed cryptos will definitely be the next wave - great to see.

MetaliCoin www.metalicoin.com is another crypto doing just that, but will be creating a crypto metals marketplace, not just for one metal, but a basket of them - gold, silver, platinum, zinc, tin, etc. It's ecosystem will allow people to trade against a basket of metals (like fx trading is done with currencies), and whilst doing so, breaking the metals buying club by giving investors access to wholesale metal prices.

[prehisto]

They are telling that tey are doing it because they want people to put back trust in precoius metals after crypto but they are using crypto to do it , anyone else sees the irony ?
"For the Perth Mint, the need to bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies posed an opportunity.."

Nevertheless It could mean something good for this industry since there is a lot of speculation that there are much more precious metals trading than there is mined thus the concern of possible manipulation of volumes.

[bbc.reporter]

That idea has been tried before with different commodities backing a cryptocoin. There is no need for it and it does not make any sense. Bitcoin was created to eliminate the trust for any 3rd party and yet we see some organizations creating a cryptocoin that brings the need to trust back on the table again.

What if the precious metals get stolen, or what if they run with the precious metals hehehe?