Gold-Backed Cryptocurrency (Hayekcoin)

[Jakesy]

I tried searching the forum for answers but haven't found any.  It seems there is ANOTHER coin by the same name - but it's a novelty coin.

The coin is question can be found in this article: https://www.amagimetals.com/info/anthem-vault-launches-hayekcoin/

There isn't a predetermined amount of coins because it's backed by gold in the vault.

Now, this reintroduces CENTRALIZATION back into the coin, because Anthem Vault will be distributing the coins based on the gold that is held in it's vault.  Also, we would need a way to audit the vault to insure the gold they claim is there is actually there.  The danger I see is the same trap with fiat - they can "print" money without actually having the gold to back it.  What if you want to remove your gold from the vault?

Also, personally, I don't care about gold AT ALL.  It's an ancient method to peg worth for trade.  However, I can't trade it in a grocery store today (thanks, fiat!).  It's a shiny metal that can only be used for jewelry and circuits.  Why should I attribute value to it?  I think cryptocurrency adds value, ironically, by what it represents - a medium of exchange.

Thoughts?

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[nsimmons]

Gold has value everywhere in the world
I can buy and sell gold in any amount with a 15 minute drive and zero questions. It's pretty liquid.

A goldbacked crypto is literally an oxymoron. If you dont hold it you dont own it.

Kitco hates bitcoin and bitcointalk hates gold. Both are stupid positions to take. I hold both and i trust my gold will have value next year a lot more than my bitcoin.

[Jakesy]

Gold has value everywhere in the world

I understand that, historically.  SOMETHING had to hold "value" to make trading easier.

Not to sound impractical, but what happens in the not-so-distant-future when we can mine for gold on asteroids? 

http://www.popsci.com/science/article/2011-09/meteorites-gave-us-all-our-extractable-gold-new-study-says

http://www.slate.com/articles/health_and_science/space_20/2014/10/asteroid_mining_and_space_law_who_gets_to_profit_from_outer_space_platinum.html

[nsimmons]

Gold has value everywhere in the world

I understand that, historically.  SOMETHING had to hold "value" to make trading easier.

Not to sound impractical, but what happens in the not-so-distant-future when we can mine for gold on asteroids?  

http://www.popsci.com/science/article/2011-09/meteorites-gave-us-all-our-extractable-gold-new-study-says

http://www.slate.com/articles/health_and_science/space_20/2014/10/asteroid_mining_and_space_law_who_gets_to_profit_from_outer_space_platinum.html

Gold still has value now, not historically.

I'm not terrible concerned about harvesting asteroids in 40 years when I'll be almost dead. Frankly with the complete lack of public support for space programs I'm highly skeptical of it happening in my lifetime. Took NASA 40 years to get out of low earth orbit again, and yes i got up at 3am to watch the capsule slash down.

Of on a tangent slightly. Asteroid mining should be a major focus. One of the big monsters could supply a lot of material, plus the He3 on the moon.

[MicroGuy]

Also, personally, I don't care about gold AT ALL.  It's an ancient method to peg worth for trade.  However, I can't trade it in a grocery store today (thanks, fiat!).  It's a shiny metal that can only be used for jewelry and circuits.  Why should I attribute value to it?  I think cryptocurrency adds value, ironically, by what it represents - a medium of exchange.

Thoughts?

The perfect balance is a gold-branded cryptocurrency, a new digital gold.