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Question: New ATH today?
Yes - 35 (79.5%)
No - 9 (20.5%)
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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 25465195 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (157 posts by 13+ users deleted.)
bitserve
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February 01, 2018, 03:10:37 AM

Is this going to be a good alternative to Tether?

https://cointelegraph.com/news/uks-royal-mint-launches-gold-backed-cryptocurrency
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In the short term we need a safe haven from Crypto, having a gold backed currency would be better than a fiat backed currency.
Any backed currency requires a trusted party and having a permissioned block chain is irrelevant as you need to trust 100% the people who are storing the backing.

I think a gold backed currency from the UK Royal Mint is going to be more trust worthy than Tether.
I'm not suggesting this is as a replacement for Bitcoin or other Crypto currencys, but it is a mechanism for holding stable value loosely pegged to fiat.

Please, less of the 'we'.
I'm just against any of it, on principle.

Gold is an excellent store of value. I read somewhere that a cow in ancient Rome, medieval Europe and today cost the same in gold.
A gold pegged crypto listed on the exchanges would be perfect for parking money while chasing pumps in the alts market.

I would gladly hold some gold-pegged crypto as a hedge. Nice addition to a diversified portfolio but only if It is really pegged and completely safe, trusted and guaranteed. Otherwise holding gold would be a wiser choice considering you don't look for ROI there but safety and stability.

Also, I wonder how they could do a perfect stable peg... If some entity is to store the physical gold for the peg... wouldn't it need to charge some storage costs + profit? How much would that be?

Unless they go full fractional.... and then we are talking about something completely different to really (virtually) holding gold.
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jojo69
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February 01, 2018, 03:29:02 AM

Gold is an excellent store of value. I read somewhere that a cow in ancient Rome, medieval Europe and today cost the same in gold.
A gold pegged crypto listed on the exchanges would be perfect for parking money while chasing pumps in the alts market.

in theory it sounds great

in reality they will be unbacked goldtethers...just like the current paper gold market...no thanks
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February 01, 2018, 03:31:39 AM

Gold is an excellent store of value. I read somewhere that a cow in ancient Rome, medieval Europe and today cost the same in gold.
A gold pegged crypto listed on the exchanges would be perfect for parking money while chasing pumps in the alts market.

in theory it sounds great

in reality they will be unbacked goldtethers...just like the current paper gold market...no thanks

How do you know that, A link to your source perhaps.
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February 01, 2018, 03:34:41 AM


How do you know that

because trusting someone to hold your gold is pretty much exactly like trusting them to hold your private keys
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February 01, 2018, 03:38:18 AM

So, you just pull a statement from your ass and present it as a fact, what a surprise.
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February 01, 2018, 03:42:49 AM

fine

invest in your "fully backed"  non tungsten, non rehypothecated gold crypto, knock yourself out

I choose trustless investments
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February 01, 2018, 03:45:14 AM

A more humble person would have presented that as an opinion, not a fact.

Writing for example, "in my opinion they will be unbacked goldtethers...just like the current paper gold market...no thanks"

Or "I believe that in reality they will be unbacked goldtethers...just like the current paper gold market...no thanks"
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February 01, 2018, 03:50:34 AM

Fair enough, though I do hold the probability for there to be shenanigans in, pretty much any, custodial precious metals arrangement to be very near metaphysical certitude.
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February 01, 2018, 03:55:44 AM

What did I win?!



2 Merits and 1 sMerit
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February 01, 2018, 04:05:28 AM

Fair enough, though I do hold the probability for there to be shenanigans in, pretty much any, custodial precious metals arrangement to be very near metaphysical certitude.

Well, I don't disagree with you on that. But you never know for sure, and hope springs eternal.
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February 01, 2018, 04:06:45 AM

Would be nice, wouldn't it?
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February 01, 2018, 04:08:04 AM

I had hope once..
jojo69
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February 01, 2018, 04:08:48 AM

look what the cat dragged in
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February 01, 2018, 04:09:37 AM

Would be nice, wouldn't it?

It sure would.
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February 01, 2018, 04:11:45 AM

Fair enough, though I do hold the probability for there to be shenanigans in, pretty much any, custodial precious metals arrangement to be very near metaphysical certitude.

Well, I don't disagree with you on that. But you never know for sure, and hope springs eternal.

As does human nature, ensuring that it always ends the same.  Whoever is in charge of the money will eventually steal it.  Opinion, based on history.
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February 01, 2018, 04:12:23 AM

look what the cat dragged in

It's been a hard slog this. I'm trying to be cool. But holy moly. :'
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February 01, 2018, 04:21:59 AM

Fair enough, though I do hold the probability for there to be shenanigans in, pretty much any, custodial precious metals arrangement to be very near metaphysical certitude.

Well, I don't disagree with you on that. But you never know for sure, and hope springs eternal.

As does human nature, ensuring that it always ends the same.  Whoever is in charge of the money will eventually steal it.  Opinion, based on history.

Nah, not always, but way too often.
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February 01, 2018, 04:24:09 AM

look what the cat dragged in

It's been a hard slog this. I'm trying to be cool. But holy moly. :'

We are ten times up since this time last year, look at the bright side.
Personally, this is exactly where i thought we would be at the end of 2017. so I'm still happy.
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February 01, 2018, 04:29:30 AM

look what the cat dragged in

It's been a hard slog this. I'm trying to be cool. But holy moly. :'

We are ten times up since this time last year, look at the bright side.
Personally, this is exactly where i thought we would be at the end of 2017. so I'm still happy.

I guess I hope I haven't let a monumental, total one-off chance at financial independence slip through my fingers. That isn't to say I have a lot to complain about.

But dammit Bitcoin. You go up now!
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February 01, 2018, 04:32:22 AM

A more humble person would have presented that as an opinion, not a fact.

Writing for example, "in my opinion they will be unbacked goldtethers...just like the current paper gold market...no thanks"

Or "I believe that in reality they will be unbacked goldtethers...just like the current paper gold market...no thanks"


That's bullshit.

jojo gave you a good enough and logical answer that is pretty much a well known fact that includes that there is a lot of gold that is maniplated and difficult to get possession of millions of dollars of it, take the government of germany for example trying to get possession of gold held in the usa. 

You, Arriemoller, are engaged in trivial bullshit and distracting talk and attempting to give assignments to get caught in the weeds with bullshit about a supposed better status(that you assume) if an asset is backed rather than not backed. 

There is no fucking decent backing of any asset that is not manipulated, including gold.  Bitcoin happens to be a paradigm changing phenomenon because it is the first ever asset class that is backed by decentralized and trustless proof of work.  Sure, in the end, the bitcoin project might fail, but currently we have an asset that looks like it has real decent promise, and if any of the less than 1% of the world who currently HODL some bitcoin recognize the paradigm shifting contribution of bitcoin, they are likely to profit from such recognition by HODLing.  Sure there are going to be other folks who profit from HODLing bitcoin as well, even if they do not recognize the enormity of its paradigm shifting contribution as a new asset class.

So good luck with your attempt to find some asset class that is backed by something (such as gold) and is not manipulated to shit in a much more centralized way than bitcoin, which is currently king of decentralized proof of work backing value in practice.
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