Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[jojo69]

helping me allways don’t looke at the price Just buy and hodl

amen

[Arriemoller]

Is this going to be a good alternative to Tether?

https://cointelegraph.com/news/uks-royal-mint-launches-gold-backed-cryptocurrency
snipped
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.

[bitserve]

Is this going to be a good alternative to Tether?

https://cointelegraph.com/news/uks-royal-mint-launches-gold-backed-cryptocurrency
snipped
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.

[jojo69]

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

[Arriemoller]

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.

[jojo69]

How do you know that

because trusting someone to hold your gold is pretty much exactly like trusting them to hold your private keys

[Arriemoller]

So, you just pull a statement from your ass and present it as a fact, what a surprise.

[jojo69]

fine

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

I choose trustless investments

[Arriemoller]

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"

[jojo69]

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.

[PoolMinor]

What did I win?!

2 Merits and 1 sMerit

[Arriemoller]

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.

[jojo69]

Would be nice, wouldn't it?

[Rosewater Foundation]

I had hope once..

[jojo69]

look what the cat dragged in

[Arriemoller]

Would be nice, wouldn't it?

It sure would.

[explorer]

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.

[Rosewater Foundation]

look what the cat dragged in

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

[Arriemoller]

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.

[Arriemoller]

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.