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Author Topic: Cryptocurrency tied to AU (gold)?  (Read 924 times)
ripper
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April 22, 2013, 07:13:02 PM
 #1

Is there any such thing yet?
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CryptoCurrencyMiners
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April 22, 2013, 08:17:24 PM
 #2

Not that I've heard of.

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bitcoinrevelacio
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April 22, 2013, 08:19:44 PM
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Are you referring to a cryptocurrency backed by gold, or are you talking about exchanging cryptocurrency for gold.

Check out this for a digital currency backed by gold. Having it backed by something means someone has to regulate it. Unless some genius can figure out how not to. I am not aware of how that would be possible.
https://en.wikipedia.org/wiki/E-gold
tl;dr it got shutdown

For ways to buy gold. I have heard good and bad things about some, but a little research will turn up something. Do your research before sending bitcoins to anyone.

Or did I miss the point?

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ripper
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April 22, 2013, 08:23:52 PM
 #4

Not exactly. What I had in mind was its value tied to gold for stability, not directly backed by it.
That could be achieved by controlling the supply instead of haphazard mining.
bitcoinrevelacio
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April 23, 2013, 01:03:12 AM
 #5

Not exactly. What I had in mind was its value tied to gold for stability, not directly backed by it.
That could be achieved by controlling the supply instead of haphazard mining.

How do you tie the value of a cryptocurrency into the value of gold without directly backing it?

Would you somehow have the current amount of known gold tied to the current amount of currency.
or
Would you somehow have the current price of gold tied to the current price of the currency.
or
Would the current price of gold change how much of the currency is mined.

 Huh

Sorry, I am thinking out loud hoping I will hit upon what you are thinking. Honestly, I am slightly confused.

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tigerbay
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April 23, 2013, 01:18:46 AM
 #6

It is the users, and what the users are willing to pay that decides the value. Of course controlling inflation and how many coins out there plays a part in it too...
bitcoinrevelacio
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April 23, 2013, 04:27:45 AM
 #7

I did some looking around. Are you referring to something like beertoken? https://bitcointalk.org/index.php?topic=9493.0

You can also browse through all (or at least most) of the different e-currencies. https://bitcointalk.org/index.php?topic=134179.0 & https://en.bitcoin.it/wiki/List_of_alternative_cryptocurrencies

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ripper
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April 23, 2013, 09:20:59 AM
 #8

Not exactly. What I had in mind was its value tied to gold for stability, not directly backed by it.
That could be achieved by controlling the supply instead of haphazard mining.

.....
Would the current price of gold change how much of the currency is mined.
.....
Yes, just that.
To the other poster: yes, same rationale as beertokens, just substitute gold for beer.
Evomind
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April 23, 2013, 10:14:01 AM
 #9

That's interesting and I guess could be done, although seems like would defeat the purposes of the cryptocurrency itself.
SpaceJunk
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April 23, 2013, 11:16:21 AM
 #10

You can already buy "paper gold" out there, for whatever is worth. There's also something called "Digital gold currency" (search Wikipedia).

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ripper
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April 23, 2013, 03:40:21 PM
 #11

That's interesting and I guess could be done, although seems like would defeat the purposes of the cryptocurrency itself.

How? I don't understand your comment. It could be as anonymous as bitcoins. Did you mean some other purpose? Which?
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