oil.vision (OP)
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November 20, 2017, 09:34:20 AM |
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What do you think of oil-backed tokens??? is it a good idea?? Will it work? I know about ODMCcoins and it's kind of popular, am i right?
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Futourist
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November 20, 2017, 10:04:43 AM |
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Haven't done much research on those, but my guess is it won't work, at least not right now. Successful, long-lasting tokens backed by physical materials are still to come, but I don't see it before regulation kicks in.
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oil.vision (OP)
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November 20, 2017, 10:11:03 AM |
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Haven't done much research on those, but my guess is it won't work, at least not right now. Successful, long-lasting tokens backed by physical materials are still to come, but I don't see it before regulation kicks in.
Why regulations are so important here? |
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debuni
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November 20, 2017, 10:14:25 AM |
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What do you think of oil-backed tokens??? is it a good idea?? Will it work? I know about ODMCcoins and it's kind of popular, am i right?
I don't like the idea because Oil trading is cartel trading. It's not a free market trading. The price is what OPEC ( https://en.wikipedia.org/wiki/OPEC) + Russia decide. This is like making a totally centralized token (by price). |
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oil.vision (OP)
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November 20, 2017, 10:23:55 AM |
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What do you think of oil-backed tokens??? is it a good idea?? Will it work? I know about ODMCcoins and it's kind of popular, am i right?
I don't like the idea because Oil trading is cartel trading. It's not a free market trading. The price is what OPEC ( https://en.wikipedia.org/wiki/OPEC) + Russia decide. This is like making a totally centralized token (by price). Is it, like, against the core idea of decentralization? it didn't think of it this way  but it can possibly bring you a lot of money, right? I'm asking 'cause i'm not sure myself, but it looks secure. |
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NorihiroName
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November 20, 2017, 10:45:21 AM |
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What do you think of oil-backed tokens??? is it a good idea?? Will it work? I know about ODMCcoins and it's kind of popular, am i right?
I think it's just against the whole idea of the crypto-money - it shouldn't be backed by physical resources, otherwise it'll collapse and become just a variety of fiat money. |
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AshCoins
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November 20, 2017, 10:49:41 AM |
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What do you think of oil-backed tokens??? is it a good idea?? Will it work? I know about ODMCcoins and it's kind of popular, am i right?
I think it's just against the whole idea of the crypto-money - it shouldn't be backed by physical resources, otherwise it'll collapse and become just a variety of fiat money. Exactly. And you can easily trade oil now as an ETF with much lower costs and risks than crypto. |
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oil.vision (OP)
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November 20, 2017, 12:18:00 PM |
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What do you think of oil-backed tokens??? is it a good idea?? Will it work? I know about ODMCcoins and it's kind of popular, am i right?
I think it's just against the whole idea of the crypto-money - it shouldn't be backed by physical resources, otherwise it'll collapse and become just a variety of fiat money. but doesn't it make these coins more secure than others, which are not secured by physical resources? |
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cryptogeek101
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November 21, 2017, 07:50:37 PM |
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Oil backed crypto token might be a very good concept. I have thought of such a project especially for those of us that live in the oil rich Niger Delta region. This is a welcome development.
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Hamilcar
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November 21, 2017, 07:54:15 PM |
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Coins backed by Oil means low volatility. Besides, Oil is controlled by Multinational companies and has nothing to do with blockchain technology.
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aliman00
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November 21, 2017, 08:07:37 PM |
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oil people don't believe in digital currency  they believe in cash money .... You can of course make anything with cryptocurrency but how do you get oil rich people on board? You would need some massive influence on oil indistry to do so... Maybe some prince in Saudi Arabia could make a movement on that ... but for us mortals? I think we are stuck with stock exchange for now at least |
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abvhiael
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November 21, 2017, 08:13:12 PM |
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the idea my friend seem to be very interesting since the world is running by that significant energy and also this very source of energy may some kind of coin to revive it because it has dropped in comparison with previous year but how ?? i dont know i advice you to search further more and wish you all the best in that.
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oil.vision (OP)
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November 22, 2017, 06:14:00 AM |
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wow ideas you express here are sooo controversial
but i'm a bit surprised that most users here don't really support the idea oil - backed coins
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