Would bullion backed crypto work?

[lazyfellaw]

Backing a crypto currency with bullion (XNF-NoFiatCoin; bullion backed digital currency) makes it more acceptable or settled than a crypto without backing.

[bman3]

Most likely, but who would be able to afford the amount of gold/silver to create this? It would be a lot of money. Simply stating it is backed would be a detriment to the crypto world, and you would be just as bad as financial institutes who say their ETF is backed by Gold when they have none on hand.

[guybrushthreepwood]

Backing a crypto currency with bullion (XNF-NoFiatCoin; bullion backed digital currency) makes it more acceptable or settled than a crypto without backing.

I'm confused. You want to back it with actual physical bullion?

[jonanon]

It's a nice idea but how would it be implemented?

[lazyfellaw]

It's a nice idea but how would it be implemented?

There must be some way to work it out. There is already a crypto XNF-NoFiatCoin which is working on the idea.

See, There are sets of people who never accept bitcoin because its not associated by something real or tangible or some organization. Every now and then we hear some negative news with respect to bitcoin. So, I believe it would be a fantastic idea to make bitcoin settled permanent by backing it with something like bullion just as in case of XNF. Gold has always pulled people and considered as a safe investment. So backing bitcoin with gold will be boost the confidence of people.

[hilariousandco]

The question is why would we need to? I think we're trying to get away from this kind of system.

[frobley]

An idea for a post fiat system definitely.
How you will pay that 2kg gold to your Vietnamese manufacturer safely?

[lazyfellaw]

An idea for a post fiat system definitely.
How you will pay that 2kg gold to your Vietnamese manufacturer safely?

I don't know but one thing is for sure that in today's time, nothing is impossible, so having a system to deliver 2kg gold is not impossible and as i mentioned already companies like XNF-NoFiatCoin is already doing it. So replicating the model should not be a problem.