Bitcoin Forum
September 19, 2018, 09:50:20 PM *
News: ♦♦ Bitcoin Core users must update to 0.16.3 [Torrent]. More info.
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: Gold-backed crypto replaces US dollar  (Read 110 times)
Hagrigton
Newbie
*
Offline Offline

Activity: 21
Merit: 0


View Profile
August 07, 2018, 05:06:40 AM
 #21

There's a reason why several of these gold backed cryptos have already popped up and pretty much has done nothing major.

I think that the primary reason is that the value of a gold backed crypto comes solely from the fact that you trust the custodian of your metals to keep it safe and not just run with it. You also trust them to run a full reserve instead of a fractional reserve. By having a gold backed crypto you're also handing over control over the entire money supply to the founder of the blockchain, as he is able to constantly add new units to circulation.

Essentially, this is going to be no different to centralised stablecoins like Tether, except with gold. I don't see how this not so trustless system is any better than bitcoin itself.

It may not sound like a more trustable system than what we've already got with bitcoin, but that's not going to stop a major financial power from trying to implement it. The Chinese have been buying up assets from Vancouver to Cape Town in an effort to show their "soft power" or financial dominance around the world. This Yuan-sponsored-gold-backed-crypto would be more of an excuse by them to step in and try to replace Bitcoin. Not that it would be a good idea for us.

And regarding the debt, another thing that is often missed is the GDP figures. 18.57 trillion GDP is not that far off from 20 trillion in debt.
1537393820
Hero Member
*
Offline Offline

Posts: 1537393820

View Profile Personal Message (Offline)

Ignore
1537393820
Reply with quote  #2

1537393820
Report to moderator
1537393820
Hero Member
*
Offline Offline

Posts: 1537393820

View Profile Personal Message (Offline)

Ignore
1537393820
Reply with quote  #2

1537393820
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
BCSHonda
Member
**
Offline Offline

Activity: 308
Merit: 10


View Profile
August 07, 2018, 08:05:57 AM
 #22

If it's backed by gold, what about the certificate and the storage (and the cost to store in the vault). It's going to make a centralized currency, ...again... it doesn't look something easy to create. Also just to remind you, the us dollar was backed by gold until 30 or 40 years ago
All the conjectures here are just conjectures given there is nothing to verify them. It's just to express the discussion for the story. What's the property like? What is the value of money? All of them, with the effort of the future, can prove them. In fact, it is still necessary to use gold as a decorative item, while currency (usd) for economic circulation, and electronic money for the technological age. Each asset has its own features and needs more time to make decisions for them. I think so.

the13thsymphony
Jr. Member
*
Offline Offline

Activity: 238
Merit: 1


View Profile
August 07, 2018, 10:02:02 AM
 #23

That is true that the US is in a great dept right now and only a very few percentage of its population knows about it and is doing something about it. If another great recession happens again in the economy of the USA many people will turn into cryptocurrency regardless of its volatility(which is one of the reasons many people are still afraid of it) to save all of their assets whether it is gold, real state and even health care.

█≣≣≣   SECURIX   ≣≣≣█
▐▃    NEXT GENERATION OF CRYPTO MINING    ▃▌
http://www.securix.io/
Elpeor00
Full Member
***
Offline Offline

Activity: 275
Merit: 108

THE WORST EVER


View Profile
August 08, 2018, 02:43:29 AM
 #24

Why gold backed? there's no need of gold or any other physical commodity backing up a crypto, the PoW coins are already backed up by the energy you need to mine it and the net's computational power, to give more stability, the thing people try to do with the commodities as back up you need consumers who use the coin for daily purchases.

   ⚡⚡ PRiVCY ⚡⚡   ▂▃▅▆█ PRiVCY (PRIV) is a new PoW/PoS revolutionary privacy project  ☞ Best privacy crypto-market! █▆▅▃▂
    Own Your Privacy! ───────────────── WebsiteGithub  |  Bitcointalk  |  Twitter  |  Discord  |  Explorer ─────────────────
   ✯✯✯✯✯                 ✈✈✈[Free Airdrop - Starts 9th June][Tor]✈✈✈ ║───────────║ Wallet ➢ Windows  |  macOS  |  Linux
Hagrigton
Newbie
*
Offline Offline

Activity: 21
Merit: 0


View Profile
August 15, 2018, 02:34:01 PM
 #25

If it's backed by gold, what about the certificate and the storage (and the cost to store in the vault). It's going to make a centralized currency, ...again... it doesn't look something easy to create. Also just to remind you, the us dollar was backed by gold until 30 or 40 years ago
All the conjectures here are just conjectures given there is nothing to verify them. It's just to express the discussion for the story. What's the property like? What is the value of money? All of them, with the effort of the future, can prove them. In fact, it is still necessary to use gold as a decorative item, while currency (usd) for economic circulation, and electronic money for the technological age. Each asset has its own features and needs more time to make decisions for them. I think so.

This is just what we like to do. Speculate, make conjectures, and wonder about strange things that we have no idea about. Sometimes they may come true, if we can make the connections ahead of time.

The wonder of crypto lies in it's immature nature. It is still a naive asset that is trying to establish itself in the market and no one really knows how to treat it. There are still arguments going on whether it's a currency or asset or whatever. This means that it still hasn't settled, and it has great potential because of that.
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!