Discussion: Crypto backed by gold, what else?

[bchain22]

They are talking about cryptocurrency backed by gold here - http://cryptoandblockchaintalk.com/cryptocurrency-backed-by-gold-26
Will it work? What else could be used to back crypto and why would it work in your opinion?

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[bchain22]

I think we should have more coins/tokens that are backed with somekind of asset, be it gold or something else. Cryptocurrency haters one of the main arguments is that crypto isn't backed by anything, Bitcoin isn't backed by anything etc etc. So, having crypto assets that are backed with something more than just a faith, would be a good option to build more trust around crypto?

Lets discuss guys!
1. Would it be good for crypto, if we had more coin/tokens that are backed with some assets like gold for example?
2. What other assets could we back crypto with, if we leave out gold or other precious metals?

[LOLpenguin]

Been thinking about that for quite some time to a point where I was thinking about launching a project myself. I think real estate might be something that is good to back crypto. I was thinking something similar like these guys here https://crowdlitoken.com/ to make investing in real estate easy. It's like combining an old school real estate investing with new school blockchain solutions. I think it can work really well when done right.

[steplaza]

doesnt this go against some of the principles of cryptocurrencies? Wouldnt this affect decentralization? I think it's quite complicated to implement and preserve those key crypto aspects

[WillyZ]

doesnt this go against some of the principles of cryptocurrencies? Wouldnt this affect decentralization? I think it's quite complicated to implement and preserve those key crypto aspects

This!

I mean it would be a nice idea to boost some trust with real assets backing crypto, but USD isn't backed with anything and it still is used and trusted. The trust will come with time and when more and more people and companies accept it as a method of changing value, then the trust comes naturally.
I don't think we should be looking to start backing every crypto with something. I have faith in crypto and I don't think it needs to be backed to be powerful!

[bchain22]

doesnt this go against some of the principles of cryptocurrencies? Wouldnt this affect decentralization? I think it's quite complicated to implement and preserve those key crypto aspects

This!

I mean it would be a nice idea to boost some trust with real assets backing crypto, but USD isn't backed with anything and it still is used and trusted. The trust will come with time and when more and more people and companies accept it as a method of changing value, then the trust comes naturally.
I don't think we should be looking to start backing every crypto with something. I have faith in crypto and I don't think it needs to be backed to be powerful!

I can agree with you guys on this. Was just thinking about the subject and if we do need to back crypto and if it would be good, or bad, and if, then with what. Discussing these things through helps us in many ways, including understanding what we are looking for in crypto.

[rahimali]

Crypto is getting backed by the precious metal because of attracting the users of the middle east. They have started following the Muslim Finance for the users who believe in it. Others can be antique materials or the products that might have a higher value in the market.

[Cryptosuperb]

It's basically good idea but there were just too many ICOs with that story, I remember darico but I saw others but not participated in them so I didnt remember them. If Tether can be backed by some ammount of $ I dont see why some other token couldnt be backed by gold!

[petloer]

There are other tokens like CEDEX which is backed by diamond and Petro which is backed by oil, gas and other necessary commodities that can be used by the citizens of Venezuela. These cryptos which are backed by real life assets does not fluctuate in market like regular cryptos. So, there's a huge possibility for these coins to solve real life problems like inflation, poverty etc.

[coinpedia240]

Gold-backed tokens that have become legitimate enough to make it onto There are, however, dozens of others out there, which are in ICO, pre-ICO, or are too small to have made any waves in the market.

[cryptoking963]

These ICOs can be repeated indefinitely by the same people, suckering people who are hoping for a huge payout that never comes.

[bitcoindigger71]

As we can see gold is the most dependable and cliché thing to backup any currency. So it’s no wonder that crypto can be backed by gold. I see this very potential way to build a sustainable crypto market

[Luckycoins999]

If you consider the future of crypto market you must backup it by any rigid product like gold or fuel to make the market rigid. So apart from gold oil or technology business can be used to back up the crypto

[Jundax]

I keep an eye at this one --> https://bitcointalk.org/index.php?topic=4422892.0
At the moment they're going well as far as I understand too bad I didn't participate in their bounty. Anyway, it will be interesting to see if they will succeed or not.

[pimondcrypto]

I think Gold is the best option to back up the crypto. Because it’s been the most accepted option for many countries in the world and can be used to spread the crypto market worldwide

[cryptocamacho4785]

I think it will work for cryptocurrencies to get more acceptance. People will trust cryptocurrencies more if these are backed with gold or other material assets. I guess it will also help reducing the volatility of price.

[vlad230]

I think backing any crypto currency by any other asset will not work in the long run.

Take a look at FIAT. For some decades in the past, FIAT was backed by gold but that changed since it wasn't really sustainable and of course because there were other interests.

More about it here: https://en.wikipedia.org/wiki/Gold_standard

[garymorgen]

The token is used to back up the crypto but now it is also supporting gold because of endorsing new rules of Muslim finance which name is sharia law. As you have asked what else can be used is can be precious gems, painting, antique products etc.

[donhill]

Yes, The news of backing up with gold is true. It is happening to retain the users of the middle east who believe in Muslim finance or follow sharia law. except for gold, some other things can also be used for backing up. It can be some antique products or paintings because it has some value in the time being and the world of creativity.

[dreammoney710]

There is no established material asset to determine the true value of cryptocurrencies. Gold could be a useful unit in this regard I hope. Cryptocurrencies will be accepted more if it is truly backed by asset like gold.