Discussion: Crypto backed by gold, what else?

[cryptosmith03]

I don't think any backup plans work for cryptocurrencies actually as they are based on blockchain tech and the crypto market is very volatile in its nature. All the fiat plans are more likely to wotrhless here in Crypto-space...

[GreenHarbor57]

It could work, given gold has a tendency to rise along with time, this may help the BTC to rise too.

[harrybell]

It looks like a good idea to me. But people should be careful because there will be massive amount of scams. So precautions need to be taken by investors. I think major altcoins should be backed up too.

[GalacticSight909]

This is not the first time a cryptocurrency is being backed by gold or any other assets. Venezuela has already planned to introduce 'Petro', their own cryptocurrency that will be the substitute for their highly inflated fiat currency and also being backed by oil and mineral holdings. Being backed by assets means the crypto will be less volatile and more stable which is a good thing.

[availcrypto]

Yeah maybe gold is the better option as well as safer for backing up any crypto as it is accepted in many countries. I think it can be used to spread the crypto market.

[Aleksandr_ov]

for me so the crypt provided with gold is like a tool, in fact both units can be bought in a free market, why not support!

[WillyZ]

If you back it with gold, then you have to store this gold somewhere? This means expenses, who pays those costs? What if some or all of the gold that is backing the cryptocurrency gets stolen?

Or if you back the currency for example with real estate. If there's is going to be a next real estate market crash, what then?

I think there are many risks involved, and these might do more harm to the coin/token in a long run than do good.

[libert19]

There is actually an ICO with similar purpose, Gemera. Their token Gema is backed by Colombian emeralds.

[LOLpenguin]

Seems interesting. Are you involved in the project? How does it work? Just explain to me like I'm 5 years old and can't read a whitepaper.

There is actually an ICO with similar purpose, Gemera. Their token Gema is backed by Colombian emeralds.

[Copod]

i don't see a point to back crypto with anything.. i think crypto is backing itself with the idea behind it, transactions without a middleman, being cheap, being fast

[raitsuk]

I've ever met this gold backed project of something similar like it. From the explanation they give through their sites or whitepaper, most of them offering a huge amount of profit/ROI from it. And it sure attracting many investors to put their investment in it.

[Pr.Victus]

Now gold or "conversations" about the maintenance of the crypto currency gold do not cost anything. It's just a deceptive maneuver for investors to attract attention. Nobody has such a gold reserve (except for some countries), so that at any time, each interested person receives a piece of gold in exchange for a crypto currency.

[jfederkins]

Crypto will never replace gold and other materials like this. Even despite on its value and other promising characteristics. It can break economics but not the nature.

[bchain22]

Crypto will never replace gold and other materials like this. Even despite on its value and other promising characteristics. It can break economics but not the nature.

I agree with you on that. I don't see crypto as a replacement to gold rather than replacement to FIAT.

[anth36jian]

Crypto is not worthy to the gold at all. These are too different things and it is wrong decision to compare them. I prefer to think that they are worthy with their own.

[bchain22]

Crypto is not worthy to the gold at all. These are too different things and it is wrong decision to compare them. I prefer to think that they are worthy with their own.

Yes, they are different things. But you still could back crypto with real gold.

[clololck]

With regard to gold and cryptocurrency, it is a currency expression of different eras. Gold is one of the oldest currencies. It is a scarce resource of the earth. Encryption is the latest currency. The biggest difference between it and gold is that there is only bitcoin in the cryptocurrency is scarce.

[Dlux75]

I think that will be good idea because if we want to stay more safe in my opinion we can choose to wait on gold backed stable coin rather than usd backed stable coin. because gold seems more safe for me than usd. to we can hold our fiat goldt for example rather than tether. surely if trustable company will do that .

[Ulya63]

Projects supported by gold came out a lot some turned out to be scam some while working. Everyone says that 1 token equals one gram of gold, but no one really knows that. Such a comparison is very similar to usdt to the real dollar.

[aencarnaci]

Even tough it is not technically backed by gold I think it has a value directly attached to it. Think about it, when does gold go up in value? Over time and and when fiat devalues, exactly the same thing with crypto. Why does gold worth anything? Because people put a value into it and think its valuable and has very short amount of supply, exactly the same with bitcoin.

I know crypto is not backed by gold at all but if you check when gold goes up in the long term and when bitcoin goes up it will be the same times. The only logical difference between them is gold is a huge market that has been around for a long time whereas bitcoin is a smaller newer market but all the things that makes them move are the same (except there are more whales that play with the prices in bitcoin) and seems like will be like that for a long time.