Discussion: Crypto backed by gold, what else?

[Copod]

Found this the other day, they are also bringing in real estate aspect http://www.chellecoin.com

So, you can invest in real estate on their platform, as I can understand? My main question is, what happens when there's going to be next housing market crash? These projects can go sour real fast then, no, yes? I feel like yes..

Whatever you want to invest in, whether it is gold backed crypto or real estate backed crypto, the most important thing is to be sure you are actually sure you are investing in the right team that can deliver, as a lot of them are just popping up just to collect money from investors but basically have no zeal to do anything regarding development on the project in the long term. As long as you are satisfied with the team, their business solution and what they are after, then you can possibly invest based on that trust.

That is true. If the team has no experience what so ever, then it is very hard for them to launch a successful project. Not impossible, but I'd rather see an experienced team and invest in their project.

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[Python Master]

metal backed cryptocurrency is likely scam, guys be careful with such those project

[bchain22]

metal backed cryptocurrency is likely scam, guys be careful with such those project

Why do you think so? Do you have personal experience? If you do, please share!

[asayoyaasa]

Hm right now we have crypto backed by asset like Gemera, its backed by columbian emerald. I think its good for investor who wanna get proof of asset. You know that USDT is one of stable crypto and people will change to USDT when the crypto market crash.
Nothing to worry about project that backed by something, during the ICO team collaborate with miner company its fine.

[WillyZ]

Hm right now we have crypto backed by asset like Gemera, its backed by columbian emerald. I think its good for investor who wanna get proof of asset. You know that USDT is one of stable crypto and people will change to USDT when the crypto market crash.
Nothing to worry about project that backed by something, during the ICO team collaborate with miner company its fine.

Yeah, I have heard about it. Are you part of the project? Just saw you have Gemera branding and stuff in your signature.

[oioioi]

it doesn't have to be successful, especially nowadays all projects are very slow in development, even though the project is supported by gold I'm not so sure the project will be fast in its development

[bchain22]

A cryptocurrency backed by Swiss Franc, here's the article https://news.bitcoin.com/liechtenstein-bank-to-launch-its-own-cryptocurrency-backed-by-the-swiss-franc/

[hoddddler]

the gold is not the only precious metal that is used to back a coin, silver is also used.
for example silver token is doing that.
https://silvertoken.com/

[uniquark]

I know of a project in which early this year was HelloGold, but when I read more information about this project. I suppose it does not fit, because first the nature of gold is not the same as USD, it has price fluctuations and if such a project is backed by gold. What do you do to prove that the project has a gold number corresponding to the token of the project in circulation

[South Park]

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?

I do not like that idea at all, the idea behind cryptocurrencies is to be decentralized, if a crypto is backed by something then you are going to need a centralized party to keep control of whatever asset you are using to back that crypto, and if you do that then that cryptocurrency is no different than fiat and if that is the case then why we would use that cryptocurrency in the first place.

[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?

I do not like that idea at all, the idea behind cryptocurrencies is to be decentralized, if a crypto is backed by something then you are going to need a centralized party to keep control of whatever asset you are using to back that crypto, and if you do that then that cryptocurrency is no different than fiat and if that is the case then why we would use that cryptocurrency in the first place.

Yes, I agree with you. But this seems like a topic that has 2 schools of thoughts. One thinking is the same as we do, and another is that when backing crypto with something gives it more legitimacy. But I think it also removes the idea of crypto and adds some more decentralization and what happens when something damages the asset it is backed with? For example gold. The gold has to be stored somewhere physically. What happens if it gets stolen, etc? We could bring up so many examples here.

[snakey]

Crypto backed by gold is not possible as both are different entity competing for the establishment of themselves as a investment choice.

[disconnectme]

I will advice you people to not touch anything like that, Bitcoin is a digital gold there is no need to have physical Gold to back anything up, I could remember Xaurum though there are proof that the team have the Gold in their vault but the tokens value is lower than the value of their Gold holdings. Also there was another scam then, Decloud similar to Xaurum but it is precious metal backed project, I invested in the project but end up being a scam

[Vaniaayu]

gold is a very valuable item besides fiat currency, if gold supports the journey of a project it will be a high bargaining value, which I ask which gold company supports it

[bchain22]

What do you think about coins that are backed by USD? Are they really backed 100%, do the creators have this somewhere stored safely?

[VeeraS]

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?

This seems ridiculous, there are many blockchain ideas and innovations involved with real products. and this makes no sense to me. however gold has a big difference with cryptocurrency, especially in form and physical

[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?

This seems ridiculous, there are many blockchain ideas and innovations involved with real products. and this makes no sense to me. however gold has a big difference with cryptocurrency, especially in form and physical

Indeed crypto and gold are different. That's why some like the idea of backing crypto with gold.. an old asset that has trust and a new one, trying to build that trust. So, it makes sense that people want to use gold to get people to trust their coin/project.

[WillyZ]

During the trend where prices are dropping, would it make sense to invest in the coins that are backed with real assets, will this hold the value at the same time when the other coins and tokens are falling?

[elenka n]

To support the cryptocurrency enough ordinary fiatnyh money that provide us with a level of capitalization!

[yanesna3]

To support the cryptocurrency enough ordinary fiatnyh money that provide us with a level of capitalization!

I think that the crypto currency can not be supported by gold because it is two different investment instruments that compete with each other.