coin guaranteed by gold

[alex.bitcoin]

hey everyone!
quite an old story about crypto coin guaranteed by something real for ex. gold. good old physical gold.
just wondering your thoughts about what kind of blockchain or existed coin is able to suit this?
coins suppose to be pre-mined i think

[Artemis3]

hey everyone!
quite an old story about crypto coin guaranteed by something real for ex. gold. good old physical gold.
just wondering your thoughts about what kind of blockchain or existed coin is able to suit this?
coins suppose to be pre-mined i think

There is a fundamental problem with these crypto backed with real assets (or fiat). Who is going to fulfill the promise? Do they have the capacity to respond to 100%, or they play fractional reserve banking tricks?

If they honestly back the 100%, where are they keeping the assets safe, and how are they funding its custody? What will they do if part/all of it gets stolen? Insurance?

In the end you would be buying a token/coin on someone's promise that its equivalent to asset x, but what if they don't fulfill the promise, or fulfill it partially, or with long procedures meant to delay a possible "bank run"?

Actually banknotes are originally that: worthless piece of paper that a bank promises to change for real money (ie. physical gold/silver/copper coins), but the concept has faded with time.

You can now imagine why USA dropped the gold standard in the 70ies, they just didn't have enough gold to back the dollars with. So its sort of a bubble, or scheme, everything is fine as long as people keep believing an investing, but falls apart the day distrust comes.

If all humanity today withdrew their money from the banks, the world economy would bankrupt and crash, because there is not enough money to back up the deposits, so its even worse than you might think...

[mitsos2017]

This project says that it is baked with precious metals.
Check it out:

https://bitdepositary.io/

[bivaetjetakoe]

Cryptocurrency is much better than gold. So many believe, I'm sure

[alex.bitcoin]

hey everyone!
quite an old story about crypto coin guaranteed by something real for ex. gold. good old physical gold.
just wondering your thoughts about what kind of blockchain or existed coin is able to suit this?
coins suppose to be pre-mined i think

There is a fundamental problem with these crypto backed with real assets (or fiat). Who is going to fulfill the promise? Do they have the capacity to respond to 100%, or they play fractional reserve banking tricks?
If they honestly back the 100%, where are they keeping the assets safe, and how are they funding its custody? What will they do if part/all of it gets stolen? Insurance?

very simple, i was in this business quite a long time, its existing secured insured vaults in Swiss for example. point is gold owner will "block" their gold in vaults to generate coins and put them to the marker to use. so if you have physical gold, lets say 10kg, you are able generate 32.15 oz in crypto. any way if you decide to get back your gold coins will be blocked on service wallet or destroyed.
 

In the end you would be buying a token/coin on someone's promise that its equivalent to asset x, but what if they don't fulfill the promise, or fulfill it partially, or with long procedures meant to delay a possible "bank run"?

j
ust go and get your 1Oz coin -withdrawal fee from the partner, like using any payment systems. exp: stock price $1500 a OZ, $1485 in cash/transfer of 1Oz coin/bar

Actually banknotes are originally that: worthless piece of paper that a bank promises to change for real money (ie. physical gold/silver/copper coins), but the concept has faded with time.

You can now imagine why USA dropped the gold standard in the 70ies, they just didn't have enough gold to back the dollars with. So its sort of a bubble, or scheme, everything is fine as long as people keep believing an investing, but falls apart the day distrust comes.
[/quote]

cause now you can create as much cash as you want ))))
BTW generation of new coins/add some gold to the storage possible operate after masternode voting

[alex.bitcoin]

Cryptocurrency is much better than gold. So many believe, I'm sure

sure, go and get some milk and bread in Austria in small village for exp

[mitsos2017]

Cryptocurrency is much better than gold. So many believe, I'm sure

I agree with you, but not for the present time.
Today wherever you go in the world, in a jungle or in the civilized world, having a piece of gold in your pocket is recognizable money.
Try to do it with a crypto-wallet.

[ERTcoin]

not all coins can provide a good guarantee because the condition of the coin depends on market demand.

[stoat]

DGD/DGX on Ethereum. The price is very accurately stable to a gram of gold.  In fact, the gold token is actually $3 more than real gold. Ain’t that funny, crypto “gold” is more valuable than actual gold.

[alex.bitcoin]

DGD/DGX on Ethereum. The price is very accurately stable to a gram of gold.  In fact, the gold token is actually $3 more than real gold. Ain’t that funny, crypto “gold” is more valuable than actual gold.

yeah, quite senseless )) who's pump it?

[gembirdprivate]

I really didn't get what you wrote. Can you rephrase your words, please?

[alex.bitcoin]

I really didn't get what you wrote. Can you rephrase your words, please?

i'm looking the technical way to make gold-baked coin (not token)
if you know which method suites better, please let me know

[LUCKMCFLY]

What I understood what you are talking about is making coins using gold? Because if so, the concept of any project changes, because you would be selling gold coins and in turn digitally, which tells me that digital currencies have to be backed in gold, it's a very good thing, but I think you have to have a lot of money to do such a project, in fact, in Venezuela they tried to make tokens backed by gold and oil, but their development was really very poor, it was a total failure.