hello_good_sir
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November 05, 2019, 08:49:07 PM |
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We have seen some of the assets backed crypto coins in the market on the way and do you guys think this will be the future as this is directly based on national assets like gold and other products like charcoal and energy based products. This will help in growth of country's economy if not taken over by greedy corporatesand and and will it have government's support or soft corner in the regulator's eye as it will bring in some money from outside.
I think asset-backed crypto coins are going to be a huge revolution and a great tool to promote crypto adoption in the future, a lot of traditional investors would still rather invest in stuff like gold-based coins and having stuff like gold-based coin would be the best of both worlds for some people. It does ruin the speculative nature of cryptocurrencies, and I think the market is going to end up being split in 2, one side that is like XMR/BTC, all the unstable and decentralized options, and the rest being asset-backed coins and securities, safer investment options.
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1Referee
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November 05, 2019, 10:21:16 PM |
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I'm skeptical with these so called asset backed crypto. How would I be completely sure they have enough asset to back up their coins? I'd probably rather just buy gold than buy a coin that is supposed to be backed by gold.
Everyone should be skeptical. If we look at assets closer to us, namely stablecoins, they are being issued by entities who's goal is to make a shitload of easy money. The way they accomplish that is to have the stablecoins be so distributed and difficult to cash out, that the majority of the holders of these coins will never seek to cash out because it's too much of a hassle. Tether has 4 billion USDT issued as we speak, for the sake of argument assuming that every USDT is backed by a dollar, at least a billion will never be cashed out because it's floating on some shitty non compliant exchanges. To cash USDT out, you need to kindly ask Bitfinex to buy them from you, and with their reputation people rather steer clear of them. Most Gold holders are just as aggressive as Bitcoin holders when it comes to being the sole owner of the asset that you hold. I'm sure that they would reject a Gold backed crypto just as hard was we reject it.
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ufaiz50
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November 06, 2019, 02:13:12 AM |
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We have seen some of the assets backed crypto coins in the market on the way and do you guys think this will be the future as this is directly based on national assets like gold and other products like charcoal and energy based products. This will help in growth of country's economy if not taken over by greedy corporatesand and and will it have government's support or soft corner in the regulator's eye as it will bring in some money from outside.
This means it is not much different from the products made by these assets, which is the problem here is the approval of the government. Almost similar cases like Facebook the difference is Facebook is a technology-based company not a state asset. And this is inversely proportional to USDT investing in assets. Besides, every asset must have been approved by the government. If the assets want to develop cryptocoin technology, they must accept the regulation and centralization in the cryptocoin. In my opinion the biggest obstacle is supporting, so it could be that the asset is backed by cryptocoin.
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joinfree
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November 06, 2019, 02:18:17 AM |
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Fiat or commodity backed cryptocurrencies surely have a great part to play in the mass adoption of cryptocurrencies. Traders can conduct their trades with safety and harbor any fears of crypto market volatility the next day. i think bitcoin, ethereum and other major altcoins would be regarded as store of value by most crypto enthusiats instead of using it in our daily transactions.
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crossabdd
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November 06, 2019, 03:27:41 AM |
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that's just how the project's progress continues. if the developers can provide the best and can survive, I think it can be a good future. The developer must convince the government and submit their ideas for the future of the country for the better. so that support from the government can advance the projects that are being developed.
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mu_enrico
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November 06, 2019, 04:13:21 AM |
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Digitalization/tokenization of assets is not new guys. It's similar to digital gold, commodity futures, etc. While traditional "balance" in a database prone to manipulation, stable coins in a public blockchain are easily audited; however, the traditional one might be more secure than crypto assets at the moment due to regulations.
I don't want to create FUD about Tether, but recent news clearly shows that stable coins also need to comply with the regulation.
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Aabcde
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November 06, 2019, 06:07:22 AM |
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Crypto that is backed up with commodities is very difficult to survive. As ever, many of them fell, especially to gold. Because in fact the commodity that backs up crypto is questioned for its existence, is it true that there are goods or only as words. I once followed an ICO backed up with gold, Lightcash. Somehow they failed in the middle. Maybe because of regulatory or hardcap issues not being met, I don't really understand and they are turning over investors' funds.
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ecnalubma
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November 06, 2019, 07:07:13 AM |
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Well I think asset backed crypto are better than crypto assets with no use and only based on pure speculation. The growing numbers of asset backed crypto should be regulated and audited by authorities it should be a global standard too.
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cotton ball
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November 06, 2019, 07:09:07 AM |
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Crypto backed with other digital currency and investment kind because bitcoin and altcoin price depend with how condition of external site, when get positive news from country want to legal bitcoin as currency price high and excatly when get bad news bitcoin goes down, always need backed with other community how to make bitcoin keep stable with higher price at the future.
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mirakal
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November 06, 2019, 07:26:38 AM |
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I think this is gonna be the future of investment. They can just easily make a coin that is back by their product and as people are seeing its legitimacy, this also open a chance for us to invest in big companies that normally big investors are only allowed to invest or has the capacity to invest.
Actually I've never invested one yet but maybe in the future if there will be more opportunities to invest I would try.
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toast
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November 06, 2019, 08:08:48 AM |
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that's just how the project's progress continues. if the developers can provide the best and can survive, I think it can be a good future. The developer must convince the government and submit their ideas for the future of the country for the better. so that support from the government can advance the projects that are being developed.
That is what is needed by the developers in cooperation with the government because no matter how good the project and good goals are, but if the government does not provide authority and cooperation, of course all of that does not mean any such project and I am sure that someday the crypto or blockchain will be adopted or cooperation with the government for economic progress
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Getmon
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November 06, 2019, 08:15:16 AM |
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I think this is gonna be the future of investment. They can just easily make a coin that is back by their product and as people are seeing its legitimacy, this also open a chance for us to invest in big companies that normally big investors are only allowed to invest or has the capacity to invest.
Actually I've never invested one yet but maybe in the future if there will be more opportunities to invest I would try.
How many ICO projects that claimed to have been backed by assets? There were a few that were said to be backed by stocks, gold, precious metals, real estate properties, collectibles, and some more. How many of those projects that made success in the market? There was none that is quite known. Even some stable coins that are said to be backed by real USD are not doing well.
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TheUltraElite
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So anyway, I applied as a merit source :)
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November 06, 2019, 08:24:04 AM |
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You can look into what Xaurum has done with gold. I think it is a good way to keep some assets in such asset backed tokens. But I prefer to hold gold more than holding a token that backs gold, kinda seems redundant to me in the first place. Gold itself has a good long term value and it can be traded without restrictions in another country. It is a nice gift for a younger generation and these things pass on from generation to generation while crypto backing them will have some problems in keeping up in long term.
Daimond backed CEDEX has an ICO recently and they did well in my opinion having opened a diamond marketplace for those who want to buy sell them.
Gemera, an emerald backed ICO was not sucessful enough and they have gone silent since then, leaving investors at loss.
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hatshepsut93
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November 06, 2019, 08:51:08 AM |
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All these backed coins are inherently centralized, and centralized cryptocurrency is just useless - it has many downsides of crypto, like limited scalability, and none of the benefits. It's inherently impossible to put on blockchain something that is not programmable without reverting to trusted third parties, and cryptocurrency's sole goal is to get rid of those third parties.
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youdacapt
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November 06, 2019, 05:45:25 PM |
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almost all do not involve the government because the connotation of assets is oriented only to their business groups, they have absolutely no price guarantee, for example, Lnk with silver-based assets last year, they are only biased in market prices and even unstable with the price of supporting assets, this project finally sank because it continued to follow the flow of bitcoin prices.
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BChydro
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November 06, 2019, 09:50:27 PM |
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We have seen some of the assets backed crypto coins in the market on the way and do you guys think this will be the future as this is directly based on national assets like gold and other products like charcoal and energy based products.
I understand what you mean by gold and fiat backed cryptocurrency but what do you mean by charcoal and energy backed crypto . If the company is transparent enough to provide the evidence then i will trust their currency and they need to have an independent third party auditing and everything must be transparent when it comes to fiat and gold backed coins if not you cannot trust them, what are the crypto that are backed by charcoal and energy based products, could you list those here so that i can look into it as i kind of see those as funny trolls .
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Mometaskers
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November 06, 2019, 10:36:18 PM |
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I'm skeptical with these so called asset backed crypto. How would I be completely sure they have enough asset to back up their coins? I'd probably rather just buy gold than buy a coin that is supposed to be backed by gold.
So basically physical assets and then crypto. Or stocks in a company that produces the good if you really want to be in commodities.
Yes I have just realized it with some expert reviews on my post and now I got a clear picture of the other side of asset based crypto and there demerits, but there are some projects which is backed by their government but it will not take longer for them to develop conflicts just like how it happened with Tether. I think crypto will be better without any government backed projects. When I first heard Tether my first thought was "Backed by USD? That's nice, it would be stable". Never bought any and am glad I didn't. People initially flocked to bitcoin because there was less government interference, that it's mostly market-driven, so why buy these gov't coins?
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Obito
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November 07, 2019, 01:39:37 AM |
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We have seen some of the assets backed crypto coins in the market on the way and do you guys think this will be the future as this is directly based on national assets like gold and other products like charcoal and energy based products. This will help in growth of country's economy if not taken over by greedy corporatesand and and will it have government's support or soft corner in the regulator's eye as it will bring in some money from outside.
There is a lot of constraints existing with assets backed by crypto coins. First thing is the government in which cannot totally eradicate greedy people, corrupt officials, and officials who have no idea with crypto itself usually they dump directly concerns like these. Second one, third party existing here in which somehow good but at some point taking the control over which at some point breaks the very nature of crypto currencies. Lastly, not all people, companies are into crypto some of them fear it the most.
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Kyraishi
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November 07, 2019, 04:12:21 AM |
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Its been explained that its going to be hard to put value to the coin when the real asset lies somewhere else and the answer to the question of whether the real asset is real or not is uncertain. And when its proven real, how do you determine whether the team/developer are not making this project centralized?
The blockhain of this asset backed coin may not be centralize but the real asset like the gold reserves are. People somehow trusted this ZRCoin recently, its not going to end well. If the project ain't going to succeed in the production and sales, they are going to go back to the basics as to whether its truly decentralized.
I don't think the problem is putting value to the coin (like people not thinking the coin is worth the price of the US dollar, if it was backed by the US dollar). The problem here is that, people don't actually think the company that has their own crypto-coins, actually own the asset. If you hold gold, or USD, you can have it in your bank, or next to you, which makes you feel a lot safer then holding an asset that just says they own X assets.
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Ludmilla_rose1995
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November 07, 2019, 04:26:48 AM |
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We have seen some of the assets backed crypto coins in the market on the way and do you guys think this will be the future as this is directly based on national assets like gold and other products like charcoal and energy based products. This will help in growth of country's economy if not taken over by greedy corporatesand and and will it have government's support or soft corner in the regulator's eye as it will bring in some money from outside.
Mining assets like oil, gold, and fossil backed by crypto coins will certainly be very good for the country's economic growth and will surely get support from the government as long as they comply with policies and laws in the country. The question is "will the corporation not cooperate with the government in such matters?" I think the State and corporations are good friends to exploit the earth's resources for a wealth of government and corporation. and I don't think this is very good.
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