What will be best a new altcoin pegged to fiat money or to precious metals?

[Fundamentals Of]

If you want to create an altcoin which is pegged to fiat, we already have that and we don't need to have so many of the same thing. In fact, if we are to think of it a little deeper, we don't have to create an altcoin if the goal is just to copy fiat in digital form. We might as well just use fiat. After all, we already have all kinds of electronic payments using fiat.

As far as altcoin pegged on precious metals are concerned, the price of precious metals are also fluctuating. What I know we have are altcoins supported by real gold. I don't know of any altcoin which is pegged on silver or diamond or titanium.

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[Akiko]

Thank you for your answers even though many of you unfortunately misunderstood my question. This is probably because I did not ask the question clearly enough. Sorry.

I want to create a coin that is tied to something that has a real value. It could be Euro deposited in bank accounts or gold stored in a safe deposit box. But I am simply in doubt as to what is most of the interest and need.

I think there is a need for both means of payments and means for long-term savings based on blockchain technology, but I wanted others' assessment of what is most need.

So what are you plan to have equal value to the coins you want to make are you going to make a coins that backed with real currency or precious metals ? Or you just want to create a stable coins like usdt?


For two option many people mostly use crypto currency as mode of payment ,they are just looking at it as investment but not for long term .because there is no security for investing your money in  crypto currency since the price is always volatile and no fixed value that you can securely stored it in your wallet for long terms. Many is just looking for gain once they have it they will convert  it to much secure currency that they can own securely.

[tbterryboy]

I plan to start a new altcoin to be tied to something that has a reasonably lasting value like precious metals or fiat money.

I would appreciate getting other people's opinion on what must be assumed to be the greatest interest and need. A means of payment pegged to fiat money or savings item pegged precious metals?

There is nothing new about what you have just said, there are already lots of altcoins that are pegged to real currencies and the ones that are pegged to precious metals, so many of them more than you can count.

Those that are pegged with real currencies are the stable coins like the USDT, PAX, DAI, TUSD, and so many of them that I can’t even count. Then as for precious metals, these are the ones I don’t really know much about it, some people have said that they are fake and not really pegged to any precious metals, but there are already so many of them in the market: there is PAX Gold, which I know for sure is not fake because it is approved by the NYDFS.

There are a lot of so called gold backed currency but the problem is almost all of them don't actually holds the required amount of gold for escrow.

Anything which are not falling into the category of "cryptographically signable and verifiable" for these kind of project's reserve will lead to scam its investors. This is the reason why I would rather believe the projects which are being minted out of thin air than projects with gold  reserve.

[mersal]

If you want to create an altcoin which is pegged to fiat, we already have that and we don't need to have so many of the same thing. In fact, if we are to think of it a little deeper, we don't have to create an altcoin if the goal is just to copy fiat in digital form. We might as well just use fiat. After all, we already have all kinds of electronic payments using fiat.

As far as altcoin pegged on precious metals are concerned, the price of precious metals are also fluctuating. What I know we have are altcoins supported by real gold. I don't know of any altcoin which is pegged on silver or diamond or titanium.

Those ideas are not new and already many projects were failed with this prototype then why someone want to create a project backed by fiat or metals, anyway why they have to? It is also not going to work perfectly due to scalability and trust issue.

And also it is not going to bring profits or returns to the investor because the value of the fiat is going to be stable.

[unusualfacts30]

I think something like pegging it to gold or silver can really work great if you are trying to create a new coin. There are too many stable coins that are already pegged to fiat and going with that may not be in your best interest since there is too much competition (unless you go with other currencies than usd that may work). There isn't much competition in gold or silver pegging although that would require that you have enough metal in storage to make it successful.

[nightraven]

Thanks again for the comments. I know very well that these are not new ideas that I come up with here. But I hope to develop features such as atomic swap and other things that can make my coin competitive. Well I'll think a little more before I decide.

[Fundamentals Of]

If you want to create an altcoin which is pegged to fiat, we already have that and we don't need to have so many of the same thing. In fact, if we are to think of it a little deeper, we don't have to create an altcoin if the goal is just to copy fiat in digital form. We might as well just use fiat. After all, we already have all kinds of electronic payments using fiat.

As far as altcoin pegged on precious metals are concerned, the price of precious metals are also fluctuating. What I know we have are altcoins supported by real gold. I don't know of any altcoin which is pegged on silver or diamond or titanium.

Those ideas are not new and already many projects were failed with this prototype then why someone want to create a project backed by fiat or metals, anyway why they have to? It is also not going to work perfectly due to scalability and trust issue.

But it is also not new in the world of cryptocurrency that a project is launched with almost every part of it copy-pasted from another existing project. But the worse part is that these copycats are proud enough to market them, raise money through ICO or IEO, and promote them as if they have anything new to contribute to the development of cryptocurrency. And the worst part of all is that there are still people who fall for these tricks. 

And also it is not going to bring profits or returns to the investor because the value of the fiat is going to be stable.

To be fair to stablecoin projects, they are not offering themselves as investment opportunities or speculative assets. They are designed for payments.

[mersal]

If you want to create an altcoin which is pegged to fiat, we already have that and we don't need to have so many of the same thing. In fact, if we are to think of it a little deeper, we don't have to create an altcoin if the goal is just to copy fiat in digital form. We might as well just use fiat. After all, we already have all kinds of electronic payments using fiat.

As far as altcoin pegged on precious metals are concerned, the price of precious metals are also fluctuating. What I know we have are altcoins supported by real gold. I don't know of any altcoin which is pegged on silver or diamond or titanium.

Those ideas are not new and already many projects were failed with this prototype then why someone want to create a project backed by fiat or metals, anyway why they have to? It is also not going to work perfectly due to scalability and trust issue.

But it is also not new in the world of cryptocurrency that a project is launched with almost every part of it copy-pasted from another existing project. But the worse part is that these copycats are proud enough to market them, raise money through ICO or IEO, and promote them as if they have anything new to contribute to the development of cryptocurrency. And the worst part of all is that there are still people who fall for these tricks. 

And also it is not going to bring profits or returns to the investor because the value of the fiat is going to be stable.

To be fair to stablecoin projects, they are not offering themselves as investment opportunities or speculative assets. They are designed for payments.

Number of people who really invest on these projects are less, the project itself giving fake numbers to make the investors to have believe on such projects that is why complete random newbie gets attracted to such projects and losing their money.

Until now the stable coins are mostly used for trading activities and tether is continuously printing money to give enough liquidity for the traders but if there is not enough reach fiat backed then it won't last long.

[lumeire]

Thanks again for the comments. I know very well that these are not new ideas that I come up with here. But I hope to develop features such as atomic swap and other things that can make my coin competitive. Well I'll think a little more before I decide.

You should look for the problems that are present in the already established projects and then try to solve those problems with your new coin, there are already lots of altcoins that are pegged to USD or maybe gold, so the market is already saturated for this niche. Like I said in the start of my post, search for a problem in the current market and find a way to solve it by implementing a solution through that coin built on either an established blockchain like the ethereum tokens or create your own from scratch(which would require more time and new methods). If you follow these steps then you can have a new coin with new features that are never seen before in the market.

[irixo10]

On one hand you want to create a coin that is pegged to fiat ( more like stablecoin) and on the other hand, it can also be pegged to precious metals. Now for the first, we have many stablecoins of which USDT is the most widely used, thus what makes you think yours can survive the competition? Also, as for precious metals, how many of gold backed projects are even working till date? They have either exited scam or stopped development because the team have understood there is no way for it to work, maybe not for now. So I would suggest, you try another idea because the one stated by you, is already being explored and worked on.

[hatshepsut93]

We already have dozens if not hundred coins pegged to either fiat or precious metal or some other commodity, and a lot of them have already died. Why create another one if the biggest coins take 99% of this market. Why would users use some new pegged coins instead of Tether or Dai? Stablecoins are as risky as other altcoins, because they always have the company responsible for maintaining their value, and this company can easily fail or turn into a scam.

[kaseygriffin]

I've seen a lot of projects like that over the past few years, as I remember there is Bitcoin Diamond, ETH Diamond, Bitcoin Gold, ETH gold, etc .. But it all doesn't make any sense, it's just that scam projects and they eventually crash and cause a lot of people to lose money

[Fundamentals Of]

If you want to create an altcoin which is pegged to fiat, we already have that and we don't need to have so many of the same thing. In fact, if we are to think of it a little deeper, we don't have to create an altcoin if the goal is just to copy fiat in digital form. We might as well just use fiat. After all, we already have all kinds of electronic payments using fiat.

As far as altcoin pegged on precious metals are concerned, the price of precious metals are also fluctuating. What I know we have are altcoins supported by real gold. I don't know of any altcoin which is pegged on silver or diamond or titanium.

Those ideas are not new and already many projects were failed with this prototype then why someone want to create a project backed by fiat or metals, anyway why they have to? It is also not going to work perfectly due to scalability and trust issue.

But it is also not new in the world of cryptocurrency that a project is launched with almost every part of it copy-pasted from another existing project. But the worse part is that these copycats are proud enough to market them, raise money through ICO or IEO, and promote them as if they have anything new to contribute to the development of cryptocurrency. And the worst part of all is that there are still people who fall for these tricks. 

And also it is not going to bring profits or returns to the investor because the value of the fiat is going to be stable.

To be fair to stablecoin projects, they are not offering themselves as investment opportunities or speculative assets. They are designed for payments.

Number of people who really invest on these projects are less, the project itself giving fake numbers to make the investors to have believe on such projects that is why complete random newbie gets attracted to such projects and losing their money.

Until now the stable coins are mostly used for trading activities and tether is continuously printing money to give enough liquidity for the traders but if there is not enough reach fiat backed then it won't last long.

I would like to repeat, there is no investor who makes investments in a stablecoin. That is a stupid thing to do. That is even more stupid than investing in a shitcoin.

The projects themselves are not faking numbers so that they would attract investors. They are all aware that theirs are not coins for investment.

Stablecoins could be used for trading. They could also be useful for moving large sums of money, among other uses. But again we already have so many of them. There is no need to add more stablecoins.

[Kotone]

I've seen a lot of projects like that over the past few years, as I remember there is Bitcoin Diamond, ETH Diamond, Bitcoin Gold, ETH gold, etc .. But it all doesn't make any sense, it's just that scam projects and they eventually crash and cause a lot of people to lose money

These are all just names bug not really pegged to metal. Even they put all the chemical metallic elements they cant be accredited even the legit projects claiming that they are legit. However, Im not saying OP has to create a project that must be pegged with this.

In my opinion its better to get pegged to projects that has long term perspective and trusted by the market in this way OP's Project would be trusted at all.

[skarais]

Too many choice are also not always good because they will confuse us. But the OP can still continue this idea if there is support from many investor and start working with several parties. But what the OP has to consider is that not all new project will be welcomed by the public and you have to think 100 times before doing them. Its a good idea to think of other ideas that have nothing to do with stable coin.

I dont use stable coin as investment assets and only use them as trading pair.

[barbara44]

Precious metals are not that easy to handle, that is why none of them ever succeeded. Do you know why that stablecoins are pegged to dollars? We all have a bank account that takes dollars all around the world, doesn't matter where you live you can accept dollars, this is why if you peg your currency towards fiat you could just get dollars to your bank account when you want to cash out to fiat.

However if you want to do gold, that is not easy, that is not going to happen that quickly, in the end we are talking about a situation where gold would have to exchange hands and doing that internationally is very very difficult. Hence pegged to fiat is the only thing that matters, there is no way that it could change.

[beerlover]

Fiat is something but each different fiat is something else. The thing is we are talking about crypto forex right now and that is not really that far away and it scares me how awesome it sounds as well, we are moving towards that. Let's say there is USDT right? For American dollars, there could also be EURT or whatever it is called for euro, and there could be one for sterling and basically for every single fiat currency out there ever.

This means without going into any new altcoins people could literally trade between stablecoins representing fiat currencies but it would be based on crypto and blockchain technology which is a lot safer than the real fiat currency. I feel like it could be forexed that way as well and used leverage and so forth to make even more profit.

[Rengga Jati]

Do you men the stable coin? Or coins backed by gold likely Digital Gold? 
Gold always has a high value. However, if an altcoin really rises that they are pegged tot the gold price, it may be stable or even drop again because the price of gold is sometimes increasing up so immediately.
In this case, it needs a very clear explanation about how the altcoins will be pegged into the fiat or gold. Yeah, it may decrease the volatility but it becomes stable coins. Not all people like the stable coins. This is also probably too difficult to choose a new stable coin like this for trading.