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Author Topic: A fiat-less crypto? Could it work?  (Read 755 times)
bitcoinsrus
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June 27, 2014, 12:14:08 AM
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Hello, I was wondering what you guys think of a crypto that was not exchanged for Fiat, but for gold or something of this nature.

Do you guys think this would work? Thoughts appreciated.
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R2D221
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June 27, 2014, 01:13:03 AM
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I don't see how. If I wanted to get some of such currency, I would first have to buy gold with fiat and then the coins with gold.

An economy based on endless growth is unsustainable.
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June 27, 2014, 01:19:59 AM
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There is an exchange that accepts bitcoin for gold. I assume it goes both ways. Can't remember the name. There is also an alt-coin backed by gold. Don't remember its name either.
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June 27, 2014, 08:52:37 AM
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It's not a matter of currency, it's a matter of exchanges. You can create an exchange that processes bitcoin for Gold.
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June 27, 2014, 09:02:37 AM
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So OP want to place a crypto on gold standard? You will have to buy gold every few minutes to compensate for newly mined coins, or, you can have a 100% pre-mined crypto to share the value of a pile of gold. It's sort of like paper gold.
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June 27, 2014, 09:11:46 AM
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It could work. But it would take some convincing. You would need to convince people to pay their employees with it and to also accept it as payment. It would have to happen at least in a whole country and from one day to the other in order to work. If you could achieve that you wouldn't even need to tie it's value to Gold or something. You could say an hour of work (regardless of what kind of work) is worth amount X of the coin and from that derive any other pricing.

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June 27, 2014, 04:17:46 PM
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Slightly related, a coin backed by urea! think we will get there eventually Smiley

https://bitcointalk.org/index.php?topic=600639.0
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June 27, 2014, 05:49:46 PM
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In theory it would be easy.
1. Buy all the gold in the world.
2. Release a coin and back it with your gold.
3. Trade your gold for the coins that they mine.
4. Profit?

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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