Commodity-backed future

[Normandoyle]

Since Cannabiscoin is backed by Marijuana grown by the devs, and Urocoin is backed by 1 tonne of Urea, what does this mean for the future of commodity-backed cryptocurrencies?? I think something huge is on the horizon.

If done right by trusted developers, we could be seeing more coins like this.


What do you guys want to see in a future commodity-backed coin?

[1714027315]

1714027315

[1714027315]

1714027315

[1714027315]

1714027315

[Guglimugli]

Since Cannabiscoin is backed by Marijuana grown by the devs, and Urocoin is backed by 1 tonne of Urea, what does this mean for the future of commodity-backed cryptocurrencies?? I think something huge is on the horizon.

If done right by trusted developers, we could be seeing more coins like this.


What do you guys want to see in a future commodity-backed coin?

do you think there will be Millions of coins for all the commodities that you consume? lol

[Normandoyle]

Since Cannabiscoin is backed by Marijuana grown by the devs, and Urocoin is backed by 1 tonne of Urea, what does this mean for the future of commodity-backed cryptocurrencies?? I think something huge is on the horizon.

If done right by trusted developers, we could be seeing more coins like this.


What do you guys want to see in a future commodity-backed coin?

do you think there will be Millions of coins for all the commodities that you consume? lol

No, you are misunderstanding me. I'd hate for there to be a coin for every commodity.

[CoinHoarder]

BitsharesX will have commodity derivatives. bitGold is already trading, with more commodities in the pipeline.

[e-coinomist]

do you think there will be Millions of coins for all the commodities that you consume? lol

No, you are misunderstanding me. I'd hate for there to be a coin for every commodity.

The first pick will be a subset of commodities that could really benefit from using coins. In a way URO opened a can of worms. Dont mistake me there, I still doubt URO is real. But as an example for this type of coin still serves best.

[Normandoyle]

do you think there will be Millions of coins for all the commodities that you consume? lol

No, you are misunderstanding me. I'd hate for there to be a coin for every commodity.

The first pick will be a subset of commodities that could really benefit from using coins. In a way URO opened a can of worms. Dont mistake me there, I still doubt URO is real. But as an example for this type of coin still serves best.

URO has seen a nice rise in the past week from $0.30 to $1.60. Not sure how much 1 URO is right now but if it hits $300+ next month, I will shit myself.

[e-coinomist]

URO has seen a nice rise in the past week from $0.30 to $1.60. Not sure how much 1 URO is right now but if it hits $300+ next month, I will shit myself.

  me too. Even on parity, UREA varies between $200~$400 and URO cannot level that completely, since it will not cover whole of the market. IF ever happens, since the gap between $1.60 and $300 is a huuge one. Maybe some traders do fear stability (naturally) but I do believe we need at least some more of that.

BIG QUESTION: Which other commodity coins are out there, and still overlooked   the quest for the next big thing

[TaunSew]

You're obviously new to this stuff.  There's been pump of the month / flavour of the month since January.

[smalltimer]

the thing with commodity-backed coins are a few:

1st) backing is hard to do in a decentralised way. The backer is central in most cases

2nd) the idea of backing crypto opens doors to scams. True backing should only be called what i can opt to get delivered. I can claim my coin would be backed by diamonds but since i claim to have them hidden under my mattrass and they are locked away it is trust based (in reality i don't have diamonds, i just pretend to)

3rd) if a coin is really and truely backed by a commodity its price will be closely tied to that backing thus the coin would only be as volatile as the commodity it is tied to. Speculation in that coin would be speculation in the commodity it is backed by (with the increased risks that are inherent to cryptocoins) .