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Gold backed crypto think tank

Offline Goldbackedcrypto

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Gold backed crypto think tank
« on: December 24, 2017, 04:27:51 PM »
Looking for people interested is discussing the feasibility of a gold back crypto using hashgraph.

Offline aeonios

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Re: Gold backed crypto think tank
« Reply #1 on: December 24, 2017, 08:56:48 PM »
E-gold already existed and was shut down by the SEC. Unless the gold is directly redeemable there's no point, and if the gold is redeemable then there's still no point because you could just invest in gold without any of the technological and counterparty risk.

Offline Goldbackedcrypto

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Re: Gold backed crypto think tank
« Reply #2 on: December 24, 2017, 10:18:39 PM »
http://www.goldscape.net/gold-blog/gold-backed-cryptocurrency/

Here's a few examples of projects in this space

Offline cryptogoose11

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Re: Gold backed crypto think tank
« Reply #3 on: December 30, 2017, 03:08:02 PM »
Gold backed cryptos is a great idea - Imagine all the gold in the world has to be put onto a D.L. ?  serial numbers and other identity traits are assigned to specific  individuals  or states thereby confirming true ownership - like any other type of exchange once money is exchanged for the gold then the event witll log this in its ledger.  The biggest problem today in the gold market is that no one really knows who owns what - therefore possession (physical possession) become the ultimate ownership

this is flawed badly.  Since GOLD in the only form of sound money (I see a time when Gold will have to enter into the blockchain or hashgraph world.

Dont think for a second that BITCOIN is a TRUE storer of value - as it has no HISTORY of doing so .  Any value that is stored today is very fragile and it has nver been through even ONE CRISIS OR GLOBAL EVENT to demonstrate its power as being a storer of value - GOLD has over 5000 years

Offline Dallas_Texan

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Re: Gold backed crypto think tank
« Reply #4 on: January 08, 2018, 11:19:19 PM »
I am new here, first post. Tying gold to a crypto requires that both of us trust that a 3rd party has some gold that this token we just exchanged is tied to.  To me that is counter intuitive to this whole thing.

Offline Luke Davis

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Re: Gold backed crypto think tank
« Reply #5 on: January 16, 2018, 03:23:22 PM »
How about a gold-reference cryptocurrency on Hashgraph?

For example, there is a dollar "value" for gold right now. The dollar is an "ok" unit of buying power right now. So, roughly speaking, $1 is equivalent to 21 milligrams of gold. So you create a gold-referenced cryptocurrency where 1 unit can be bought at any time from the Gold-Reference Coin LLC. at the dollar value of 21 milligrams of gold at the time.

Stable, effective, no redemption required.

But, there is a problem. The dollar will eventually be declared null and void. Eventually, though. I'm guessing it will take about 30-50 years. So, there will be a problem, but this too can also be fixed! Every Fiat is replaced with a Fiat in today's world and rarely by a gold certificate standard. So you can just say, "Whatever Fiat currency you have, you can buy 1 unit of GRC for the fiat currency amount of 21 milligrams of gold!

Another problem could be created by different monetary systems adopted by nations, but there is a lot of redundancy in the value of something:21 milligrams of gold for 1 unit of GRC.

Wait, another problem... yet another solution though. Gold-Reference Coin LLC has fiat currency as its method of wealth storage and operating variable. Well, it's okay for a business to "operate" on a fiat currency, but what Gold-Reference Coin LLC can do to secure its worth, is to immediately invest that Fiat currency into gold. To operate, they can just sell gold for fiat currency or in a better world, use that gold to pay for operating expenses.

One last problem, self-sourced wealth storage. What if Gold-Reference Coin LLC uses the Fiat currency they receive to buy their own coin!? Well, they shouldn't because that could lead to a possible doubling of the supply of GRC. So a solution would be that the company runs fairly automatically or is regulated by government forcefully. Most likely, the government would step in to regulate it anyway.

Offline Luke Davis

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Re: Gold backed crypto think tank
« Reply #6 on: January 22, 2018, 03:05:15 AM »
I hope I didn't discourage anyone in my last post so I just wanted to let you all know that I truly think a gold-referenced is possible.

If you put your mind to a realistic goal with optimism you can achieve wonders.