Gold Backed Cryptocurrency

Discussion of all things crypto and blockchain.
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tdtwedt
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Gold Backed Cryptocurrency

Postby tdtwedt » Thu Jun 01, 2017

Video put out by Silver Slacker....



:pop:
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Brick's
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Re: Gold Backed Cryptocurrency

Postby Brick's » Thu Jun 01, 2017

I so want to hear from all of you who are immersed in cryptocurrencies on the RMG.

I can see several pro and con reasons for having but I note the stability this one would have compared to other cryptos. A pro/con depending on your reasons for obtaining. Run by a sovereign government also a pro/con, etc..

I would think it would make an excellent currency for use in buying or selling PMs. i.e. - I have 31.1 grams of RMG I could trade for a troy oz of gold for a small fee, + or - any premium associated with the form of gold being exchanged or visa versa.
“Rationality belongs to the cool observer, but because of the stupidity of the average man, he follows not reason, but faith, and the naive faith requires necessary illusion and emotionally potent oversimplifications which are provided by the myth-maker to keep ordinary person on course.”

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bigjohn
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Re: Gold Backed Cryptocurrency

Postby bigjohn » Thu Jun 01, 2017

I enjoyed the video and agree with his points about crypto currency in general. I also wonder how the crypto community here comments on this video ( I have a pretty good idea on what some of those comments will be ;) )
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tinbox
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Re: Gold Backed Cryptocurrency

Postby tinbox » Thu Jun 01, 2017

Haven't watched the video yet but can't imagine I'll be a fan. If I want cryptocurrency then I want cryptocurrency, if I want gold then I want to actually be in possession of my gold. Seems like the worst of both worlds here.

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SilverDoge
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Re: Gold Backed Cryptocurrency

Postby SilverDoge » Fri Jun 02, 2017

Pro:
None

Con:
Slacker makes a good point on that there is no necessity to use a blockchain crypto for this "currency" - it is just fancy BS to sell their hype.
I have to trust a bank and a government? The jokes write themselves here.
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silverpv
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Re: Gold Backed Cryptocurrency

Postby silverpv » Fri Jun 02, 2017

they are just trying to stay relevant. It's a good marketing campaign but there is no real benefit than giving options, con is the overhead. But, if you get a serialized bar listed and registered as part of the contract, that might be cool. Otherwise, good way to get some fiat back and give 'tokens'. They pull out physical currency for digital.

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tdtwedt
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Re: Gold Backed Cryptocurrency

Postby tdtwedt » Sun Jun 04, 2017

Gold and Silver Hated Now, Cryptocurrencies Loved. The Debate Rages Onward, and Here’s a Solution!

http://www.zerohedge.com/news/2017-06-0 ... 0%99s-so-0
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SilverDoge
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Re: Gold Backed Cryptocurrency

Postby SilverDoge » Sun Jun 04, 2017

tdtwedt wrote:Gold and Silver Hated Now, Cryptocurrencies Loved. The Debate Rages Onward, and Here’s a Solution!

http://www.zerohedge.com/news/2017-06-0 ... 0%99s-so-0


Wow, that is a long article. I read the bold bullet points and agreed with most of them. Will have to go back and read again when I have more time. I've lived in the UAE for a bit (the country hosting the coin), and while it is a more forward thinking Muslim country, they don't believe in criticism of the government in public - which always makes me nervous. I will reserve judgement until further research is completed.
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SilverDoge
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Re: Gold Backed Cryptocurrency

Postby SilverDoge » Mon Jun 05, 2017

tdtwedt wrote:Gold and Silver Hated Now, Cryptocurrencies Loved. The Debate Rages Onward, and Here’s a Solution!

http://www.zerohedge.com/news/2017-06-0 ... 0%99s-so-0


I've just finished reading the article and the white paper. I will give my opinion and outlook on this and start a new thread for this altcoin
A very interesting proposition.
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SilverDoge
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Re: Gold Backed Cryptocurrency

Postby SilverDoge » Mon Jun 05, 2017

SilverDoge wrote:
tdtwedt wrote:Gold and Silver Hated Now, Cryptocurrencies Loved. The Debate Rages Onward, and Here’s a Solution!

http://www.zerohedge.com/news/2017-06-0 ... 0%99s-so-0


I've just finished reading the article and the white paper. I will give my opinion and outlook on this and start a new thread for this altcoin
A very interesting proposition.


Ok, changed my mind. Not starting a new thread. Short answer, risks outweigh the reward on this OneGramCoin (OGC). After looking at their slack channel, their initial website problems, and the fact that one will have to trust a Gold company in Dubai to hold all the gold (not decentralized - a single point of failure) makes the risks far exceed the benefits. I understand the desire to merge crypto and gold but unless one is able to decentralize the process (and I don't see how) I just don't see this idea really working.
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tdtwedt
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Re: Gold Backed Cryptocurrency

Postby tdtwedt » Fri Oct 26, 2018

Wary of crypto, UK government blocks Royal Mint's digital gold

Britain’s Royal Mint has frozen plans to launch a digital gold token after a partnership with U.S. exchange group CME failed and the government vetoed a plan to have the tokens trade on a cryptocurrency exchange, three sources told Reuters.

The demise of the potentially ground-breaking project, named Royal Mint Gold (RMG), highlights the wariness of governments to become involved in the largely unregulated world of cryptocurrencies, which exploded into the public eye last year with the stellar rise of bitcoin.


https://www.reuters.com/article/us-gold ... SKCN1MZ1SZ
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