Does goldmoney eliminate third party custodial risk? If so, how? If not, I still personnaly prefer the cryptographically secure, trustless systems of cryptocurrency.
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Does goldmoney eliminate third party custodial risk? If so, how? If not, I still personnaly prefer the cryptographically secure, trustless systems of cryptocurrency.
I am a proponent of owning both gold and cryptocurrency! The gold you own through goldmoney is redeemable if you prefer to take physical possesion. Some people don’t want to own all of their physical gold at home. In addition, being able to transact with gold is a huge advantage, especially within the goldmoney rail. We can send each other gold as payment, similar to sending STEEM back and forth without fees. I think its prudent to have a diversified portfolio, which include some amount of transactable gold. The gold in the Goldmoney vaults is all insured and third party audited as well.
Thanks for the reply, but you didn't really answer my question. Insured and audited means there's a need to trust a third party. It's like rule number one in cryptocurrency: if you don't own the private key, you don't own the cryptocurrency. If you have to trust someone else with your gold, well... do you really own it?
I'm not trying to bash on what you've built as it seems like a way better system than fiat and many other gold schemes, but I still don't see it as a practical electronic money due to the third-party risk. From my perspective, might as well use cryptocurrency. For those who already own gold and want to transact with it, this may be a good option. Or, they can convert into cryptocurrency for the amounts they wish to treat as money instead of just a store of value.
Fair :)....... How about a scenario in where you want to own some gold, as insurance as you do, but it is too large of an amount to store at home? Let’s say you wanted to keep some of it at home as a store of value and as savings, but you didnt want to store all of it in one place. What is the most secure way available to accomplish this? I believe a private secured vault with armed guards and audits, where the gold is redemable is a good solution for this situation. In the meantime, you can transact with it as an added benefit. I really think we are on the same page here. I am not proposing to replace an entire payment system with gold... it is not an either or equation to me. Own crypto, own some gold at home, own some gold in a vault that has full transparency. Thank you for the engagement Luke!
Yeah, that sounds like the best model we have today and one that goldmoney would work well for. Personally, I'd prefer to keep more value in cryptocurrency as I think it has a much higher upside growth potential, but that's just me. :)
I understand! Gold and cryptocurrency are completely different classes in my view. Gold is not an investment or a speculation, but should be used as a store of savings imo. Gold should not be compared to crypto as they do completely different things . Crypto has tons of potential upside and also significant risk thus is a seperate profile. I would never buy gold speculating on its price, but to maintain my savings over long periods of time. I speculate on crypto all the time though! ..... I’ll hop off this post as this is Roy’s article but feel free to continue the discussion with me anytime . Thanks Luke