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RE: Gold-Backed Crypto - Are We Going To See It?

in LeoFinance5 days ago (edited)

Pretty sure tokenised gold that can be redeemed for real gold is already a thing, there's blockchain versions, and almost every large bullion dealer has a similar program (though that's not a blockchain in most cases).

At the end of the day, its still an abstraction, and just a number in a database or a hash on a ledger.

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I know projects that are trying, i do not know of any that are up and running.

And, what i am referring to here, is something much larger, like full on replacement of the old dollar.

But, as strictly speaking of a tokenized chunks of gold, it is only a matter of time. And it is also only matter of time before the next crypto scam.

An aussie bullion seller has one, its traded as an ERC20: https://goldsilverstandard.com/ausags

We'll beyond the currency standard of anything backed to anything at some point in the future. After all, we all need energy and calories to continue existing. Abstract concepts like value and money won't serve much purpose when there isn't enough of the other to go around.

Sorry little Jimmy, you can't run your CPAP machine, we need that energy to run AI cloud computing.

If only you had bought more EnergyTokens.

Hilarious :) I don't think they could afford the CPAP machine to begin with.