I've been saying all along that governments or bankers will eventually come out with a cryptocurrency that will be backed by silver or gold, may be both.
As it is now, crytocurrency is really not backed by anything but what one believes.
I always said we need to go back to the Gold standard.
Russia and China have been pushing it by buying up tons of Gold.
So what do I see today is this article.
Like I always say, there's money to be made in crypto, and lots to be lost, silver and gold has and will continue to be a store of wealth, and they are way undervalued especially silver.
Read here:
Meanwhile, we did a little sleuthing and actually have found quite a bit of information about this new gold backed cryptocurrency. David Gibson of Goldvu.com confirmed by email that this is the new product Andrew was talking about. It will be called Bullioncoin. Here is quite a bit more detail about it. Below are some key bullet points from the web site on how it will work and then a few added comments.
http://www.silverdoctors.com/gold/gold-news/bullioncoin-gold-backed-cryptocurrency-meet-andrew-maguires-bullion-bank-buster/
Interesting blog. Good to see I'm not the only one who thinks like this. Many people say the prices of cryptos are high but we also thought that about Amazon, Apple and Facebok last year. I was wondering if anyone of you uses: https://www.coincheckup.com The site is my go to place for crypto investment analaysis and indepth coin research. Check for example: https://www.coincheckup.com/coins/DigixDAO#analysis To watch DigixDAO Report
I've used crypto market watch, but like this site, thanks
Here is the one I use most,
https://coinmarketcap.com/
Looks like you were right. This is something I would be interested in. I will be keeping an eye on this one.
I followed the earlier posts about this so i went to the site and asked a few questions. This is a buy and store enterprise , you buy PMs through them and place them in an account (vault) when your ready to trade you place them in a currency account where they issue a bullion token for every gram you put in there, where people can then buy and sell tokens . Its a bit like issuing digital certificates for your silver/gold (isnt that how the banks used to operate). The company has your gold, you have a certificate of ownership of that gold and control over how it is used
The only advantage i can see to using this method is that it makes it easier and with less costs to trading your gold for fiat and i presume it is more secure than a safe in your home.
I asked if the token was interchangeable with other cryptos, i was told that would be upto the exchanges to sort that
I asked if there was any facility to use your gold as maybe a loan for someone and was told that is upto programmers to provide that facility
In my opinion i will follow the old mantra of ' if you dont hold it you dont own it'
When a company comes up with a token that allows you to earn an income off your metals i'll be first in line, i'll watch how this develops , its a great idea using sound money as a backing for a crypto, im just not sure about this venture. Sorry but its just my opinion
I agree if you don't hold it you don't own it, but this is like the silver certificate, you could go into a bank and trade the dollar bill for an ounce of silver. Wish I could do that now!!
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DigixDAO is a fairly well-known gold-backed crypto that has been around for over a year
This is a good thing I believe! Some other steemians were talking about this earlier! Some people can't hold pm's safely where they
True and if your going into crypto what better way than to have one backed by gold.
That is very true! I agree with that!
Buy the underlying asset...
Find out all about silver and gold and soundmonetary policy -- oh, and lots of nice pictures too -- at #steemsilvergold it's a super fun and supportive group!
Cheers! from @thedamus
Thanks, cheers!