/biz/ - Business & Finance

>>10152695

I believe someone allready tried this a few years ago. The feds confiscated his entire stack of gold. It was called liberty coin? Not sure tho.

>>10152695
crypto does not need to be backed by gold because its supply is known exactly.

backing a cryptocurrency with gold is completely redundant, and would actually decrease the value as gold supply is less certain than a cryptos supply

>>10152695
Gold-Tether, but it would suck. The best crypto right now is unironically, literally, BCH.

Roger Ver, Jihan Wu, Calvin Ayre, The 8btc mod (19hZx234vNtLazfx5J2bxHsiWEmeYE8a7k), Jiang Zhouer, the bitcoin.com cofounder, the Coinbase founder - all BILLIONAIRES who can complete the flippening with their own cash TODAY.
They're not doing so because they'd rather invest in BCH adoption. BCH adoption is skyrocketing while btc adoption is dropping.
In a few years both St Kitts and Antigua will use BCH as their main currency (Roger is working on St Kitts, Calvin is investing in Antigua more money than their GDP exclusively because of BCH adoption), Craig Wright will increase transaction counts by circumventing corrupt governments in Africa for money transfers (this one is not certain but very possible considering his funding), Roger is speaking to VIP-s every other day, including Japanese bank CEO-s, stock exchange owners, etc. Brian Armstrong will push BCH and shit on BTC subtly every chance he gets, bitcoin.com wallet is the most popular mobile wallet and it literally shits on BTC, propaganda/censorship effects are fading, Purse just added BCH meaning that normies can use it to get 20% discounts on amazon, Koreans love BCH and they seem to matter at least as much as Americans and significantly more than eurofags, miners are looking for ways to destroy BTC in the next few years otherwise their profits will crumble, LN is proving more and more of a failure every single day, Wright will patent-troll startups into moving into BCH, tipping on github is now possible with bch, smart contracts are coming in November, stress tests are a massive success, charities are popularizing BCH in struggling countries (Venezuela today, others will join in if trouble arises), Free Society project is progressing well, Circle is adding BCH next few weeks, Ayre who became a billionaire from gambling is going to create BCH-only online casinos

>>10152750
no with my idea theres no central company that keeps all the gold

you go to a agency and register that you have gold and they confirm it by testing the gold and then you go back home with your gold but now you can spend it with crypto

if you spend it then the guy who you bought something from is able to go to the agency and the agency then contacts the original person who has the physical gold and tells them to bring it to the agency to give to the other guy

if the physical gold owner doesnt bring the gold after a certain period of time theyll get blacklisted and it will spread that this person is a scammer

>>10152768
crypto has infinite cryptocurrencies that are better than bitcoin watch the debate peter schiff won the debate because bitcoin has no inherent value

might as well make a coin with only 1 coin then if your 21m supply is so valuable

>>10152795
golds value is not magical, it comes from it's properties. Gold is not a currency it is money. We can never return to a hard bi metallic currency as too much of the economy is dependent on speed of transaction

just because bitcoins properties are made through the tools of technology does not mean they are not valuable

bitcoin (bch) is the first currency in human history that cannot be debased, it is instantly transferable anywhere in the world for virtually free and does not require a third party. If you can't see the value in that you I can't help you

>might as well make a coin with only 1 coin then if your 21m supply is so valuable
it's not the nominal amount that matters it is that the supply is fixed so that governments cannot debase the currency (against gold) to enslave people via inflation

>>10152867
mate bitcoin cash isnt anymore valuable than 10 other coins that have all the same exact properties of bitcoin cash

you can copy and paste the code.


> We can never return to a hard bi metallic currency as too much of the economy is dependent on speed of transaction

handing it to somebody is pretty fast

and you can digitize gold so it works exactly the same as crypto >>10152785

only now it has real value

if you dont even understand the need for these magic meme money to have real value backing it then i cant argue with you

>>10152695
You dyor and realize you're too late

>>10152898
>if you dont even understand the need for these magic meme money to have real value backing it then i cant argue with you
I don't know what you think gold standards do, but the only reason fiat currency is pegged to gold is to prove the supply is not being manipulated.
the supply of bitcoin can be checked at any time and cannot be changed, it's redundant to peg it to gold it doesn't add any value

you can't digitize gold because it requires the trust of third party to account for the physical to digital ratios. Digitizing has the same problem as paper fiat.
third parties are subject to regulation, governments will always debase their currency in the name of war or economic productivity. this is the same story every gold standard in human history has experienced, a gold standard has never worked

>>10152988
i didnt say peg bitcoin to gold i said create a decentralized gold based crypto because all the other ones are volatile and not worth shit in reality (watch the debate)

>you can't digitize gold because it requires the trust of third party to account for the physical to digital ratios.

ya they keep a public blockchain so everyone knows when a piece of gold was registered

everyone can see everything

and you redeem your gold from individuals

it would need to be decentralized so there would be many of these agencies if they ever did anything fraudulent they would shut down the next day and people would use a different company

>>10152898
bitcoin cash is also yet another altcoin of thousands, not something you want to put any money into long term.

>>10152785
I think you are underestimating the number of people who have no issue with being blacklisted if they can walk away with a cool few thousand bucks, let alone a million

>>10153089
most of your coins would be a coin that somebody else owns physically

not your own gold

you would be a red flag if you wanted to register a million dollars worth of gold and then purchase something for a million dollars

people would only accept small amounts from you

>>10153089
plus the agency might not let you unless you built a trust of giving people gold when they redeemed it

the agencies can come up with all their own standards independently

>>10153050
you cannot decentralize the registering of physical gold onto a blockchain it requires trusting a third party to accurately mediate the physical quantities

it is not possible to make promisary notes of gold that will not be debased whether those notes be paper, digital or blockchain tokens

once again the only benefit in attempting to do so is to prove the constant supply which is achieved in crypto through mathematics and proof of work. Gold is not needed to maintain the constant supply of crypto

the volatility of crypto will end when it reaches global adoption and there is an equilibrium between supply and demand

>>10153164
gold has value
infinitely repeatable code doesnt

you can copy and paste bitcoin and make 5 million different versions of bitcoin cash which become ever more advanced and valuable over time constantly deprecating the previous one

(watch the debate) . theres no permanent value in any coin.

>you cannot decentralize the registering of physical gold onto a blockchain it requires trusting a third party to accurately mediate the physical quantities

it wouldnt be one blockchain it would be every company has their own blockchain

and it would all be public

and you can redeem your gold from individual people

anything fraudulent like the agency registering fake gold will be immediately found out because you can test the gold yourself

then the whole agency goes down

I thought bitshares had some sort of gold-backed coin already

Quintric combines cryptocurrencies, precious metals and legal tender into one pretty awesome package. You can now purchase gold or silver that is insured, stored in a fully audited vault and deliverable upon request. The gold and silver coins are legal tender in the USA and many other countries but that's not all. They are using the BitShares blockchain to create tokens that represent the gold and silver coins.

So now you can send legal tender gold and silver coins to anyone, anywhere in the world in less than 3 seconds without the risk of a 3rd party (like your bank) slowing down or stopping the transaction. There is no reason in my eyes why this can’t replace our current FIAT monetary systems, similar to a return to the good old days where money was backed by gold (the gold standard). Except this time, it’s digital.

Another reason I'm excited about this is the fact that banks all over the world are trying to halt the rise and adoption of cryptocurrencies by banning transactions to crypto platforms. They are not banning the purchase of gold and silver. So by making the Quint tokens tradable on the Bitshares Decentralised Exchange they have also created a brand new on/ off ramp to crypto that the banks cannot stop. They can’t stop you purchasing legal tender and then trading that legal tender for crypto coins on a decentralised exchange.

This will be massive for the crypto market and it’s only a matter of time until everyone is using it.

There was no ICO for this project, they are not fund raising, they are fully compliant and are selling legal tender gold and silver coins. If it sounds like something your interested in, the pre-launch promotion is on until the 4th of July and you can sign up for your free account on the link below:

https://escrow.quintric.com/#/register/baca17a1980b66060acca7d97082c028

>>10152695
You'd have to have a completely automated bank which can trustless verfiy that the gold deposited is real and the tokenize the gold. The token would have to be redeemable for gold from anywhere in the world, and this system would also have to be run by a transparent computer protocol.

Once the whole things is transparent and doesn't require human intervention at all to run, you can have tokenized gold on the blockchain. Those tokenizing gold can sell it on-chain at a premium, those buying would be hedging there crypto gains with the most proven store of value.

The thing is, they can do this with any commodity you desire.

>>10153192
gold has value because of its properties
scarce, chemically inert, fungible
this means it is the value datum all things degrade relative to gold with time
gold develops as money in all civilizations as there it gives an evolutionary advantage in that it allows said civilizations to more efficiently price things and therefore allocate resources most optimally
gold is built on physics

bitcoin has value because of its properities
the first currency that's supply cannot be changed, instantly transferrable anywhere in the world for virtually free without the need for a third party. A blockchain is also the first time in history it is impossible to censor the past from the present.
bitcoin is built on technology

it's strange that your argument is that bitcoin has no value and then you believe representing gold on a blockchain would be valuable

there is no way to decentralise the registering of the physical act of mining gold and then representing it on a blockchain as a token, there is no difference between that situation and registering it as a paper note or a digital note. It is not possible because you cannot account for every ounce of gold found, the body that does represent the gold as a token will be subject to regulation

>>10153246
that would work too you would have to build a gold atm that everybody trusts and has audited that is owned by nobody its owned by the public on public property and it automatically takes care of all that

thats probably a much easier idea you just dump your gold in there it would have to be seriously protected or some shit if it holds a bunch of the gold in the machine

>>10153262
>bitcoin has value because of its properities

theres thousands of other coins with the exact same properties AND MORE

there is no properties exclusive to bitcoin

>there is no way to decentralise the registering of the physical act of mining gold and then representing it on a blockchain as a token,

this guy had a good idea too >>10153246

you can just build a machine that nobody owns that independently takes care of all the withdrawing and depositing of gold

and prints you out a crypto code or some shit

>>10152795
inherent value has fucking nothing to do with a currency, it is not needed. gold is already priced well above it's inherent value, if the whole world started using it to transact regularly it would be so far above inherent value that as soon as they stopped you would lose 99.9% of your money anyway. so you hit 0.1% net worth instead of zero with the trade off that you had to use fucking gold

>>10153306
I'm pretty sure this is what Jibrel is going to end up doing, but instead of a 'gold atm' they'll have legit bank branches in a few different countries with a trustless mechanism (device that measures specific gravity of gold with an API feed + an oracle). The same idea could work with any real asset or commodity. The idea of a fully automated blockchain bank sounds fukcing incredible and inevitable.

>>10153356
if you hit the 0.1% low then thats the floor of what it will be worth as currency going forward forever

thats completely fine

>>10153306
Hash power retard, go make a 51% attack on bitcoin, I can take over most shitcoins owning a cybercafe..

>>10153306
>theres thousands of other coins with the exact same properties
none have the longest chain
none have the network effect of bitcoin
we can agree to disagree that the market will consolidate into one coin if you like, I believe that will be bch

>you can just build a machine that nobody owns that independently takes care of all the withdrawing and depositing of gold
the machine will be subject to regulation by the government
not all countries will require newly mined gold be on your blockchain
why would people give up their gold to a third party

you cannot make promisary notes, tokens or anything of gold because it is impossible to accurately represent the supply and any such agency/machine is centralised

it is exactly this reason that makes the proof of work innovation one of the most remarkable inventions in human history, as for the first time in history we can make a currency that cannot be debased

>>10153373
ya but it would need to be decentralized too you cant have a bank which can shut down and disable you from using it

it needs to be a gold atm machine that anyone can set up in their """bank""" and anyone can start a bank

you cant have a few branches

thats centralized

>>10153382
mate you dont have to tokenize all gold, whoever wants to participate in the crypto gold can participate if they want

bitcoin is also subject to government regulation and being shut down by the government

its not an argument

that was also covered in the debate i posted

>>10153374
yeah but it's a fucking useless feature

>>10153407
there's literally no point
if you want gold you need to buy physical gold
anything else requires trust

>>10153422
this. why even fucking bother with this extra bit about the gold when it is not necessary, it's going backwards

>>10153416
hows it useless bitcoin could be 20,000$ tomorrow or 2000$

thats not a real currency

bitcoin is useless nobody uses it for anything

>>10153422
hows there no point the whole point is so you can send money over the internet conveniently like bitcoin

but have it actually be currency worth something

>>10153407
governments cannot stop bitcoin
they would need to act globally
which is against their incentives
Iran, China, Russia any country with oi exports or under USD sanctions would prefer crypto over usd as world reserve

additionally there are many truly democratic governments and there is nothing better for people than to have non inflationary currency

>>10153416
>>10153422
>>10153445
you guys are convinced air is worth paying for

that is what bitcoin is its air

>>10153452
the point of gold standards is to prove the supply is not being manipulated
bitcoins supply cannot be manipulated it does not need to be pegged to gold to prove that

>>10153461
you cant ban anything globally

bitcoin can be shut down tomorrow by the us government

atleast they can ban the use of bitcoin and shut down any business that uses it.

and the bank wont let you cash out bitcoin anymore youll be stuck with bitcoins trading for drugs on the black market and thats it

this was already covered in the video

>>10152898
you can copy and paste the code but its useless unless you can convince people to use it. that real backing you are talking about is in the thousands of decentralized nodes that have been convinced by market forces to run your blockchain and the services it offers or will offer.

>>10153391
I don't think it needs to be decentralized so long as it's autonomous and transparent. You can trust a bank that's governed by computer code because you can see everything it's programmed to do-- in this case, receive, tokenize, and distribute gold.

dgx? any reason i shouldnt use it?
digix gold token
on kyber swap
higher fees so it doesnt replace other stable coins for daytrading for me. but for long term bear markets it seems safer then tether.

>>10153479
>you can't ban anything globally
exactly, it's impossible to stop bitcoin through regulation

>>10153469
no the point of gold is that gold has value because its used in jewelry and electronics and dentistry and shit and its been used as currency forever

>bitcoins supply cannot be manipulated

and it has no value so i dont care if they supply was 1 coin it wouldnt be more valuable

>>10153484
just because people are active on bitcoin right now doesnt mean forever people will move on to the next coin

its impossible to maintain its value forever like gold has

>>10153505
ya but the physical bank can shut down

you need to be able to open a gold atm anywhere

so people can still use the crypto without these banks

>>10153445
Uhhhh, what if I make 5 mil in the next bullrun and want to cash out at the top in gold instead of fucking tether? What if crypto makes up 99% of my port and I want to diversify into commodiities and trade them on the blockchain without paying taxes?

Tokenization makes that easy as fuck. And if you have truly trustless gold on the blockchain, you have the ultimate currency.

>>10153452
the price of gold is going to move a lot too if there starts being mouthbreathing speculation that it is to become the world currency, the only real difference is it is much harder to move that market v bit coins merely because of the size.
>>10153462
it's the hold in muh hand = value idea that i question when it is only a burden on the way money is actually used

>>10153529

>>10153262

>>10153529
How is an autonomous bank any different from an atm?

>>10153521
not if you live in the united states and the united states decides to ban bitcoin

i dont care about people in nigeria im in the US

>>10153534
> And if you have truly trustless gold on the blockchain, you have the ultimate currency.

+1

>>10153538
>it's the hold in muh hand = value idea
ya air is worth nothing correct

>the price of gold is going to move a lot too

it wont ever be worth 0

>>10152695
gold holders would need to make money for their holding

like a proof-of-hodl system

perhaps the more succesfully completed trades by a gold holder, the more money he makes.

but with gold backed currencies it would be rare for people to actually trade in their tokens for their gold.

its an impossible system

>>10153554
>what is a vpn
>what are illicit drugs

>>10153548
i dont understand what is the point of a bank why would there be people involved if its entirely governed by computer code

>>10153554
who gives a shit about zero

>>10153568
>its an impossible system

no we already figured it out
its a machine where you deposit and withdraw your gold with a crypto address it prints out

completely governed by nobody

>>10153529
>ust because people are active on bitcoin right now doesnt mean forever people will move on to the next coin
i agree. when people move on to the next coin, move with them. but yeah, you have to pay attention. this problem wont be so large once bitcoin or some other coins grows a large enough userbase. once the userbase is large enough then the shift to a new coin would happen at a slow enough speed that you could react in time easily. the transition from myspace to facebook didnt happen overnight, because of so many users. but at the moment if people fled bitcoin for a new coin it would happen pretty fast yeah.

but if youre looking to maintain value forever then gold makes sense, sure. just dont get robbed i guess, nothing is zero risk.

>>10153611
thats the point of currency its supposed to just retain its value so you can use it for real things its not a get rich quick scheme like coins

>>10153622
well you have to grow a large userbase to have a stable value coin that isnt price controlled or centralized. that takes time.

>>10153630
it can never be stable because its air and its a get rich quick scheme

peter schiff covered this

the only price its stable at is 0

theres no reason everyone is just going to universally agree that bitcoin of all things is going to be worth a stable value forever

whats myspaces stable value

The main problem is someone like Schiff will never see any value in something that is purely digital. A currency that is pure information is too abstract to older people. He has to be able to hold in his hands in order for it to be "real" to him. But if you really think about it when it comes to currency the material the currency is made of doesn't really matter at all, whether it's gold, silver or paper or whatever it's the information that matters: who has and how much etc.

>>10153599
people are still going to need basically all the banking services aside from the money storing thing, it doesn't really make a difference if you use gold, bit coins, or valuable, trusted fiat currency. most people don't even have money to fucking store in the first place, they have debt stored and an expectation they will regularly receive money to pay that off. changing the currency doesn't do shit about any of that, you go to cuck for two weeks and reduce your fucking 30 year loan by 0.05% and stay eternally poor.

>>10153901
this.