Quote from: AutoNow on September 16, 2017, 02:23:37 AM

Hey all, I'm a bit new to this, so forgive any ignorance.

I was just checking out an advert for GoldMint.io and wondering if having a gold backed crypto currency makes any sense? Huh

Isn't the point of bitcoin that the blockchains maintain stability via limited quantity, and isn't the disconnection from other commodities like gold part of what makes it stable and secure as an investment (prices in other markets have less effect on price of bitcoin?).

My question is: Does having a gold backed crypto currency defeat the purpose? Is it just a silly idea? Surely many people with a layman's understanding will think "Goldbacked? Thats great!" and thus money can be made as they swarm in... but as a long run stable currency, is gold backing a dumb idea?

generally speaking, I believe gold backed cryptocurrency makes perfect sense, especially until the volatility of crypto currencies calms down to the point when it's not needed anymore.