Quote from: dacoinminster on August 01, 2013, 03:34:11 PM

Quote from: vokain on August 01, 2013, 03:31:08 PM

Quote from: vokain on August 01, 2013, 07:47:25 AM

what secures a derived currency like goldcoin's worth with the example of an ounce of gold? my main question is, where does that ounce of gold sit to secure such a gold coin?

Think of it as the protocol engaging in market manipulation - the interventions being known ahead of time to all.

If you are convinced that GoldCoins can't maintain their values without someone holding gold in a warehouse to back them up, then you are saying that you believe my hypothesis is false.

We shall see!

What were your thoughts regarding the open transactions project in my last post?

Instead of having an over complicated trading escrow fund shouldn't simply;

1 mastercoin dollar = 1 dollar with only the amount being held in escrow being traded
Same with gold... 1 mastergold = equal value of certain weight of gold held in escrow on day of purchase