Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Is this going to be a good alternative to Tether?
https://cointelegraph.com/news/uks-royal-mint-launches-gold-backed-cryptocurrency
lolol https://rmg.royalmint.com/faqs/https://cointelegraph.com/news/uks-royal-mint-launches-gold-backed-cryptocurrency
What is a permissioned blockchain?
Prova for RMG® is a permissioned blockchain protocol. Many of the blockchain consortiums that build private blockchains for financial institutions and other enterprises follow this model.
A permissioned blockchain restricts the actors who can contribute to the consensus of the system state. In a permissioned blockchain, only a restricted set of users have the rights to validate the block transactions.
Permissioned blockchains do not have to use the computing power based mining to reach a consensus, as all the actors are known.
Permissioned blockchains work to a Proof of Stake model (PoS) for reaching consensus instead. Proof of stake mining asks users to prove ownership of a certain amount of currency (their stake in the currency). Instead of buying computers and electricity for mining in a Proof of Work system, a PoS system uses the capital to acquire assets that allow you to validate transactions.
Gran says
Gold has probably had an argument that its been a store of value for 6,000 years, bitcoins a bit younger and the future of bitcoin is uncertain.
btw, I hate this now. Flint has probably had an argument that it's been a good fire-stater for 60,000 years, lighters are a bit younger and blabla
In the short term we need a safe haven from Crypto, having a gold backed currency would be better than a fiat backed currency.
Any backed currency requires a trusted party and having a permissioned block chain is irrelevant as you need to trust 100% the people who are storing the backing.
I think a gold backed currency from the UK Royal Mint is going to be more trust worthy than Tether.
I'm not suggesting this is as a replacement for Bitcoin or other Crypto currencys, but it is a mechanism for holding stable value loosely pegged to fiat.