Quote from: Arriemoller on February 01, 2018, 02:56:22 AM

Quote from: Last of the V8s on January 31, 2018, 11:30:52 PM

Quote from: fluidjax on January 31, 2018, 09:09:29 PM

Is this going to be a good alternative to Tether?

https://cointelegraph.com/news/uks-royal-mint-launches-gold-backed-cryptocurrency
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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.

Please, less of the 'we'.
I'm just against any of it, on principle.

Gold is an excellent store of value. I read somewhere that a cow in ancient Rome, medieval Europe and today cost the same in gold.
A gold pegged crypto listed on the exchanges would be perfect for parking money while chasing pumps in the alts market.

I would gladly hold some gold-pegged crypto as a hedge. Nice addition to a diversified portfolio but only if It is really pegged and completely safe, trusted and guaranteed. Otherwise holding gold would be a wiser choice considering you don't look for ROI there but safety and stability.

Also, I wonder how they could do a perfect stable peg... If some entity is to store the physical gold for the peg... wouldn't it need to charge some storage costs + profit? How much would that be?

Unless they go full fractional.... and then we are talking about something completely different to really (virtually) holding gold.