Quote from: gentlemand on June 07, 2019, 09:34:57 AM

Quote from: ck343 on June 07, 2019, 07:05:43 AM

I'm a metal rather than a crypto person, but I share the disgust for some gold bugs forums.
Talking about gold-backed stablecoins, you would think to find some interest among them.
The climax of their argumentative level reduce itself to the classic If you don't touch it you don't own it.
They keep repeating it like zombies

I don't really see the point of a gold backed stablecoin.

The main problem with a backed anything is the centralised holding of the asset backing it. Since you're going to have to make your peace with that regardless of the asset you may as well stick with the dollar. If the point of a stablecoin is stability I'd rather erase the modest amount of volatility that something gold backed would produce.

I see no reason to pointlessly lose or gain a few per cent here and there. It would be an annoyance more than anything.

I have no problem in trusting an institution, as long as I choose which one.
So I have no problem with centralization.

I don't share the assumption that the main point of cryptos is decentralization,
just as much as, for example, I don't share the assumption that the main point of cryptos is anonymity.

Long term, Gold is more stable than the $.
Gold can save the purchasing power of its owner much more that the $ can do.
That's the main point of preferring a gold-backed stablecoin vs. fiat

What a relief for once not having to read the "If you don't touch it ..." meme!

Thanks gentleman