Quote from: fudster on November 18, 2019, 08:19:52 PM

Quote from: SirLancelot on November 18, 2019, 07:29:41 PM

Quote from: Wysi on November 05, 2019, 08:31:02 AM

We have seen some of the assets backed crypto coins in the market on the way and do you guys think this will be the future as this is directly based on national assets like gold and other products like charcoal and energy based products. This will help in growth of country's economy if not taken over by greedy corporatesand and and will it have government's support or soft corner in the regulator's eye as it will bring in some money from outside.

We have stable coins already and they are the first attempt by developers and Coins like Libra is also one of those, as it is backed by a reserve to keep the price stable. But as we all know it, Libra might no longer be a success due to the government being against the idea of having a global cryptocurrency that will be controlled by Facebook and whatever it is that made them disagree.

But, there are still others like USDT, TUSD, etc. though investors are not showing much interest in it. Bitcoin is volatile, but it is still the cryptocurrency that is getting more attention from most investors.

These stablecoins are also cryptocoins backed by fiat, they are always being centralized though. This is almost the same with the gold backed coins like XAURUM, its not really going to be seen as decentralize by users but its just that how these team are planing their project. If someone will asks about the reserves online how are they going to prove that the reserved gold exist or USD reserved? Its going to be impossible for people to really believe what they are showing online.

Usually to prove that they need to be audited by the authority because an unaudited stablecoin even if backed by gold is as good as nothing because we dont know whether they rellay have the gold or not anyway. In my opinion if its stablecoin the government should get in touch with them and do the audit because they are literally using the government fiat for backing other currency so that we can know whether they really have the fund or not and the government could get something by taxing them.