Ninjastic
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Re: [ANN][XCP] Counterparty Protocol, Client and Coin (built on Bitcoin) - Official
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BitcoinTangibleTrust
on 12/03/2014, 21:19:39 UTC
Quote from: halfcab123 on March 12, 2014, 09:08:04 PM
Quote from: BitcoinTangibleTrust on March 12, 2014, 09:02:16 PM
Quote from: halfcab123 on March 12, 2014, 08:42:51 PM
If you actually have gold reserves and don't take the proper registrations, I'm pretty sure Uncle Sam will come, but I like the idea. But remember E-Gold went down for the very reason it was centralized. So you have decentralized trading of IOUs but centralized reserves.. any centralized point is a point of failure and adds counterparty risk. Maybe this is a moot point idk.

Awesome. Thank you for this. Great FAQ Answers that I'll add to our FAQ. How does uncle Sam view this.

  • We are simply acting as Custodian to the physical gold.
  • Only the rights to the assets are traded and they must be traded whole. None of the digital gold coins are divisible
  • We're avoiding the E-Gold issue by avoiding any centralizing trading of gold coins.
  • All trades will be on Counterparty P2P protocol.
  • We do not charge trading fees only wallet software access fees
  • We also charge for custody, security, and redemption

These are great questions. Thank you!

Are you concerned at all about keeping gold on hand though ?

Great question. We don't hold any physical gold.

All gold is held at the Custodian company.I will add this question to the FAQ as well. Thank you!

We are working on delivering "Proof of Custody" which will include insurance against theft and custodian loss. These centralized features already exist with most precious metal custodian services. However, we do believe that this service can be decentralized as well: Custodian Drone Storage Machines!