Quote from: holydarkness on June 28, 2023, 04:35:28 PM

Quote from: yarik0409 on June 27, 2023, 10:13:59 PM

Thank you for your considerate reply

Firstly, the gold price indeed fluctuates, but historically it's more stable than any fiat or crypto currency. Considering the current trends in micro and macro economies, the last thing you would want to keep your savings in is USD or Bitcoin (Bitcoin may be a good investment option for next year, USD is about to decline a lot, so I'm talking about savings, not investment). So if you want to keep your money safe, buy gold, silver or GRC. Any amount of gold at any given price and time is the best place for savings. The price of gold is historically the most stable price. So, at the moment, I will be purchasing gold regularly based on the timeframe rather than price. The faster we can purchase gold is better, since every day USD price can drop significantly.

To your second point. It is true, but the definition you put is about governments setting a fixed price on gold and then backing their currency. As you know I'm not the government, I can't set the fixed price on gold, so I'm not sure why you quoted that definition. It's a straw man argument, which makes 0 sense in a current discussion. In the future (this is part of our roadmap and development), when people are able to exchange gold for GRC tokens, each GRC will have a fixed value in gold. Gold GRC tokens will be minted and certain amount of GRC tokens will represent 1 gold coin.

To your third point of 2% of being a small amount to back the token. Let me remind you 2% tax is on buying AND selling GRC. That's a lot of money. I'll give you current numbers, so you understand the example. Currently, as I'm writing, there is $4,782 in GRC liquidity. Also, until this time it took us accumulate this much liquidty, we accumulated $1,317 in gold wallet, that's currently there. If I had enough money in gold wallet to purchase and store it in gold, that number would have been much higher as BNB price dropped a lot. Nevertheless, if I was going to buy back coins with gold wallet money now, I could get the price up for GRC significantly, by about 50%. Remember, 2% comes from daily trading volume. So, that's a lot of money. So, yes the price is secure.

To your last point. Currently the gold will be stored at Melbourne mint. But in the future, we would have our own storage, as you pointed out correctly I don't trust any government. Indeed, the governments create false sense of security by promising to keep the currencies stable and your savings in banks safe. None of these promises hold true and the history showed it again and again and now it's evident too. The banks are collapsing, and fiat currencies are shaking up before people become fearful and the bubble of debt money pops. It's a matter of time, and I promise it will happen before the end of 2024. Every fiat cureency has historically failed. Only gold never did. So, there is more chance people's money can be safe and secure with a random guy like myself, who is transparent and honest (for you to decide) rather than the government.

Point number one. I am not quite sure how you misunderstood me when I am talking about the macro and micro involved on the decision making, I am referring to the economics involved behind purchasing gold, and instead you're talking about the macro and micro involved on savings. I also failed to understand how you perceive the corelation between price of gold and USD, and how you justify that "The faster we can purchase gold is better, since every day USD price can drop significantly." given that --and backed by studies-- inflation are proven to have small effect to the price of gold. Further, your statement that USD price can drop significantly also bear a strong indication of wrong argument and cluelessness, a lack of understanding on the field you're about to undergo and ask people to trust their fund with, given The Feds declared they'll increase their interest rate twice this year, and history shows that the increment of their interest rate will be followed by the strengthening of their currency. So, currently, reflecting from prior behavior, every day USD price can increase significantly.

Point number two, I believe anyone reading this understand that the the definition was served to give context of gold-backed currency vs. invested-in-gold "currency", and hopefully you find it useful as you're seemingly lacking the knowledge of a gold-backed currency yourself. Well, partially. No one asking you to set a fixed price on gold. No one can lock the price of gold. Gold-backed currency means each printed money reflecting a predetermined rate of gold.

Though "internally" your goal bears resemblance to the basic application of gold-backed currency where certain unit of currency reflect to certain unit of gold, thus "in the future" your token holders can exchange a fixed certain unit of GRC to gold; And surely you're meaning to say certain amount of token represent 1 gram of gold? One gold coin is not a quantitative measurement. Token-rate-against-other-coin wise, you missed the point very greatly. Seen from other currency [of which we stand and use it as the basis of our argument, given we're talking about your price stability] it is the price of the currency that reflect the rate of the gold, when gold price worldwide rises, the currency appreciated against other currencies. If gold price gets lower, the currency got depreciated. If my point made zero sense to you and perceived as a straw man argument, then may I suggest that perhaps you don't understand it?

While we're at it, regarding your goal and roadmap, where's exacly this plan of changing your system into gold-backed coin? I can't find it anywhere, though I've read your roadmap several times. More about your roadmap on the next paragraph.

Point number three. It is really nice that you're talking numbers. Let's convert that into a case for the sake of illustration. Assume your token price drop, let's say, 50%, can you give us in numbers and data of how your gold reserve return the price to it's current value? That's the sense of security you're offering, is it not, that the price is secure?

Point number four, and this is the most interesting, IMO, as I think this is the biggest contradicting statement you made. You said on your last paragraph that can be summarized into, you don't trust government, you don't trust banks, and on your youtube video, which you summarized yourself here, you also refrained from incorporating your project or take any legal form so that you're not bound by anything; you said and I quote, "That way I'm not legally binded." Let's revisit your roadmap, I screenshotted both page to show all of us that you didn't specify any plan to get to a situation where certain amout of your token will be exchangable to one "coin" of gold, but the point I'd like to emphasize is on phase 3 [the 15/15 page is also deliberately made visible to show that I've reached the end of the page and there's no other roadmap].

https://i.ibb.co/fNQ6zhg/Phase-1-and-2.jpg https://i.ibb.co/5MtbN5Z/Phase-3.jpg

How... exactly will you issue credit card without legal body? And the possibility of opening a global bank is ironic, isn't it? Given you don't trust banks, let alone the mystery how you'll erect a legal bank without incorporating yourself.

1. Regarding the macro and micro factors, it's essential to consider both savings and investment perspectives when discussing the stability of currencies. While it's true that gold prices can fluctuate, it has historically maintained its value better than fiat or cryptocurrencies. The USD, for example, has faced significant inflation and devaluation over time, making it less reliable for preserving wealth. In contrast, gold has a proven track record of preserving purchasing power and acting as a hedge against economic uncertainties.

As for the claim about the USD price dropping significantly every day, it's important to recognize that currency fluctuations can be influenced by various factors, including interest rates, economic indicators, and market sentiment. While the USD is stable at this moment, there are a few factors that indicate the collapse of USD: digitalisation of dollar (people are mostly against it), increased USA debt, future end of Ukraine war (no more money making for USA economy), over 28 countries last week applied to join BRICS (alliance against NATO and USA), BRICS accumulating gold, housing crisis and many other factors. These are just a few examples.

2. The definition of a gold-backed currency was presented to establish the context and differentiate it from investing in physical gold. While governments may set fixed prices for their gold-backed currencies, the concept behind a gold-backed cryptocurrency like GRC is to provide a secure and transparent digital representation of physical gold. The goal is to have a fixed value for GRC tokens based on a certain amount of gold, offering stability and a direct correlation to the precious metal's worth. This goal is the future goal and is clearly explained in detail in my first Youtube video I made. I went through the whitepaper and explained each point in great detail.

3. Regarding the roadmap and the future exchange of GRC for gold tokens, it's essential to understand that development plans are subject to updates and adjustments based on market conditions and technological advancements. While the specifics may not be outlined in the current roadmap, the intention to provide a mechanism for token holders to exchange GRC for a fixed amount of gold is a logical step in aligning with the concept of a gold-backed currency.

4. The 2% tax on buying and selling GRC is indeed a significant contribution to backing the token with gold reserves. While the current liquidity and gold wallet balance may be relatively modest, it's crucial to consider the potential growth and scalability of the GRC ecosystem. As more individuals and institutions embrace GRC, the liquidity and gold reserves will likely increase substantially, further solidifying the price stability and ensuring the backing of the currency.

Additionally, the 2% tax is based on daily trading volume, which means that as the trading volume of GRC grows, so will the funds available for backing the token with gold. This ongoing process ensures that GRC remains backed by a substantial amount of gold, providing a secure foundation for the currency's value.

5. Trust in governments and banks is a valid concern, as history has shown instances of economic instability and financial crises caused by government policies and banking systems. By emphasizing transparency, accountability, and decentralization, GRC aims to address these concerns and offer an alternative that provides individuals with greater control over their financial future.

6. While the roadmap may not explicitly mention owning storage facilities for gold, the intention to establish independent storage solutions aligns with the objective of reducing reliance on centralized entities and ensuring the security of the underlying gold reserves. By taking a proactive approach to safeguarding assets and empowering individuals, GRC aims to offer a more reliable and trustworthy alternative to traditional banking and monetary systems. That is again explained in my first Youtube video.

It's crucial to recognize that the current financial landscape calls for innovative solutions that prioritize transparency, stability, and individual empowerment. GRC strives to address these needs by providing a gold-backed currency that offers individuals a reliable store of value and a hedge against economic uncertainties. By leveraging the benefits of blockchain technology and a transparent ecosystem, GRC paves the way for a more secure and equitable financial future.