So this is effectively e-gold? What about decentralization? Is there any reason this won't be shut down like e-gold?
I don't think this is going to get very far...
Exactly and E-Gold, which by far the price is always dependent on how much the current price of gold.
Ok then, it is backed by gold. But what's backing gold?
It's not a real cryptocurrency, it's an informal ETF.
People that still think that true cryptocurrencies need backing do not understand how money evolves.
ya.ya.yo!
Gold is backed by scarcity as of now. That basically is it. It's conductivity and other properties aren't bad, but they don't amount to nearly the price gold has. A decentralized currency that's an IOU for gold... I'll pass, thanks.