Re: Gold Bugs created their own Digital Currency "Independence Coin"

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.

I love Bitcoin more than anything, but gold-backed seems better than a cryptocurrency backed by nothing doesn't it?

not when the gold is physically stored away in Anthem Hayek Blanchard secret safe, where no one knows if he or one of his staff are selling the real stuff off. (so investors ask for public audits PLEASE!!!)

id rather trust maths which is something that cant run away or claim bankruptcy from a sauna bench at a sea facing hotel in hawaii.

This is true... it does add a third party trust to the equation, which is never good. But they are supposedly stored in Brinks vault in Salt Lake City. Maybe one day, a decentralized crypto protocol will be able to weigh our precious metals and convert them into crypto immediately. Then we can truly all be our own central banks backed by real assets. Damn, that's a great idea if I do say so myself.