Quote from: inBitweTrust on July 30, 2014, 06:39:49 PM

Quote from: taylortyler on July 30, 2014, 06:34:56 PM

Quote from: franky1 on July 30, 2014, 05:13:17 PM

Quote from: taylortyler on July 30, 2014, 05:04:12 PM

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.

not really, lots of people trusted mark karpeles to store the real value in his cold store (safe) while they traded digital representations on an SQL database and look where they are. he ran off with the real value.

bitcoin itself is flawless in my eyes, but having to trust a third party with something that 'backs it' .. thats not for me
secondly 'goldmoney.com' doesnt use its 'receipts' for buying real world stuff or paying wages with. so if the company went bankrupt the receipts retain no other purpose.

same with the new independance coin. its distributed under Anthem Hayek Blanchard's new company, probably only traded on his exchange and only maybe, just maybe convertible to real gold delivered to your house by him too...

in short
no matter how secure he makes his IOU's, no matter how uncounterfeitable the IOU's are.. they are still IOU's of gold.

he might aswell make facebook credits that are only useful for poker chips within facebook.... in my eyes. even if those chips are real.. i prefer not have to trust a third party

"Not really" what? I agreed with you and then proposed a different idea. I think you got confused.

If I had a choice between a digital currency backed by individuals who secured their commodities themselves and a digital currency in which centralized institutions who were regulated and audited stored the commodity I would choose the latter. Both are dangerous and open to corruption. Your suggestion is far more dangerous however.

How do you prevent fraud, anonymity or the theft of the commodity after it has been registered?

Who knows. It was just a spur of the moment idea. But, I could imagine some sort of device that can chemically test the metal to ensure that it's real, then weigh it and pair it with a cryptocurrency. How do you prevent your paper wallet from theft? Maybe by then there will exist cloaking devices of some sort.