Australian Broadcast Corporation reports
Australia's biggest gold refiner, the Perth Mint, is developing its own cryptocurrency backed by physical precious metals.
The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold.
[...] For the Perth Mint, the need to bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies posed an opportunity, according to chief executive Richard Hayes.
"I think as the world moves through times of increasing uncertainty, you're seeing people look for alternate offerings," he said.
But Mr Hayes said the volatility of some of the current cryptocurrencies meant they did not suit all investors.And that is where a gold-backed offering may fit.
"With a crypto-gold or a crypto-precious metals offering, what you will see is that gold is actually backing it," Mr Hayes said.
"So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it."
What do you see here: some golden cryptocurrency dust sprinkled around or a decentralized ledger of precious metal transactions?
(Score: 3, Touché) by FatPhil on Wednesday January 24 2018, @11:41PM (8 children)
This is just another inane "but on a blockchain, so new and better" invention that really is studips enough to deserve patenting.
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by c0lo on Thursday January 25 2018, @03:54AM (7 children)
Except:
- you describe transaction between you and the vault operator and...
- ... do not account for transactions in which your transfer part of you certificates to a third party without the vault operator to be involved (to auth the certificate and record the new ownership)
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 2) by FatPhil on Thursday January 25 2018, @05:52AM (5 children)
My way's better in almost every respect apart from having the oooh-shiny visible to me.
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by c0lo on Thursday January 25 2018, @06:21AM (4 children)
You want the value involved as the:
- original emitter of the certificates (cryptocoins) and...
- ... continue to be the storage place for the equiv precious metal that backs the coin(s) in your possession
(- ... maybe the original seller of those coins, but not necessarily the single place where one can obtain already emitted coins).
I don't understand why you'd want the vault being involved in every transfer of the coins (backed by gold) that may happen between you and another third party?
This is where the blockchain replicated ledger offers an advantage, you contact anyone that (based on her/his own) copy of the ledger can guarantee that the seller of a coin is the rightful owner and that that coin is a legitimately emitted one.
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 2) by FatPhil on Friday January 26 2018, @10:21AM (3 children)
> ... you'd want ...
Whaaat the fucking fuck?!!?!? I've never said I wanted any such things. Please reread my posts for comprehension this time.
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by c0lo on Friday January 26 2018, @10:50AM (2 children)
Then you aren't interested at all of using precious metals as money, and a classic vault is just enough for you.
Why do you deny that others may want something more and their want/need may be legitimate?
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 2) by FatPhil on Friday January 26 2018, @11:20AM (1 child)
Feel free to continue your argument with yourself, you seem perfectly capable of contributig both sides endlessly.
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by c0lo on Friday January 26 2018, @12:40PM
Then I really don't get you position to the gold backed cryptocurrency. And we can stop here indeed.
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 3, Insightful) by FatPhil on Thursday January 25 2018, @05:55AM
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves