• "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

How about gold-backed Stablecoins?

Peter52

New Member
Joined
Nov 1, 2018
Messages
35
Likes
19
#41
@ Mlavatar,
well then I think this St. Ponce guy is wrong.
"If you don't hold it you don't own it" is a beloved saying among goldbugs.
Basically it means two things: a) there is a difference between gold and gold derivatives, and b) those holding the gold for you maybe aren't.

But if someone trustworthy is keeping the bars for you, then that saying is wrong.
Those bars are there and you own them.
And if the holder isn't trustworthy, then there are some provisions you can fall back on, in order to minimise the chance of being scammed.
Regular third party audits, for example.

In our economy gold can't act as means of payment in form of coins and bars.
It needs a medium.
This medium can be paper or digital.
Both have failed in the past.
Maybe the new blockchain technology, given its merits (transparency, security etc.) can help.
 

Peter52

New Member
Joined
Nov 1, 2018
Messages
35
Likes
19
#42
STEVE FORBES AN MARK ZUCKERBERG: „MAKE LIBRA AS GOOD AS GOLD!“


Dear Mr. Zuckerberg:

Your company made big headlines when it announced it would be launching a cryptocurrency called the Libra in 2020. Not surprisingly, given the nature of the times, the project has been greeted with intense criticism and skepticism. Don’t lose heart.

In one sense, the idea of a company creating its own kind of money is an old one. The airlines’ frequent-flier miles are really a form of money that customers can earn and use to buy trips and various other things. Credit card companies, hotels and numerous retailers have all sorts of loyalty programs in which people earn points that will let them buy all manner of goodies.

But if you play your cards right with the Libra, you could be to money and finance what Henry Ford was to automobiles. Your new currency could take its place alongside the inventions of coins and paper money many centuries ago. It could replace the U.S. dollar as the global currency.

In one crucial area you’re already light years ahead of virtually all other cryptocurrencies: You realize the fundamental importance of a currency that’s stable in value.
Money measures value the way a scale measures weight or a clock measures time.
Most cryptos–whose values fluctuate violently from one moment to the next–are great as speculative vehicles, but they’re useless as real money. No one in his right mind would write a contract longer than 24 hours in bitcoin. With cryptocurrencies, it’s steak one day and dog food the next. But if you can invent a truly stable cryptocurrency that can actually be used for day-to-day transactions and for longer-term contracts and investment vehicles, you’ll be a winner.

Make Libra as good as gold. Backing your new money—as you plan to do—with a basket of currencies won’t cut it. In today’s monetary system the values of currencies jump up and down, so you won’t get the stability you need.

Countries that became global powerhouses–Holland, followed by Britain (Isaac Newton, as director of the Royal Mint, fixed the pound to gold at a ratio that held for more than two centuries) and then the U.S. (thanks to Alexander Hamilton)—all had their currencies linked to gold.

For a variety of reasons gold holds its intrinsic value better than anything else. It’s like a measuring rod. It no more restricts the money supply than the 12 inches in a foot restricts the size of a building you might wish to construct. All it means is that the Libra will have what no other currency has today: a fixed value. And that fixture will gradually make it the most desirable medium of exchange around the globe.
People hunger for trustworthy money.

https://www.forbes.com/sites/steveforbes/2019/06/25/open-letter-to-mark-zuckerberg/#79fe29722614
 
Joined
Nov 1, 2018
Messages
35
Likes
19
#43
Iran Launches Gold Backed Cryptocurrency “Covenant”


Iran’s move to issue cryptocurrency backed by gold reserves is to provide a way for Iran to trade around US-sponsored sanctions, which have been increasing under Donald Trump’s push to dump the Obama-era “Iran deal.” The currency, known as Paymon in Iranian (“Covenant” in English) is based on the Stellar Lumens XLM network, an open-source codebase, and will trade in “special exchange offices.”

The country has the cryptocurrency in cooperation with the Parsian Bank, the Bank Pasargad, Bank Melli Iran, and Bank Mellat. An over-the-counter (OTC) cryptocurrency exchange called Iran Fara Bourse is also expected to adopt the cryptocurrency, and will be used to tokenize Iranian financial institutions’ assets and properties. A initial 1 billion Covenants are expected to be issued in the initial offering and will be issued by the Central Bank to permit G2G trade. Countries such as China, Russia and Turkey – and several EU, Middle-Eastern and South-East Asian nations are also likely to accept the new virtual coinage.

The new Cryptocurrency may also be extended for commercial and public use. In a second roll-out phase, the convenant would be traded by Iranian citizens in the country, who are also cut off from the global SWIFT network, depriving many ordinary Iranians from receiving personal remittances such as pensions and allowances from the Iranian overseas diaspora.

https://www.silkroadbriefing.com/news/2019/06/18/iran-launches-gold-backed-cryptocurrency-covenant/