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Thread: Gold backed Bitcoin

  1. #1

    Default Gold backed Bitcoin

    Who wants a currency backed by gold?

    Is Bitcoin popular as a currency or as a speculative investment/get rich quick platform?

    If BTC was backed by gold would that limit its price?

    I would argue that BTC has gained notoriety because it has surged in price. People view it as a quick way to get rich.

    If the value of BTC was tied to gold, would it lose favor?



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  3. #2

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    i don't.

    because you have to trust the gold backers.

    In Bitcoin, you don't have to trust anyone in particular. It is a consensus that emerges. And it is protected by cryptography and decentralization.

  4. #3

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    I could see an alt coin that had a fixed value to gold as something some people may like. Fluctuations like BTC can have may cause issues with businesses. Although not Bitcoin itself. Having gold backed would make it centralized which is entirely opposite of what Bitcoin is about.

    Look at how easily Egold was closed.
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

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  5. #4

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    Quote Originally Posted by Schifference View Post
    Who wants a currency backed by gold?

    Is Bitcoin popular as a currency or as a speculative investment/get rich quick platform?

    If BTC was backed by gold would that limit its price?

    I would argue that BTC has gained notoriety because it has surged in price. People view it as a quick way to get rich.

    If the value of BTC was tied to gold, would it lose favor?
    LOL, who keeps the gold that it is backed by, the government??? A private company? Can the government take the gold from the private company? Don't you have to trust the private company to hold your gold?

    Bitcoin is completely usable as a currency when it is worth $10 million, gold prices change all the time, I don't understand how any of your concerns are valid.
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  6. #5

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    Quote Originally Posted by kpitcher View Post
    I could see an alt coin that had a fixed value to gold as something some people may like. Fluctuations like BTC can have may cause issues with businesses. Although not Bitcoin itself. Having gold backed would make it centralized which is entirely opposite of what Bitcoin is about.

    Look at how easily Egold was closed.
    this has already been implemented with a special smart contract. the Bitshares platform allows anyone to issue assets that track another asset with 200% collateral in the Bitshares token BTS.

    there is bitUSD, bitEUR, bitCNY.. www.aex.com trades those.

    Tether is a scam similar to eGold and other trust needed centralized schemes.

  7. #6

    Default

    Many experts claim that this growth is the result of reduced hype surrounding the US dollar. They believe that this is more a case of the dollar depreciating than the price of bitcoin rising. Rigth now Bitcoin bitcoin is trading at $15,223.0 USD on foreign money rates


    Crypto-analysts claim that the US Federal Reserve has printed so much money in the last 10 – 20 years that not even the regulator actually knows how much USD is in circulation around the globe.


    At the end of 2008, the Fed announced they had opted for a “printing press” cure to the crisis as the first round of the regulator’s asset-purchasing program got underway. No one knows the current value of the M3 money supply in the US. Some members of Congress are long-time critics of the Fed and blame the regulator for turning the dollar into a bubble with no real backing.

  8. #7

    Default

    Quote Originally Posted by ccmm View Post
    Many experts claim that this growth is the result of reduced hype surrounding the US dollar. They believe that this is more a case of the dollar depreciating than the price of bitcoin rising. Rigth now Bitcoin bitcoin is trading at $15,223.0 USD on foreign money rates


    Crypto-analysts claim that the US Federal Reserve has printed so much money in the last 10 – 20 years that not even the regulator actually knows how much USD is in circulation around the globe.


    At the end of 2008, the Fed announced they had opted for a “printing press” cure to the crisis as the first round of the regulator’s asset-purchasing program got underway. No one knows the current value of the M3 money supply in the US. Some members of Congress are long-time critics of the Fed and blame the regulator for turning the dollar into a bubble with no real backing.
    The point is bad money flows to good money.

    Bitcoin is the best money one can buy. Buy before other people realize this.






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