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Australian Perth mint is creating a stable digital currency backed by gold
Black [email protected]
We All Watching
User ID: 443275
10-13-2019 03:07 AM

Posts: 2,720




Post: #1
devil Australian Perth mint is creating a stable digital currency backed by gold
Advertisement
Australian Perth mint, a company that creates
physical gold and silver coins,
will be creating a cryptocurrency backed by gold

[Image: gwpg6x0.jpg]
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Travel assistant
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User ID: 456542
10-13-2019 03:47 AM

Posts: 2,323




Post: #2
RE: Australian Perth mint is creating a stable digital currency backed by gold
Why not just trade In Real gold?
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spɹɐʍoɔ snoɯʎuouɐ
☇☇Vocem sine nomine audivit!☇☇
User ID: 350320
10-13-2019 03:56 AM

Posts: 31,959




Post: #3
RE: Australian Perth mint is creating a stable digital currency backed by gold
New Ethereum token is backed by gold reserves guaranteed by Australian government

Quote:Ethereum blockchain used to digitize government gold
The token is part of a wider campaign to digitize the Perth Mint‘s inventory. The Mint is wholly owned by the Western Australian government.

The endeavour began in late 2018 when it launched GoldPass in collaboration with local fintech startup InfiniGold — a mobile app that allows investors to instantly buy, sell, and transfer physical gold via digital certificates.

Physical Perth Mint gold backs each of those certificates, and the government guarantees that gold. It is these certificates that will be tokenized in the form of an ERC-20 cryptocurrency, also issued by InfiniGold.

“The digitization of gold via a public ledger is a natural progression for the global commodity markets,” said Perth Mint CEO Richard Hayes. “It will promote gold as a mainstream asset, enhance its accessibility, and offer greater liquidity, transparency and auditability of the real assets backing this type of digital token.”

Marketing materials further state PMGT’s liquidity is to be provided by “market makers” and enabled via the GoldPass platform.

Many of these kinds of stablecoins have failed before
The firm is angling PMGT as an alternative to USD-backed stablecoins. It hopes the tokens will be one day tradable with traditional products like gold ETFs and CME gold futures.

It’s certainly cool that a sovereign government appears confident enough to deploy a token on a public blockchain like Ethereum, but those involved should remain cautious.

Back in June, Hard Fork reported that two-thirds of failed stablecoin projects launched since 2017 were backed by physical gold.

https://thenextweb.com/hardfork/2019/10/...ocurrency/


not big on details about anything are we?

is that so you can launch into some populist mumblefuck, you make up as you go along?
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Black [email protected]
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User ID: 443275
10-13-2019 03:59 AM

Posts: 2,720




Post: #4
RE: Australian Perth mint is creating a stable digital currency backed by gold
[quote='spɹɐʍoɔ snoɯʎuouɐ' pid='2759123' dateline='1570931761']
New Ethereum token is backed by gold reserves guaranteed by Australian government

Quote:Ethereum blockchain used to digitize government gold

https://thenextweb.com/hardfork/2019/10/...ocurrency/


not big on details about anything are we?

is that so you can launch into some populist mumblefuck, you make up as you go along?


Na i got sick of people whining how i post to much, and its a copyright thing blah blah blah

but this way I get people like u whining, so damned if I do damned if dont chuckle
(This post was last modified: 10-13-2019 04:00 AM by Black [email protected].) Quote this message in a reply
spɹɐʍoɔ snoɯʎuouɐ
☇☇Vocem sine nomine audivit!☇☇
User ID: 350320
10-13-2019 04:09 AM

Posts: 31,959




Post: #5
RE: Australian Perth mint is creating a stable digital currency backed by gold
well you can't brow beat people for posting information , with constant 'whiny' interjections about copy/paste when you actually post a link to the topic of a thread... if you are ignoring all populist morons, doing it .

double standards are big feature of MAGA fanaticism..
chuckle
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Black [email protected]
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10-13-2019 04:11 AM

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Post: #6
RE: Australian Perth mint is creating a stable digital currency backed by gold
spɹɐʍoɔ snoɯʎuouɐ  Wrote: (10-13-2019 04:09 AM)
well you can't brow beat people for posting information , with constant 'whiny' interjections about copy/paste when you actually post a link to the topic of a thread... if you are ignoring all populist morons, doing it .

double standards are big feature of MAGA fanaticism..
chuckle

I just come to share information
Not to be trying to pleasing everyone
Those who want the info can click some
Heck they can dig some too with stuff
Kinda like bread crumb trail to new world here chuckle
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spɹɐʍoɔ snoɯʎuouɐ
☇☇Vocem sine nomine audivit!☇☇
User ID: 350320
10-13-2019 04:32 AM

Posts: 31,959




Post: #7
RE: Australian Perth mint is creating a stable digital currency backed by gold
Black [email protected]  Wrote: (10-13-2019 04:11 AM)
I just come to share information
Not to be trying to pleasing everyone

Totally with you on this bit..
funny that..

people standing for democracy and the people attempting to destroy it have more in common than they think.
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Black [email protected]
We All Watching
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10-13-2019 04:36 AM

Posts: 2,720




Post: #8
RE: Australian Perth mint is creating a stable digital currency backed by gold
spɹɐʍoɔ snoɯʎuouɐ  Wrote: (10-13-2019 04:32 AM)
Black [email protected]  Wrote: (10-13-2019 04:11 AM)
I just come to share information
Not to be trying to pleasing everyone

Totally with you on this bit..
funny that..

people standing for democracy and the people attempting to destroy it have more in common than they think.

Similar in the sense they believe what they believe,
So two people that believe something wlll fight for it
But there are many that get paid to push views they dont even believe
It gets easy to see if people just believe it or sell outs for a dollar
I can respect people views, but the sell out are sell outs
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SkeptiSchism
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User ID: 450243
10-13-2019 04:38 AM

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Post: #9
RE: Australian Perth mint is creating a stable digital currency backed by gold
I've been reading about this for a couple years now. I think instead of calling it a crypto-currency backed by gold it should just be called crypto-money.

And, to make it successful there needs to be a relatively convenient way of exchange digital representations for physical metal, precise to within a gram.

There was a company in Dubai that was making ATM machines that dispensed gold in grams or ounces so you could go to your account and withdraw say 10 grams of gold and get a 10 gram bar.

You could also spin gold wire to a molecular width almost, so you could easily put say a 10 mg wire in a plastic bill.

For gold to really be useful as money, it needs to have lots of exchange taking place. Of course people who save would save in physical metal. But it needs to be fungible, put so much gold or silver in and get equal encryption digital coins representing that weight (and purity).

But this could replace modern banking as we know it, you just need to use real bills of credit for loans instead of a bank's fractional reserve lending.

It’s easier to fool people than to convince them that they have been fooled.
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spɹɐʍoɔ snoɯʎuouɐ
☇☇Vocem sine nomine audivit!☇☇
User ID: 350320
10-13-2019 04:44 AM

Posts: 31,959




Post: #10
RE: Australian Perth mint is creating a stable digital currency backed by gold
SkeptiSchism  Wrote: (10-13-2019 04:38 AM)
But this could replace modern banking as we know it, you just need to use real bills of credit for loans instead of a bank's fractional reserve lending.

blockchain well on the way to becoming a standard for modern banking.. not sure about replacing it. totally .unless all the banks were resolved into a central organization.

will that be after the corporate criminals destroy democracy , perhaps?
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SkeptiSchism
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10-13-2019 04:44 AM

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Post: #11
RE: Australian Perth mint is creating a stable digital currency backed by gold
SkeptiSchism  Wrote: (10-13-2019 04:38 AM)
But this could replace modern banking as we know it, you just need to use real bills of credit for loans instead of a bank's fractional reserve lending.

Just to add on a bit, the ideal hubs for a gold based monetary system would be state treasuries. Because then they would responsible for the weight of metal in the repository and the amount in digital circulation.

But why not? Isn't that sort of the responsibility of the treasury to determine how much money is in circulation at any given time? If you deposit 2 ounces of gold you get 2 ounces of cryptogold coins you can spend them any way you want on the internet.

If you have 2 grams left, and you deposit that amount you get 2 grams digital equivalent. The state handles all the physical transactions, then adds a fee for their service. Not a tax, but a Seigniorage fee. People would more trust the state to handle the system than banks (for better or worse)

It’s easier to fool people than to convince them that they have been fooled.
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SkeptiSchism
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10-13-2019 04:57 AM

Posts: 10,660




Post: #12
RE: Australian Perth mint is creating a stable digital currency backed by gold
SkeptiSchism  Wrote: (10-13-2019 04:44 AM)
Just to add on a bit, the ideal hubs for a gold based monetary system would be state treasuries. Because then they would responsible for the weight of metal in the repository and the amount in digital circulation.

But then again perhaps the best solution is the market where providers could guarantee storage of coins, provide the encrypted blockchains, and provide withdrawal upon demand services at remote locations (ATMs).

1 of the 2, I just think this would be a better system than we have now. We need a monetary liberalization act that frees up all forms of money and lets the government print it's own currency debt free.

Then people could use any form of money they wanted because the government prints it's own money for operations and welfare.

It’s easier to fool people than to convince them that they have been fooled.
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