Force the business with XAUWallet in blockchain-technology

I think I posted it into the wrong themefolder yesterday. So I repeat it here again.

Hello Admins,
wouldn´t it be a good idea, to force the goldmoney project, in creating a goldmoney-wallet in blockchain-technology, like bitcoin etc. to use it exact the same way than bitcoins? Maybe named "goldcoin" - 100% backuped with phys. gold

Comments

  • ShadowsRevealedShadowsRevealed Posts: 83 Copper ✭✭
    edited March 2017
    I think there is already a coin doing this: https://www.dgx.io Goldmoney is about having a store of physical gold, and you can use existing bitcoins to buy gold on the platform. Are you asking for a card that loads bitcoin as currency, acting like the USD card?
  • PlanBPlanB Posts: 4 Tin ✭
    But that´s not what I meant. I thought, to create a new currency, maybe named goldmoneycoin or goldcoin, which you can only use, if you have physical gold at goldmoney. And the price of the goldcoin is the real gold-price. At goldmoney I already bought gold with Ethereum and with bitcoins. That wasn´t a problem at all.
  • tomartotomarto Posts: 112 Copper ✭✭
    . I thought, to create a new currency, maybe named goldmoneycoin or goldcoin, which you can only use, if you have physical

    gold at goldmoney


    The issue is fake coins ...in the uk they are retreading the shape of the pound coin as 1 in 20 coins are now fake...
    all old coins in july 17 will no longer be legal tender.The fake currency market in the dark web is big business and trans actions are done in bitcoin.
  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    @planB is there an original post about XAUWallet with more details? I want to read it
  • PlanBPlanB Posts: 4 Tin ✭
    @paddy10tellys No. My question was just an suggestion to the goldmoney-team to create a new block-chain currency created from goldmoney.
  • RocketDogRocketDog Posts: 760 Silver ✭✭✭✭
    I think the point of having the block-chain technology is to have "distributed administration" and transparency for the "Whatever-coin" that is being managed in that manner. Meaning, the records of all transactions are distributed far and wide and anyone who can read the block chain can verify.

    I don't think there is anything about the block-chain technology itself that adds value to the Whatever-coin. The value to the Whatever-coin cryptocurrency is introduced by its scarcity and the fact that it has to be "mined".

    Goldmoney has central administration with central accounting tools, and they do try to maintain transparency with their audits and the fact that they are a publicly held company that has to report to the public on occasion.

    The value in Goldmoney is that it is backed by physical gold, which is already scarce, and already has its intrinsic value.

    So what would be GAINED by this idea to have a block-chain administered, gold-backed currency?
    Is it just to decentralize the administration?
    But then someone still has to store and protect the gold.

    @PlanB or anyone else want to discuss the logic? (I've been corrected many times on this forum.)
  • paddy10tellyspaddy10tellys Posts: 249 Bronze ✭✭✭
    @RocketDog @PlanB Good thread! Interesting perspectives. Personally, I'd like to be able to redeem gold as cryptocurrency through Goldmoney rather than via a crypto exchange. So, no need to reinvent the wheel with another "whatever" coin, keep Goldmoney as is, but peg Goldmoney's aurum blockchain to bitcoin inside Goldmoney in order to redeem as bitcoin, if you like this option. That way redemption avoids Fx exchange fees or shipping costs of physical gold from USA to UK, or capital controls, etc. I think Goldmoney uptake would go exponential if this was so... Goldmoney would cash in by collecting some of the 200M estimated daily transaction vol of BTC in USD, see https://www.quandl.com/data/BCHAIN/ETRVU-Bitcoin-Estimated-Transaction-Volume-USD.

    Josh & Roy are we there yet?

    I would always trust Goldmoney over a dodgy chinese bitcoin exchange & I would rather they got my transaction fees as well. I've been accumulating BTC for a while & the fees I paid should have gone to Goldmoney...

    ps I'd like to be able to directly redeem my gold as XAU-T shares, as well, but that's another thread altogether
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    RocketDog said:

    I think the point of having the block-chain technology is to have "distributed administration" and transparency for the "Whatever-coin" that is being managed in that manner. Meaning, the records of all transactions are distributed far and wide and anyone who can read the block chain can verify.

    @RocketDog I agree with this.... but I personally think the winning model will involve franchising.

    Goldmoney has essentially created a private blockchain.....okay...that is still centralized--true. But, add 10, 20, 50, 100+ "nodes" that would be franchisees contributing to that blockchain, and now we'd be moving into "distributed administration".

    I also think that this would provide Goldmoney with a steady revenue stream (from royalties and franchise startup fees) as well which would have much less risk attached too.

    If they had enough "buy-in" and franchisee nodes... then they'd have more leverage to offer more transparency (e.g. like Coinbase gdax exchange with posted orders etc).

    I'm still wondering how they would do this technically... but conceptually ... this is a homerun imo (especially if they peg to BitCoin as @paddy10tellys has mentioned a few times).
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