Cryptocurrency backed by gold being developed by Perth Mint

GoldNRollGoldNRoll Posts: 97 Bronze ✭✭✭
Cryptocurrency backed by gold being developed by Perth Mint to entice investors back to precious metals.

http://www.abc.net.au/news/2018-01-24/cryptocurrency-backed-by-gold-being-developed-perth-mint/9352036

Comments

  • theroostertherooster Posts: 10 Tin ✭
    It's imperative that a unit of mass (grams) or weight (oz) in the only unit of account. That is they only thing that becomes callable to keep the gold levels honest. Beware that a "coin" with a cute name may be what is used. That could lead to a temptation to use less than 100% reserves.
  • GoldNRollGoldNRoll Posts: 97 Bronze ✭✭✭
    @therooster I totally agree with that. But given the price of daily consumer goods in gold, we may talk in milligrams. Use grams and milligrams instead of dollars and cents.
  • theroostertherooster Posts: 10 Tin ✭
    If gold gains momentum as a currency, you won't have to worry about runaway prices. Gold that supports transactions and real economic growth allows for debt (fiat currency) to be safely purged. That strengthens the trade value of the fiat currency (less supply)

    When we add the "Yang" to the existing "Yin", balance can ensue through the process of market osmosis.

    Gold circulation is especially supportive on the USD. The dollar also act as the lone global price tool in support of debt-free trades when using gold as a market currency. Destroy nothing ..... jut add assets and stir in..... symbiosis awaits.

    http://helpinghandsprogram.com.au/wp-content/uploads/2014/04/YinYang-300x300.jpg


  • GoldNRollGoldNRoll Posts: 97 Bronze ✭✭✭
    That just gave me an idea. An app that allows to use the phone to scan a price in a local currency (let's say Romanian RON where I live), in the back-end it converts it to USD, then to gold gram, and returns the price in gold gram. One can save the scan with a name (e.g. "tomatoes / kg in market x"). It can do another scan in a couple of months and save it for the same product, that gives a chart with a price in gold, compared with the price in local currency, evolving with time.

    I could start with an OCR free app like CamScanner:
    https://www.guidingtech.com/53597/best-ocr-apps-android/
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