Bitcoin vs. Gold, or Bitcoin vs. Gold-Backed Cryptocurrencies?
Bitcoin vs. Gold, or Bitcoin vs. Gold-Backed Cryptocurrencies?
What is Bitcoin Backed By?
Bitcoin backed with Gold is soaring high amidst the crisis ...
A Guide to Gold-Backed Cryptocurrency - Live Coin Watch ...
Top 5 Gold-Backed Cryptocurrencies - How to spend Bitcoin ...
I stored bitcoins online ... aaaand they're gone.
/SorryForYourLoss is a place to showcase the top minds of bitcoin (and cryptocurrencies) failing to secure their precious internet money properly. It's a memorial for the countless incidents of thefts, scams, hacks, goxxes, .. etc.
OneGramCoin (OGC): All disucssions of the digital token backed by gold take place here!
OneGram uses blockchain technology to create a more resillient and stable cryptocurrency where each coin is backed by one gram of gold at launch. Each OneGram transaction generates a small fee. Unlike other cryptocurrencies, in OneGram, this fee is reinvested (net of admin costs) to buy more gold and increase the amount of gold that backs each token. 3,000,000 OGC already invested! [Are you next?](https://tokensale.onegram.org/)
Question: Is Bitcoin backed by Gold, Silver, Platinum... etc?
If not, it's no better than the toilet paper we call money. And therefore is probably being used to build a "bubble". Saying it's backed up by currency is also invalid if ANY of the currency it represents is Fiat Currency. So I want to know.
This was such a disappointment to read... if Bakkt futures are not fully backed by Bitcoin and are actually 37% backed by dollars/Treasuries, then what are the implications? Is this the slippery slope to Bifcoin market manipulation like we see in the Gold market?
Bitcoin is digital gold and the LightningNetwork uses cryptographically secured and trustless “IOU’s” as a medium of exchange backed by bitcoin, for efficiency. Like when paper money was backed by gold in 1844. But this time no one can suddenly take the gold away.
Edit: Yikes, this blew up a little and I’m being hit from all angles about why I’m wrong. I probably shouldn’t have used the term “IOU” cause it insinuates debt, as well as there being counter party risk. My point is that it’s like having the most trusted and secure IOU in the world, because it’s not backed by promise of the other person, it’s backed by cryptography, so you can claim your money at any time, or you can continue to pass it on to the next person without any risk. So in that sense, it is similar to an IOU, but it’s trustless. I really liked this analogy and I was hoping this would just be an easy way for people to understand but I was wrong. Edit 2: I think a better word would have been “promise”. LN is like exchanging trustless and secure promises of funds, which carry no risk, unlike when paper money was a promise to the equivalent value in gold and the promise was broken. I hope that clears up my thinking a little.
07-26 04:33 - 'Bitcoin was the first, but not the best. It invented the technology that will change our world (blockchain). The new kid on the block is karatbars' gold backed crypto. Its the best of both worlds. / [link]' by /u/coojw removed from /r/Bitcoin within 164-174min
''' Bitcoin was the first, but not the best. It invented the technology that will change our world (blockchain). The new kid on the block is karatbars' gold backed crypto. Its the best of both worlds. [link]1 ''' Context Link Go1dfish undelete link unreddit undelete link Author: coojw 1: *o*tu.be/p**q6oYQb*0 Unknown links are censored to prevent spreading illicit content.
07-09 17:14 - 'What if he Got SGC! his 60% security cant be used by her. SGC (Secured Gold Coins), is a hybrid cryptocurrency that is 60% gold-backed, 40% utility and completely decentralized based on the revolutionary technology of Bl...' by /u/HourJudgment removed from /r/Bitcoin within 373-383min
''' What if he Got SGC! his 60% security cant be used by her. SGC (Secured Gold Coins), is a hybrid cryptocurrency that is 60% gold-backed, 40% utility and completely decentralized based on the revolutionary technology of Blockchain that makes it secure, durable, trustworthy, easily accessible, and redeemable. [[link]2 ''' Context Link Go1dfish undelete link unreddit undelete link Author: HourJudgment 1: s*cur**gol*coin*com/ 2: secu**d*oldcoin*co*/]^^* Unknown links are censored to prevent spreading illicit content.
Bitcoin is backed by more than gold and fiat combined.
Gold is "backed" by nothing other than scarcity (supply) and utility (demand). Fiat is backed entirely by the level of confidence in that countries treasury, central bank and government to be fiscally responsible. Because a lack of fiscal responsibility kills scarcity and therefore also utility. Bitcoin is backed by stricter scarcity than gold, greater utility than both gold and fiat, and the fact we dont have to trust in anyone.
Imagine a cryptocurrency that is more reliable than any other because it is backed by a physical commodity? That’s right! Gold Bits Coin is backed by real gold! Visit their website to find out more: goldbitscoin.com #Cryptocurrency #GoldBitsCoin #crypto #bitcoin #gold
If Bitcoin is not backed by gold or some other stable value how can it be the future of money (money=something backed by some form of value like gold)? Or is it just another form of currency doomed to go to its intrinsic value of zero after hyperinflation?
DGLD is a gold-backed digital asset that is a central element of the Gold Token Network, which has been launched two weeks ago by CoinShares. This crypto is a joint product of Blockchain, the developer of the popular Bitcoin wallet, the Switzerland-based firm MKS that specializes in gold trading, and CoinShares. The project claims to have acquired $20 million worth of gold bullions, with each ... Buying Gold-Backed Cryptocurrency. Before you can buy any of these gold-backed cryptocurrencies, first you need to have a stash of either Bitcoin or Ethereum. These 2 are the major cryptocurrencies today which is used when buying other types of altcoins. The important thing to consider is to go for a site/platform of the current cryptocurrency ... Bitcoin vs. Gold, or Bitcoin vs. Gold-Backed Cryptocurrencies? By. KGS - November 27, 2019. In every internet forum focused either on gold or on cryptocurrencies, there is a thread (usually very well attended) dedicated to a comparison between the two. Look also at their latest commercial . In April 2019 the research department of Grayscale Investments published a report (Bitcoin & the Rise of ... Bitcoin backed with Gold is soaring high amidst the crisis! By Rajat Gaur. There are a lot of things that one has to ensure before understanding the Bitcoin network. There are a lot of other things that one has to make sure before he understands investment with Bitcoin. There are a lot of products that the cryptocurrency is associated with and that means that the asset value of the products ... Gold-backed tokens, similar to the once great E-Gold, represent a certain amount of gold that’s most commonly measured in either ounces or grams per token. Gold-backed tokens, however, enjoy a number of additional benefits from existing on the blockchain. The distributed ledger provides ample amounts of security, and the majority of gold-backed tokens can transfer hands within seconds.
Gold and Silver Report 10-22 - Bitcoin is Fiat And Is ...
Correction: Fork is scheduled for Oct 25th, I spoke the wrong month. Bitcoin gold is a proposed hard fork on the Bitcoin network that will change the proof o... Why Bitcoin is Better Than Gold, with Wences Casares Watch the newest video from Big Think: https://bigth.ink/NewVideo Join Big Think Edge for exclusive videos: https://bigth.ink/Edge Xapo CEO and ... Why I Dumped All My Bitcoin For This Gold Backed Crypto Currency! In this video I show you why i decided to change my Bitcoin into the Karatgold coin (KBC) and show you how you can obtain this ... China’s big move for the 21st century is to pull a “trap door” on the U.S. by launching a gold-backed crypto currency that will devalue the U.S. dollar to “z... Money is as old as human civilisation and civilisation itself is reliant on possessing ways in which to exchange, account for, and transfer value. A brief hi...