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RE: The robust foundation of the new Monetary System.
Cool idea but I have questions.
"ABX has the global vault system needed to support the safe storage of the gold."
So, with a vault system like that, there will definitely be a huge cost. How is that going to be paid? Also, what happens if the gold is somehow stolen from the vault? How can we be sure that there won't be some sort of fractional reserve banking done by the vault owners?
The transactions come at a cost, but this cost is well below the current digital transaction costs which average at 3%.
ABX is an enterprise-provider; the holdings will be insured.
The gold is not owned by the vaults; the gold is owned by you. Gold is typically stored in vaults as it is.