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RE: Tim Draper, you're wrong. We're not gonna use crypto instead of fiat soon.
For the reasons you mentioned, there might be a big future for digital money backed by e.g. gold. I am currently very enthusiastic by a new ico karatbank, that's a very nice one to have a look at but also things like bitGold on BitShares and these quints of gold announced there. Super interesting concepts that will gain a lot of popularity for sure.
That might be a good solution, but it involves trust in the backing company + the trust that the governments and banks won't dump all their gold into the market.
:-) I thought they dumped that already, the times that fiat was backed by gold are finished, no? :-)
These karatbank guys have 'paper' money that looks like fiat but with real gold inside, it is an insane mix of old with new.
Trust in the backing company is a big fat issue but e.g. these quint guys would document all their asset buying, secure storage etc. on the blockchain itself. It doesn't give me the necessary trust yet but it points to better approaches.
My favourite ending
Exciting Times :-)
It's over, but they still HODL it. Or, atleast they brag about HODLing it.
Here's a list of the greatest HODLers of gold from Wikipedia.
The circulating supply is, I imagine, difficult or impossible to calculate, so we can't predict the effect of dumping 8 megatons of gold back into the world.
It's just an unlikely possibility tho'... And the market will recover. Lookin' forward to seeing the evolution of all of this...
Truly,
Exciting times!