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RE: Can Gold & Silver Be Put On The Blockchain?
If you back cryptocurrency with gold you introduce centralized risk, since each bit of physical gold must exist in a single physical location. If you instead back gold tokens on a blockchain with cryptocurrency as collateral like BitShares does with bitGold, you have the ease of use of cryptocurrency with the value of gold.
Makes more sense.
They manipulate Gold/Silver all the time by Suppressing it.
Yeah, but if it is suppressed you can get it for a bargain price.... ;)
That is absolutely true!! It is strange that more people don't realize this.
I welcome the manipulation though. It has kept it on sale for a long time. The manipulation will end though eventually--when it is in the big player's best interests of course. We can still profit from the currently manipulated low prices though!
Slow steady accumulation over here.
it is already in my blockchain , at my wife's neck
The centralized risk in the manipulation of the metals market combined with the speculative risk of cryptos will be interesting to watch. Tokens as a stop-gap may mitigate exposure to some extent, but the endgame in crypto is for crypto to stand on its own with value driven from long-term, consistent gains. Marry that with use-case benefits like fast(er) transactions and inherent security/anonymity and it's a very short walk away from fiat.
Well, it wouldn't need to be in ONE place, you could distribute it to various third party storage facilities but obviously your risk regd. regulation and law enforcement is much larger than holding it physically.