The way that I see the crypto economy is that every liquid asset is backed by a number of things. Encryption, scarcity, electricity, people, networks and utility.
Gold certainly is secured. It is secured by nations, banks, governments, people and the vast utility. It has been the standard for centuries and we are not about to abandon it. Gold is well known to traditional investors and holds stability and trust.
It's weird how some people think gold is the unique source of value.
Maybe Apple should back it's share with some gold ? Maybe you should put some gold in your basement to be sure your house has value ? Maybe you should mix some gold in your food to be sure that the food you eat is valuable ?
Value comes from the human mind, if some folks deemed a good valuable, then it's valuable, period. If you love gold, go buy some, but please stop thinking it's the only source of value, it's an economic nonsense.
Besides that, it's against the whole point of cryptos. We are here because Satoshi invented a decentralized way to exchange and store value, it's a reactonary idea to add centralization to the system.
Have you heard about e-gold ? It's so 2003, but you can still try it. Oh wait... actually you cannot, because it's was not viable.
It certainly is weird that people think gold is a unique source of value. Even weirder are those who think its the "only" source of value. I do love gold and yes, I have some but I think it would be silly for apple to back its shares with gold as they are already secured by the products and fat dividend they pay. Plus we people love their products so I guess its in demand.
I really got alot out of that. I hope that it is clear I believe gold is the only thing of value. Tomorrow I should buy some more for my conflakes.
Tell me more about that decentralised way to exchange and store value. Sorry but bitcoin isn't the answer!
No, its not reactionary, its investor logic to want security.
Centralisation is not to be feared. In some instances it is the only way to do business. A bank of Switzerland owned by Invictus that acts as the central vault to secure bullion is out of the possibilities? If proper legal course is taken, how does one simply "shut down" a bank? I can safely say that the first decentralised crypto to secure the network with XAU (or organic tomatoes) in a legitimate nature will certainly see big money.
The future looks bright for bitshares but Im certain this is a great idea. Highly doubt it will ever go anywhere within invictus as we seem to jump at the word "centralised". A silly coin did try the XAU thing though. Was more of a backyard job than a serious venture. You need a bank for legal security, protection and trust. "Here john, can you store these ingots in the basement?"
I certainly agree that BTSX does have backing. But... am I guaranteed security with my bitshares? No. I cannot buy $1 of them and be guaranteed I will be able to exit at $1. I'll probably exit with $6 but I dont want that. I want my $1.
Before you tell me to buy BitUSD and earn interest, yield, dividend or whatever it is today, can you assure investors that $100,000 BitUSD will be 100k equivalent or more due to interest? No. If shit hits the fan you are stuck with 100k digital units worth X. If it was gold backed then yes, I can comfortably exit at any time.
Look at mastercoin/maidsafe. What are you going to do with your $100k mastercoin IPO? Write it off on tax? I expect that the IRS will want to know all about your little crypto eggs. You might however be the first early adopter to come out of the closet. Kudos.
The federal reserve failed, nearly every economy has. But I know Invictus is smarter and can adapt rapidly to any situation.