iconIn progress
iconMark the best answer to this question and earn +2 reputation points

Gold and silver on the blockchain

It is wonderful to see our precious metals on the rise again, demonstrating the failure of fiat currencies. And despite efforts that will take place to knock down our glittering friends again... the rise will continue.

I often ponder the gold and silver backed blockchain or token. When it comes to the concept of sound money - this hybrid model seems to have a great deal of merit.

What are your thoughts - advantages, disadvantages, costs and benefits?


Answers 4

Totally agree, I'll take gold and silver in the hand, over fiat any day. Central banks will keep printing to prop up insolvent banks and the stock markets. Within the next 2 years, I feel there will be a stampede into metals and cryptos.

Over the last 5 years, (at least) gold has moved from west to east. China and Russia have been stocking up on all the gold they can get their hands on, and the rumour is that once the US Dollar looses it's reserve status, China will release their own central crypto currency backed by gold.

Can't wait to see how this plays out. The world economy is like a warehouse full of domino's , just waiting for a black swan event to knock one over, hence starting a chain reaction that can't be stopped.

Buckle up!!

it will really be awesome to have a cryptocurrency backed up by gold and silver. The essence of money in the beginning was value. Things got all wrong when fiat set in having no tangibles to give value to currencies.

Very good question, it is not that I have much knowledge about it but offering a currency backed by gold and silver, provides reliability, especially in times of economic instability.

Personally, I think when it comes to precious metals there's no substitute for having them on hand as opposed to ETFs or some such. Otherwise, they're just another semi-virtual asset whose risk and prospects should be evaluated accordingly. I would hazard to say that Dollar Cost Averaging into physical gold will always prove a good hedge against bad times.

  • Yes, physical is best, though it does have its drawbacks Mr Jones. A premium for starters. Don't think you are ever going to get physical at spot. Storage, freight, insurance - it all adds up. But like you - I like to be able to hold it. SK.
Nothing to see yet