Is it possible to have a Gold Backed CashToken?

Question

Bitcoin Cash (BCH)

Donaldo McFocker

Is it possible to have a Gold Backed CashToken?

#bch #bitcoincash #cryptocurrency #english

0

30.03.2024

9 ответов

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Donaldo McFocker Автор вопроса

Mathieu G
yes, could both be custodial (trusted) or using a ...

Nice! I'm bullish on Gold, BRICS doing some moves, and having Gold CashToken on BCH would be epic

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7 месяцев назад

Tom

Donaldo McFocker
Nice! I'm bullish on Gold, BRICS doing some moves,...

Probably better to just own the actual metal, in your hand. Having a "paper" version of it is no good, it makes it possible to do fractional reserve and sell the same metal two (or 3 or 99) times. It doesn't really make a difference if it is registered on-chain or on paper, doing it as a cashtoken just adds complexity to make it look good. But there is still no guarantee that the underlying metal is actually yours and only yours.

0

7 месяцев назад

Donaldo McFocker Автор вопроса

Tom
Probably better to just own the actual metal, in y...

Yeah, I agree, but in case of sudden urge to leave a country, selling everything would be a hassle, aiports wont allow you to carry all the Gold 😅

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7 месяцев назад

Tom

Donaldo McFocker
Yeah, I agree, but in case of sudden urge to leave...

gold is smaller than you'd expect 😉

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7 месяцев назад

Pope Nobody

Tom
Probably better to just own the actual metal, in y...

There are use cases for the token, though. For example, when you go to porkfest.com or forkfest.party, you buy a cup of coffee from a campisite coffee bar, it costs a dollar, but you've got a goldback worth 5 ... what do you do? Well, he could send you 0.8 gb2 ( gold back backed )tokens, and then when you spend another $5 goldback on your $4 hamburger for lunch, you have a whole token and can trade it to a food vendor for a physical one and he can use it for change again. Or you can go up the hill to the goldback.org tent, and trade it there. Which might just be becasuse I left them with 50 physcal goldbacks and asked them to give them to anyone who presented them with a token. Metal and Paper/Electronic is a good mix ... if the metal is the big thing and the paper / bits are the little thing ...

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7 месяцев назад

Tom

Pope Nobody
There are use cases for the token, though. For ex...

but why not just use BCH directly? There are really only two reasons why such places use tokens. 1. the operators want a bit of profit. 2. the vendors don't want to deal with money. Merchants can arrange something, if they must, for n⁰1, the second is simply solved by paying with BitcoinCash to a xpub.

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7 месяцев назад

Pope Nobody

Tom
but why not just use BCH directly? There are real...

You could do that. porcfest.com and forkfest.party are both libertarian/agorist/anarchist gatherings, and we will take just about anything before we take murder tickets. I kinda want to introduce the system because it is a gentle introduction to crypto for goldbugs ... which I say with love. Also, gold is of value, so why not have it? And if you have it why not use it? I sent 6 krugarands from south carolina to new hampshire to invest in my firend's brewery when I was a coder for a little stock trading outfit called automated trading desk. It cost me something like $200 to insure it for shipment. With a token system, I could have traded the krugs at a coin shop for krug tokens, sent the tokens to my firends wallet, and he could have redeemed them at a coin shop here in the Free State for the krugs. it means that the wealth of goldbugs would no longer be trapped in vaults gathering dust, illiquid. And personally, I beleive in holding both gold, silver, crypto, and the other precious metals as well ... steel brass and lead ... though they are only precious if properly shaped ....

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7 месяцев назад

Pope Nobody

Pope Nobody
You could do that. porcfest.com and forkfest.part...

I was actually there during a ammo shortage one time and paying for shots the old fashoned way .... though they were charging me two "shots" for a shot of booze, not one ....

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7 месяцев назад

Mathieu G · Accepted Answer

Mathieu G

yes, could both be custodial (trusted) or using a gold oracle with BCH over-collateralization

0

7 месяцев назад

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Is it possible to have a Gold Backed CashToken?

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