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To fully validate your gold holdings yourself, you must determine that the metal is actually gold at the purity stamped on the coin/bar. Or you must trust the a
by clarkmoody 7y ago
To fully validate your gold holdings yourself, you must determine that the metal is actually gold at the purity stamped on the coin/bar. Or you must trust the authority whose image appears stamped in the object.
Obviously most gold holders do not have metallurgical laboratories in their homes, so your assertion is half-wrong. Yes, there is no counterparty risk to the transaction: you hold the gold. But there is third-party trust that what you have is indeed gold.
Of course, I would be a bad Bitcoiner if I didn't mention that Bitcoin solves both of these problems. You can fully validate the quantity and validity of your bitcoin with your copy of the blockchain.
Unlike "blockchain people" though, I do not believe gold -- or any other physical object -- can be realistically tracked in a digital system. So I reject the "put gold on the blockchain" idea as a non-starter.
- newphonewhodis 7y ago>most gold holders do not have metallurgical laboratories in their homes, https://www.amazon.com/slp/gold-testing-kit/25dkrbmt9yxy6dd https://www.amazon.com/slp/gold-testing-kit/25dkrbmt9yxy6dd
- divbyzer0 7y agoThanks, I was not aware of these. I'll have to research. I suspect they're somewhat desctructive, but could be justified with more than 1000USD worth of metal.
- kss238 7y agoWill those be able to differentiate between 99.99% and 99.90%? Because that's the difference in purity for these fakes.
- mruts 7y agoIt’s not like individuals are going to care. In fact the only people who would care are the government and the refineries who’s brand is being stolen.
- divbyzer0 7y agoYes, there is trust when purchasing precious metals. The idea to to deviersify. A little gold, some silver, and perhaps some digital currency. We cannot eliminate risk, but we can reduce and mitigate.