3 ms·
E-Gold™ is back.[0] Now with added cryptocurrency. Having a blockchain registry to track ownership of precious metals is not a bad idea. But as the ultimate ca
by olefoo 11y ago
E-Gold™ is back.[0] Now with added cryptocurrency.
Having a blockchain registry to track ownership of precious metals is not a bad idea. But as the ultimate capitalists over at ZeroHedge [1] point out it's a centralized system and vulnerable to both fraud and attacks from governments ( vaults full of gold are hard to hide and harder to move ).
0. http://www.wired.com/2009/06/e-gold/ http://www.wired.com/2009/06/e-gold/
1. http://www.zerohedge.com/news/2013-11-29/e-gold-founder-launches-new-gold-backed-currency http://www.zerohedge.com/news/2013-11-29/e-gold-founder-laun...
- Kaizyn 11y agoIt should also be noted that in a real crisis, getting gold out of a gold hoard will prove problematical, especially if the vault is geographically distant from you. Likewise storing a couple tons of gold under your bed isn't terribly practical. Good luck trying to transport that if you need to leave in a hurry.
- jahewson 11y agoIndeed, although a couple of tons of gold is worth roughly $68,000,000.
- omgitstom 11y agoHow is this different than the fiat money we currently use? In a real crisis, what is your money in your pocket or banked backed by? The ability that the government can tell you that the value is what is on it's face? How is that any better than gold?
- deleted 11y ago[deleted]