Topic: A gold-backed coin - page 2. (Read 1127 times)
There may be a market for this? Some people trade "paper gold". However if one could buy a gold backed coin then one could also buy gold. Holding the gold is far more compelling than holding a voucher for gold. Especially when considering that gold is a hedge against catastrophic collapse. A gold backed coin may have zero value if there is no internet, while a gold coin would have huge value.
There have already been at least one coin that "claimed" to do this already. It did not go well for users.
How would you technically implement this? How is gold to back each mined block guaranteed cryptographically?
If I created a coin that was redeemable for physical gold at a specific ratio, would miners pick it up?
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