Asset backed cryptocoins? - page 4. | Bitcointalksearch.org

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: magneto on November 07, 2019, 01:29:49 AM

Especially not when it's issued by a greedy government, like in the case of Venezuela and their petro crypto.

I still consider that case to be a public stunt and to keep their economic state ongoing for the time being since the inflation rate became so high. High economy countries would not face this problem, but even if they do what would they do to stop it? They would not go for cryptocurrencies because that would mean losing support of the biggest financial institutions.

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The whole thing is just a pure disaster, trying to drag in whoever dumb enough to invest into it before completely ceasing development.

And there is no way for people to predict whether they would continue or stop development.

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The thing is that whenever you have something backing a crypto, you end up having to trust that central party anyways. And that is against the whole idea of crypto - to decentralise.

We talk about getting it decentralized but then we also have to use exchanges and services that "centralize" our coins. Wink

alexsandria

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Quote from: Wysi on November 05, 2019, 03:31:02 AM

We have seen some of the assets backed crypto coins in the market on the way and do you guys think this will be the future as this is directly based on national assets like gold and other products like charcoal and energy based products. This will help in growth of country's economy if not taken over by greedy corporatesand and and will it have government's support or soft corner in the regulator's eye as it will bring in some money from outside.

That is totally unsettled in first place. A company backed asset by crypto is totally a tough one because there is a lot of potential risk out that in worst case scenario is that they might be turning down their businesses as if they have no more support. Usually a company looks always a head, in the future so when it comes to this that is totally understable if they are against in crypto but if they did not and confidently use crypto, well, there may be some unclear thoughts out there.

ashmodeus

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i have no idea , since all of that basically just bullshit to me .
backed by gold,backed by silver,backed by diamond.
but well, as time goes , nothing is real about it.
about stable coins ?
oh come on , we know exactly USD is the biggest money on this earth, we don't need to ask where they get much USD to backing the price

BitHodler

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Quote from: magneto on November 07, 2019, 01:29:49 AM

The thing is that whenever you have something backing a crypto, you end up having to trust that central party anyways. And that is against the whole idea of crypto - to decentralise.

Exactly. I'm not necessarily against businesses launching their asset backed crypto, but the way it gets advertised as crypto's new hope or the next big thing is false and actually very shady as it is meant to mislead noobs.

Yes, some stablecoins do extremely well, especially USDT, but that's just from the perspective of a trader, while most non traders will rightfully never touch that stablecoin because it's against anything crypto in general stands for.

Wysi

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Quote from: imstillthebest on November 07, 2019, 01:27:21 AM

cryptos are already reffered to as an asset or investment assets but after reading further i can see that you are refering to an actual assets like gold , silver and simillar .

yes there are asset backed cryptos but i already forgot thier names because majority of them are only a new projects came from an ico . it supposed to help our economy if we can invest on them but cryptos itself can also help the economy if use on a proper way so why not go for both ?

Yes crypto will definitely help the economy of an individual and have less affect on those who are not involved in crypto but if we have a business based on crypto then it will help those who are not involved in crypto as well, I know it's not easy to run a asset backed crypto due to run ins with the government. While I was posting this OP thread I missed out to consider government's backlash for asset back cryptos.

magneto

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No, it won't work.

Especially not when it's issued by a greedy government, like in the case of Venezuela and their petro crypto. The whole thing is just a pure disaster, trying to drag in whoever dumb enough to invest into it before completely ceasing development.

The thing is that whenever you have something backing a crypto, you end up having to trust that central party anyways. And that is against the whole idea of crypto - to decentralise.

imstillthebest

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cryptos are already reffered to as an asset or investment assets but after reading further i can see that you are refering to an actual assets like gold , silver and simillar .

yes there are asset backed cryptos but i already forgot thier names because majority of them are only a new projects came from an ico . it supposed to help our economy if we can invest on them but cryptos itself can also help the economy if use on a proper way so why not go for both ?

X-ray

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Quote from: Kyraishi on November 06, 2019, 11:12:21 PM

Quote from: enhu on November 05, 2019, 03:46:09 PM

Its been explained that its going to be hard to put value to the coin when the real asset lies somewhere else and the answer to the question of whether the real asset is real or not is uncertain. And when its proven real, how do you determine whether the team/developer are not making this project centralized?

The blockhain of this asset backed coin may not be centralize but the real asset like the gold reserves are. People somehow trusted this ZRCoin recently, its not going to end well. If the project ain't going to succeed in the production and sales, they are going to go back to the basics as to whether its truly decentralized.

I don't think the problem is putting value to the coin (like people not thinking the coin is worth the price of the US dollar, if it was backed by the US dollar).

The problem here is that, people don't actually think the company that has their own crypto-coins, actually own the asset. If you hold gold, or USD, you can have it in your bank, or next to you, which makes you feel a lot safer then holding an asset that just says they own X assets.

Isnt there SEC that usually do the audit against any massive stablecoins? I mean last time I heard from the news about the suspicion of Tether printing money out of nowhere and many people saying that Tether is faking their reserved fund and then after being audited by the authority it is revealed that indeed they have the following reserve fund.
If there is a stable coin I think the government should be in charge of auditing since it is owned by private company anyway and the one receiving the money for the taxes are government as well.
The stable coin by that will have no problem of gaining value because their assets are confirmed by the government.

blckhawk

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Asset-backed cryptocurrencies provide another layer of security to investors by having real asset dictating it's value that it's worth something. However, due to this additional factor, government would consider them a company that should be listed, and pay taxes and such. This would also make them easier to approach exchanges, but it would be just like another company with it's worth relying on these assets that has value in its local currency.

Ludmilla_rose1995

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Quote from: Wysi on November 05, 2019, 03:31:02 AM

We have seen some of the assets backed crypto coins in the market on the way and do you guys think this will be the future as this is directly based on national assets like gold and other products like charcoal and energy based products. This will help in growth of country's economy if not taken over by greedy corporatesand and and will it have government's support or soft corner in the regulator's eye as it will bring in some money from outside.

Mining assets like oil, gold, and fossil backed by crypto coins will certainly be very good for the country's economic growth and will surely get support from the government as long as they comply with policies and laws in the country. The question is "will the corporation not cooperate with the government in such matters?" I think the State and corporations are good friends to exploit the earth's resources for a wealth of government and corporation. and I don't think this is very good.

Kyraishi

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Quote from: enhu on November 05, 2019, 03:46:09 PM

Its been explained that its going to be hard to put value to the coin when the real asset lies somewhere else and the answer to the question of whether the real asset is real or not is uncertain. And when its proven real, how do you determine whether the team/developer are not making this project centralized?

The blockhain of this asset backed coin may not be centralize but the real asset like the gold reserves are. People somehow trusted this ZRCoin recently, its not going to end well. If the project ain't going to succeed in the production and sales, they are going to go back to the basics as to whether its truly decentralized.

I don't think the problem is putting value to the coin (like people not thinking the coin is worth the price of the US dollar, if it was backed by the US dollar).

The problem here is that, people don't actually think the company that has their own crypto-coins, actually own the asset. If you hold gold, or USD, you can have it in your bank, or next to you, which makes you feel a lot safer then holding an asset that just says they own X assets.

Obito

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Quote from: Wysi on November 05, 2019, 03:31:02 AM

We have seen some of the assets backed crypto coins in the market on the way and do you guys think this will be the future as this is directly based on national assets like gold and other products like charcoal and energy based products. This will help in growth of country's economy if not taken over by greedy corporatesand and and will it have government's support or soft corner in the regulator's eye as it will bring in some money from outside.

There is a lot of constraints existing with assets backed by crypto coins. First thing is the government in which cannot totally eradicate greedy people, corrupt officials, and officials who have no idea with crypto itself usually they dump directly concerns like these. Second one, third party existing here in which somehow good but at some point taking the control over which at some point breaks the very nature of crypto currencies. Lastly, not all people, companies are into crypto some of them fear it the most.

Mometaskers

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Quote from: Wysi on November 05, 2019, 02:19:09 PM

Quote from: Mometaskers on November 05, 2019, 12:49:55 PM

I'm skeptical with these so called asset backed crypto. How would I be completely sure they have enough asset to back up their coins? I'd probably rather just buy gold than buy a coin that is supposed to be backed by gold.

So basically physical assets and then crypto. Or stocks in a company that produces the good if you really want to be in commodities.

Yes I have just realized it with some expert reviews on my post and now I got a clear picture of the other side of asset based crypto and there demerits, but there are some projects which is backed by their government but it will not take longer for them to develop conflicts just like how it happened with Tether. I think crypto will be better without any government backed projects.

When I first heard Tether my first thought was "Backed by USD? That's nice, it would be stable". Never bought any and am glad I didn't. People initially flocked to bitcoin because there was less government interference, that it's mostly market-driven, so why buy these gov't coins?

BChydro

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Quote from: Wysi on November 05, 2019, 03:31:02 AM

We have seen some of the assets backed crypto coins in the market on the way and do you guys think this will be the future as this is directly based on national assets like gold and other products like charcoal and energy based products.

I understand what you mean by gold and fiat backed cryptocurrency but what do you mean by charcoal and energy backed crypto Roll Eyes

. If the company is transparent enough to provide the evidence then i will trust their currency and they need to have an independent third party auditing and everything must be transparent when it comes to fiat and gold backed coins if not you cannot trust them, what are the crypto that are backed by charcoal and energy based products, could you list those here so that i can look into it as i kind of see those as funny trolls Grin

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youdacapt

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almost all do not involve the government because the connotation of assets is oriented only to their business groups, they have absolutely no price guarantee, for example, Lnk with silver-based assets last year, they are only biased in market prices and even unstable with the price of supporting assets, this project finally sank because it continued to follow the flow of bitcoin prices.

hatshepsut93

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All these backed coins are inherently centralized, and centralized cryptocurrency is just useless - it has many downsides of crypto, like limited scalability, and none of the benefits. It's inherently impossible to put on blockchain something that is not programmable without reverting to trusted third parties, and cryptocurrency's sole goal is to get rid of those third parties.

TheUltraElite

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So anyway, I applied as a merit source :)

You can look into what Xaurum has done with gold. I think it is a good way to keep some assets in such asset backed tokens. But I prefer to hold gold more than holding a token that backs gold, kinda seems redundant to me in the first place. Gold itself has a good long term value and it can be traded without restrictions in another country. It is a nice gift for a younger generation and these things pass on from generation to generation while crypto backing them will have some problems in keeping up in long term.

Daimond backed CEDEX has an ICO recently and they did well in my opinion having opened a diamond marketplace for those who want to buy sell them.

Gemera, an emerald backed ICO was not sucessful enough and they have gone silent since then, leaving investors at loss.

Getmon

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Quote from: mirakal on November 06, 2019, 02:26:38 AM

I think this is gonna be the future of investment.
They can just easily make a coin that is back by their product and as people are seeing its legitimacy, this also open a chance for us to invest in big companies that normally big investors are only allowed to invest or has the capacity to invest.

Actually I've never invested one yet but maybe in the future if there will be more opportunities to invest I would try.

How many ICO projects that claimed to have been backed by assets? There were a few that were said to be backed by stocks, gold, precious metals, real estate properties, collectibles, and some more. How many of those projects that made success in the market? There was none that is quite known. Even some stable coins that are said to be backed by real USD are not doing well.

toast

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Quote from: crossabdd on November 05, 2019, 10:27:41 PM

that's just how the project's progress continues. if the developers can provide the best and can survive, I think it can be a good future. The developer must convince the government and submit their ideas for the future of the country for the better. so that support from the government can advance the projects that are being developed.

That is what is needed by the developers in cooperation with the government because no matter how good the project and good goals are, but if the government does not provide authority and cooperation, of course all of that does not mean any such project and I am sure that someday the crypto or blockchain will be adopted or cooperation with the government for economic progress

mirakal

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I think this is gonna be the future of investment.
They can just easily make a coin that is back by their product and as people are seeing its legitimacy, this also open a chance for us to invest in big companies that normally big investors are only allowed to invest or has the capacity to invest.

Actually I've never invested one yet but maybe in the future if there will be more opportunities to invest I would try.

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