Topic: Asset backed cryptocoins? - page 5. (Read 799 times)
Crypto backed with other digital currency and investment kind because bitcoin and altcoin price depend with how condition of external site, when get positive news from country want to legal bitcoin as currency price high and excatly when get bad news bitcoin goes down, always need backed with other community how to make bitcoin keep stable with higher price at the future.
Well I think asset backed crypto are better than crypto assets with no use and only based on pure speculation. The growing numbers of asset backed crypto should be regulated and audited by authorities it should be a global standard too.
Crypto that is backed up with commodities is very difficult to survive. As ever, many of them fell, especially to gold.
Because in fact the commodity that backs up crypto is questioned for its existence, is it true that there are goods or only as words.
I once followed an ICO backed up with gold, Lightcash. Somehow they failed in the middle. Maybe because of regulatory or hardcap issues not being met, I don't really understand and they are turning over investors' funds.
Because in fact the commodity that backs up crypto is questioned for its existence, is it true that there are goods or only as words.
I once followed an ICO backed up with gold, Lightcash. Somehow they failed in the middle. Maybe because of regulatory or hardcap issues not being met, I don't really understand and they are turning over investors' funds.
Digitalization/tokenization of assets is not new guys. It's similar to digital gold, commodity futures, etc. While traditional "balance" in a database prone to manipulation, stable coins in a public blockchain are easily audited; however, the traditional one might be more secure than crypto assets at the moment due to regulations.
I don't want to create FUD about Tether, but recent news clearly shows that stable coins also need to comply with the regulation.
I don't want to create FUD about Tether, but recent news clearly shows that stable coins also need to comply with the regulation.
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.
Fiat or commodity backed cryptocurrencies surely have a great part to play in the mass adoption of cryptocurrencies. Traders can conduct their trades with safety and harbor any fears of crypto market volatility the next day. i think bitcoin, ethereum and other major altcoins would be regarded as store of value by most crypto enthusiats instead of using it in our daily transactions.
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.
This means it is not much different from the products made by these assets, which is the problem here is the approval of the government. Almost similar cases like Facebook the difference is Facebook is a technology-based company not a state asset. And this is inversely proportional to USDT investing in assets.Besides, every asset must have been approved by the government. If the assets want to develop cryptocoin technology, they must accept the regulation and centralization in the cryptocoin. In my opinion the biggest obstacle is supporting, so it could be that the asset is backed by cryptocoin.
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.
Everyone should be skeptical. If we look at assets closer to us, namely stablecoins, they are being issued by entities who's goal is to make a shitload of easy money. The way they accomplish that is to have the stablecoins be so distributed and difficult to cash out, that the majority of the holders of these coins will never seek to cash out because it's too much of a hassle.
Tether has 4 billion USDT issued as we speak, for the sake of argument assuming that every USDT is backed by a dollar, at least a billion will never be cashed out because it's floating on some shitty non compliant exchanges. To cash USDT out, you need to kindly ask Bitfinex to buy them from you, and with their reputation people rather steer clear of them.
Most Gold holders are just as aggressive as Bitcoin holders when it comes to being the sole owner of the asset that you hold. I'm sure that they would reject a Gold backed crypto just as hard was we reject it.
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.
I think asset-backed crypto coins are going to be a huge revolution and a great tool to promote crypto adoption in the future, a lot of traditional investors would still rather invest in stuff like gold-based coins and having stuff like gold-based coin would be the best of both worlds for some people.It does ruin the speculative nature of cryptocurrencies, and I think the market is going to end up being split in 2, one side that is like XMR/BTC, all the unstable and decentralized options, and the rest being asset-backed coins and securities, safer investment options.
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.
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.
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.
You get it wrong, we already have some project out there with assets backed up crypto, like Maduro's Petro, but what really to Venezuela right now? It's not the solution and it won't bring the needed money to help the countries economic woes. And remember that those projects are heavily tax by the government, so if you are a crypto enthusiast, are you going to invest on them or would rather stick to bitcoin?
Anything called stable coins will not really attract the crypto users because people trusting the speculative nature of cryptos to make profits which is absolutely null in the backed cryptos so we are not going to use this in near future so any stable coins which will be launched will go unrecognized by most crypto players.
And more over backed up value is nothing but a lie told to us,if there is something real present which back up the value of that currency then their economy will not be in risker situation.
And more over backed up value is nothing but a lie told to us,if there is something real present which back up the value of that currency then their economy will not be in risker situation.
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.
The problem with claiming that you have an asset to back your coin is that the regulators demand proof that the asset exists. Tether for example has got into trouble for not being able to prove it is backed by a reserve of dollars.
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.
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.
But even though, we still need to admin that government intervention would be great for mainstream adoption of cryptocurrencies.
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.
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.
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.
So basically physical assets and then crypto. Or stocks in a company that produces the good if you really want to be in commodities.
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.
The problem with claiming that you have an asset to back your coin is that the regulators demand proof that the asset exists. Tether for example has got into trouble for not being able to prove it is backed by a reserve of dollars.
The other asset backed coin - Venezuela's Petro - claims to be backed by oil. But no-one trusts the Venezuelan govt to make that oil available to give the coin value.
People would be better off sticking with regular kinds of cryptocurrency. If you want assets like gold or oil, buy the gold or oil company shares directly.
Thanks for highlighting the other side of asset backed crypto as well, yes you are right when we initialy heard about Petro we thought it will break all the barriers but we don't see any further development, Tether running into trouble with authorities as they demand proof of asset which is fair from their point of view but not feasible to show accounts to regulator's everything make it too centralize and we will lose out on decentralized nature of it.
Let's say there is a stablecoin that is backed by gold right? Whatever the marketcap of that coin is the amount of gold that coins operators hold, there is a team (which makes it centralized which is the issue) that is literally all they do is get golds or storage the golds and what not and even if there is 1 to 1 ratio that every single ounce is covered with that coin, how are you going to give that coin back and get the gold instead?
Generally speaking, there is always an entity you can sell your stable or whatever backed coin to, and they will then give you the underlying asset back, in case of your example, they will ship the gold to you.The problem however is that gold needs to be insured before shipping and there may be VAT that you are subject to, so there is an additional cost that you have to take into consideration before you cash out your gold backed coin.
I rather buy real gold than some crappy crypto currency that's backed by gold.... it makes no sense for me at all and I'm glad to see that more people have a similar thinking.
The problem with claiming that you have an asset to back your coin is that the regulators demand proof that the asset exists. Tether for example has got into trouble for not being able to prove it is backed by a reserve of dollars.
I wasn't aware of Tether's problems, but I'm not surprised. I don't really follow or care about stablecoins much, because I don't think they're interesting and they really aren't necessary. They generate a lot of discussion around here, but for the life of me I can't understand what all the hype is about.We don't need any cryptocurrency backed by anything. There just isn't a need for it IMO, and it kind of goes against the spirit of cryptocurrency, not to mention that concepts like the gold standard are almost archaic these days. We've been using fiat backed by nothing more than a government's reputation for many years now and usually it works fine.
If you want gold, buy physical gold--not a cryptocurrency presumably backed by gold, which could be a scam. Failing that, you could always buy "paper gold" or invest in mining stocks or something similar. This concept of crypto backed by a physical asset just leaves a bad taste in my mouth.
https://bitcointalksearch.org/topic/ann-gold-first-100-liquid-stablecoin-backed-by-gold-5161544
This project is backed by gold.
I am not really sure how things worked if the cryptocurrency will be backed by anything, so if the price goes up, their *gold* will be stacked up also?
I know that crypto will depend on supply and demand, but how about their physical equivalent?
Someone, please give me knowledge about this kind of project. Thank you.
I wasn't aware of Tether's problems, but I'm not surprised. I don't really follow or care about stablecoins much, because I don't think they're interesting and they really aren't necessary. They generate a lot of discussion around here, but for the life of me I can't understand what all the hype is about.
The US justice department is investigating Tether and it's place in bitcoin rallies:
https://www.bloomberg.com/news/articles/2018-11-20/bitcoin-rigging-criminal-probe-is-said-to-focus-on-tie-to-tether
If it's not backed by dollars, then a rally based on Tether pretending that it is dollars is a scam. I wouldn't hold tether for anything in the world.
If people want dollars, hold real dollars not a fake coin like Tether.
I think there is a mistake in the word "Asset-backed crypto coins" because crypto means the possibility of transactions without the control of any third party "decentralized" while the backed currencies mean the existence of a central authority that supports the stability of the currency.
What is the purpose of the backed? Stability can be decentralized and therefore the concept of backed coins may not affect if values are stable.
The basis of support is to ensure that money has a value that can be relied upon and not simply promises. in other words that it is a representation of valuable assets such as gold in any form.
What is the purpose of the backed? Stability can be decentralized and therefore the concept of backed coins may not affect if values are stable.
The basis of support is to ensure that money has a value that can be relied upon and not simply promises. in other words that it is a representation of valuable assets such as gold in any form.
Jump to: