Bullion Bitcoin - New Animation Video

LiteCoinGuy

legendary

Activity: 1148

Merit: 1011

In Satoshi I Trust

Quote from: jbreher on March 26, 2015, 12:22:56 PM

For me, too much trust required. Need to trust the physical gold depository. Need to trust that 'digital gold' will not be issued in excess of physical gold. These are big enough barriers for a new entity. But even if all that is on the up&up, need to trust that some government won't come in, guns blazing, and confiscate the gold.

See e.g. Liberty Dollars for precedent.

yep. dont trust some people that promise to hold YOUR money/gold/BTC

by the way: search for "e-gold"

jbreher

legendary

Activity: 3024

Merit: 1640

lose: unfind ... loose: untight

For me, too much trust required. Need to trust the physical gold depository. Need to trust that 'digital gold' will not be issued in excess of physical gold. These are big enough barriers for a new entity. But even if all that is on the up&up, need to trust that some government won't come in, guns blazing, and confiscate the gold.

See e.g. Liberty Dollars for precedent.

neoneros

sr. member

Activity: 462

Merit: 250

I can draw your avatar!

So where can I turn my gold into bitcoin? It is a very limited exchange and who can 100% convince me they do have the gold to back it up?

It smells like a big scam, you think you have your coins in gold, but it is just on paper. The will sell more gold than they have. All in all it is back to where we started and Satoshi started to think this system was wrong. Cry

Aswan

legendary

Activity: 1734

Merit: 1015

Nice Idea but... Where can you exchange the digital to the physical gold? How can it have the same price world wide if it can only be exchanged at one location? Also, are there any costs involved when exchanging it to physical gold? Can this be done anonymously?

rivoke

legendary

Activity: 924

Merit: 1006