Topic: Iran and Russia want to issue new stablecoin backed by gold (Read 1034 times)

I see that you have absolutely no grasp of the situation that occurred before the Russian invasion of Ukraine in 2014. Thanks to the pro-Russian leadership at that time, led by President Yanukovych, the Armed Forces of Ukraine had very low combat effectiveness and strength. According to the acting Ukrainian resident Turchynov, after Yanukovych fled Ukraine, there were about six thousand combat-ready troops in Ukraine at that time. Therefore, Russia captured the Crimean peninsula almost without firing a single shot.
What kind of military maneuvers of the Armed Forces of Ukraine on borders are you talking about, and even with the participation of NATO? This is complete nonsense.

Putin’s Russia has long been hatching plans to seize Ukraine, and it would still find a pretext for this. And as a matter of fact, this pretext, like the pretext for a full-scale invasion of Ukraine in February 2022, is periodically changed in the Kremlin to this day.

Let me clarify a little, as a resident of Ukraine who knows the situation very well.

The topic “Ukraine is joining NATO” is a complete lie. Until 2018, there was NOT A SINGLE legislative act or program in Ukraine regarding Ukraine’s accession to NATO. If you remember history, it will be even clearer why such an argument (Ukraine joining NATO is a threat to Russia) is a primitive lie! In 2013, and even early 2014, Ukraine had President Yanukovych. Absolutely PRO-RUSSIAN, which almost completely destroyed the armed forces of Ukraine and the defense industry. And until the moment of his cowardly escape from Ukraine, there were not even any hints about any contact between Ukraine and the NATO bloc. The attack on Ukraine occurred immediately after his escape. The government of the country (without a president, since elections were scheduled much later) did not make any global decisions at that time, much less about bloc status, since it was necessary to save the country that Yanukovych and his friends had plundered at almost zero....

The topic about “Ukraine is joining NATO, this is a threat to us, and we took a proactive step” appeared much later than 2014 (the beginning of the Russian invasion and occupation of Ukraine)! And they began to advance especially actively, especially after Russian terrorist troops were defeated near Kharkov and Kherson.

The real reason is the Kremlin’s fear that Ukraine has set an example of how to remove the criminal regime, and Putin’s painful ambitions about the “revival” of the bastard USSR. And yet, Putin’s fear of a potential loss of power, according to the Ukrainian scenario, when the people of the country said “no to a criminal in power, was in the first place...

In my previous comment, I consider the military operation in Ukraine to be a Russian aggression against the territory of an independent state. No one doubts this.
But when you ask me about the reasons for this operation, I may appear to be in a pro-Russian position. Let's go back a little. Russia decided to launch a military campaign against Ukraine if it continued to carry out military maneuvers on its borders with the participation of NATO. This was the pretext that Russia used to occupy Crimea in 2014, which served as a warning to Ukraine to stop all military activity that might threaten the integrity of Russian territory.
This is not an excuse for the crimes Russia has committed and is still committing in Ukraine, but these are the geostrategic reasons for the outbreak of this war, which no one expected to happen so quickly and in this way.

There are no conflicts between Ukraine and Russia. This is a classic war of conquest with the goal of destroying a neighboring state and seizing its territories. And Putin’s reasons for attacking Ukraine have changed more than once and are still changing due to the fact that the goals of the attack turn out to be unattainable.

For some reason, you forget that it was Russia that attacked Ukraine, and Ukraine turned for help to the participants in the Budapest Memorandum, who guaranteed its security in exchange for Ukraine’s renunciation of the third world nuclear weapons potential that Ukraine had. Therefore, it is quite logical that Ukraine receives assistance from these countries, including the United States. Russia would be satisfied if no one stopped it from destroying Ukraine and its people. Therefore, it is not NATO countries that violate the independence of Ukraine, but only Russia. There is no NATO contingent in Ukraine that would fight with Russia. The Ukrainian army is defeating the Russian army in Ukraine. But Russia is uncomfortable admitting this, so the Kremlin invented that in the war on the territory of Ukraine it is fighting with the entire NATO.

I don’t believe that this will work because there is one country that is not so viable in handling the foreign affairs and there is other whose president banned the crypto and unbanned the crypto God knows how many times. How can this relationship would work in the long run without any second thoughts. Backing up anything with the Gold is like having everyday trend now that seems not working that properly as it should have been.

The gold reserves has to be held properly otherwise in the world where a war can break out at anytime these gold reserves can become unstable at anytime. Let’s say this partnership breaks in between then who would take the responsibility of these Gold reserves??

Moreover if we even checkout the Top Gold backed stable coins then they don’t have much of market cap. They have not obtained much attention so I highly doubt this is going to be any different?

Just for records, Gold backed stabelcoins. If you check the market cap and historical chart views then it’s not a fun.

1) Tether Gold (XAUT)
2) DigixGlobal (DGX)
3) Paxos Gold (PAXG)
4) Gold Coin (GLC)
5) Perth Mint Gold Token (PMGT)
6) Meld Gold by Algorand

Maybe but I believe there is always a third option like a nationalist option that can manage to gather everyone or at least the majority under a singular flag. I'm not familiar enough with Ukrainian culture to say what it is, but there is always something everywhere. Sometimes it is ideology whether one of those "isms" or religion, sometimes it is economy, sometimes just nationalism, etc.

You are right to be worried because we have seen them do whatever benefits them the most and that's why its a risk and I do not think that it would make any sense to keep it going like there is nothing wrong. But, staying away doesn't make sense neither, if there is one, then you should check it. If you check it and see that its good then you can get some, if you check it and looks dangerous then you could avoid it.

First of all, I do not really enjoy people at the top of these nations, I feel like they could do anything at any moment and there is no democracy, which means that I won't be investing due to unsure nature of these nations, but if any other nation with a proper democracy and elections do it, I may consider it.

The simplest explanation of this "project" is to blow dust in the eyes of the world, and to show, fake of course, its "self-sufficiency".
I will not talk about Iran, I honestly admit that I have not studied the topic of Iran's economy in depth. But russia, which is floundering between bad and very bad solutions to the problems of its economy, is clearly an empty shell in this project. Huge inflation, collapse of the economy, impoverishment, sanctions, selling off everything they can, for any money, if only someone would pay a few dollars ... And there is such financial pathos !
In a word - all their "game" is an empty sound to distract from real problems, really unsolvable, and an attempt to be "proud" of something. That Russia will have to be proud of a fake project - so Russia is not used to it !

Not all the time.

Look at those countries that have gold reserve, they just can't go away with inflation. This means that even having a currency that's backed up with gold, it can't skip hitting inflation.

They're also going to deal with it no matter what. It sounds good by just looking at it but if the purpose is just to have cross border transfers since Russia has been penalized a lot by most payment processors, this is the resort that they need to have.

you have valid questions here. how sure are we that they have the gold they declared they have? and how are they going to the open market if they are sanctioned? there's more than meets the eyes here. we don't know how honest they are with their claims, now that they want to keep the real scenario out of public eyes. i don't know how trustworthy they will be if they will create this stablecoin backed by gold. just like many projects that have been abandoned and forgotten here, which claimed to be backed by gold. where are they now?

It worked in the Middle Ages, and before industrialization. The growth of production led to a gap between real gold reserves and the mass of produced goods and services, I hope it is clearer.

And in the modern world, especially when playing games with not the most honest countries, there is also a question - how can they confirm the presence of their declared gold reserves?
This is question number 1
Question number 2: how much is gold that can neither be sold nor exchanged worth? Do you know what this is about? Because Russia is under sanctions, including on gold transactions. And it can neither sell it for hard currency nor exchange it for something significant. And it can't provide it with its GDP either, because it is 50% fake at least

Can you refute or prove otherwise ? I would love to hear your answer !

Gold is money that has been used since thousands of years ago so that it has a strong reputation, Gold is resistant to inflation because it is proven that the country that prints money based on gold support will be resistant to inflation, the value of gold can adjust to any situation, so that the steps taken by Russia and Iran surely it is the right thing.

Excuse me, I'll join your dialog. But I have to say that you are partially wrong.
Yes, Ukraine was part of the USSR. But if we are talking about division, during the Cold War, the "border" between NATO and Warsaw Pact countries was Poland.
Poland is part of the EU and NATO. And Ukraine chose the vector - EU. And the only one who does not like it is Russia - which has phantom memories and delusional hallucinations that "Ukraine was invented by Lenin", "all the territories of Ukraine were given to it by the USSR", "Everything in Ukraine was built by the USSR", and "It's all ours, we are great Russia, it all belongs to us". We found ourselves not BETWEEN two camps, but next to us, in the east, there was an inadequate neighbor, who for some reason decided that he has some right to tell us how to live, and has the right to do unilaterally as he wants. But that's his mistake

In many cases, the curse of countries is in their location. Ukraine is one of those countries because its location made it like the dividing line between two major world powers. The Soviet Union against the former Allied forces, and today between Russia and the western axis led by the United States. Ukraine is a productive agricultural and industrial country, and it is considered the lifeblood of the world in view of the abundance of agricultural production, but its location has made it a place of ambition for everyone, especially the disparate forces that wanted to make Ukraine a semi-neutral region without any regard for the will of the Ukrainian people and what they want to be. After the collapse of the Soviet Union, Ukraine was stripped of its military arsenal so as not to pose a potential threat to the Western powers, and Russia sought not to join the European Union or NATO in order to keep its western borders with its enemies safe.
I mean, even if good politicians appear, they will be loyal to one of the two sides of the force, and the other party will necessarily object to it. President Zelensky is a Western desire to fuel the conflict with Russia, which refused NATO to carry out military maneuvers on its borders and occupied the entire Crimea island in 2014.

Oh, again you have mixed up something, or fantasized

For example, P.A. Poroshenko was and still is an excellent politician, and very well accepted and supported by the world community. It was Poroshenko who was able to gather and activate an anti-Rashist coalition in the world! It was he who openly, without any backsliding called things in his own words !
Now he is actively working on financing of the AFU, leads international meetings, in some places more effective than the current president.
If we talk about today's president Zelensky - it is not my choice. I am sure that in 2022, he had agreements with the Kremlin on a "soft" version of Ukraine's surrender. It was the people of Ukraine, the Ukrainian armed forces, volunteer battalions... that prevented him. And questions to Zelensky, after the end of the war will be very many, and very difficult, where perhaps even presidential immunity will not help. Part of the actions just before the start of the war, can not be called anything other than sabotage of the AFU, the military industry, and much more, which may even stretch to "treason".

Well, and thanks for the wonderful joke "you see, in this world there are "strong" countries and puppet countries. Ukraine is the latter, and the US and Russia are the former."

Russia is the last in everything - nothing depends on it, all its "friends" wipe their feet on it. and the only danger is international terrorism, which Russia led.
And about puppets - isn't the Chinese puppet, "great" Russia? Isn't it a raw material appendage of China?
Do you want to describe the word "puppet" and give verifiable arguments that for example Ukraine is a puppet and Russia is not? Try it, I'm sure you will look funny as always


"playing too much in Russia's favor, so the US invaded and organized a coup to oust him." - sobbing 

I wrote above, but you are strangely, selectively, forgot another president - Poroshenko P.A., why ?

Yanukovych was ousted by the people. Shall I tell you how the Maidan started and went on ? I was there personally, I know how it started. And tales of invasion are just a convenient excuse and an attempt to hide from the population the fact that the People are the power and the People can both elect and remove the President if he broke his promises ! For all totalitarian regimes like the Kremlin, Iran, North Korea and the like, this reality is like death. That's why they put into the heads of not very intelligent population that "the USA did it all". For the uneducated and degraded population, it's a good "fairy tale."

Or can you tell here your fairy tale version of the events of 2013/2014 ? Tell us ! 

That's true but I believe the biggest problem Ukraine has is not having an actual politician in the office.
You see, in this world there are "strong" countries and proxy countries. Ukraine is the later while US and Russia are the former. It's not a bad or negative thing to be a "proxy" country, it's just a country that is not as strong as the world powers but it is caught between them (meaning both sides want a piece of it just to compete with each other!).

A good example of such countries is Turkey, a country with little to no natural resources or industries that is geographically located between East and West. But look at the politicians it has. The president called Erdogan as an expert politician who has been Turkey's president ever since 2014 and previously was prime minister and before that was mayor. He basically started in politics ever since 1976. Despite all his dumb mistakes, has beautifully played the role of a proxy country for Turkey. He is neither a full NATO member going against the Eastern powers (eg. blocking Russian exports, obeying US sanctions on Iran, cutting ties with China) nor is he a full Eastern bloc player (eg. cutting ties with US, not participating in NATO wars, etc.). Each time he tries to lean too much on one side, Turkey suffers the consequences. He buys Russian air defense, he loses US weapons; he plays the NATO game the grain deal and energy exports through Turkey fall through, ...

Ukraine can be categorized as the same type of country. But the difference is lack of an actual politician. Compare Erdogan with Zenesky! He has absolutely no idea what "politics" means simply because he has no experience in the field. He is just an actor who has experience to be a comedian not a politician and yet he was "installed" in office. Now Ukraine suffers the consequences of it.
The same problem was with the previous one. He was a politician with experience but he made the mistake of playing too much in favor of Russia so US invaded and orchestrated a coup to remove him.

One simple question to those who really think this scam will have a solution:
Please tell me, what will be the mechanisms for proving the gold backing of this ethereal currency?
Just to say that "here is a new currency - rubreal, and it is backed by 100500 tons of gold" is a simple sound, behind which there is nothing ! I am sure that none of the above mentioned countries will allow real audit of gold reserves ...

Besides, collateralization means that at any moment you can exchange such currency for the very gold that secures it. I can't say anything about Iran, I haven't studied the information, but there are sanctions against Russia and its gold, which prohibit or very much restrict work with Russian gold. It turns out the only real person providing this currency with gold will be Iran. And that is if there are no sanctions on their gold

I understand that someone really wants it to be so, but one should be realistic and soberly assess the possibility of such a project.

Iran is a strategic ally of Syria and Russians have helped al-Assad to be in power, if I recall correctly, didn't the Russian Spetsnaz helped in removal of the anti-Soviet government back then or is that a different country in Middle East? Also, Russia has been a supplier of weapons for the Syrian government for a long time now and by extension that makes them an ally of Iran. I think the most obvious reason why they do this is because they all have a common enemy (USA). If you are surprised that they can't do this on their own then probably you overestimate the capabilities of the Russian government, with the rifeness of corruption of the Putin regime, I don't think that competence and efficiency is really a thing there, maybe if we look at individuals out there we can see that they can do it but if it involves the government, I don't think so.

So what they're trying to do here is trying to create the old school Gold Standard but in a digital format? There's a reason why that was abolished so I don't know why they keep sticking to that system, hopefully someone can explain any good reason why this is a good idea? I can't wrap my head around the idea of currency in any form being backed by gold.

Not sure I trust either of them and they should make it oil not gold surely.   They could be believed to provide backing if it was oil but gold is harder to get.  Gold is related to oil pricing anyhow.
   This isnt big news to me anymore then when Venezuela announced their new involvement in cryptocurrency, it was centralized and had no real link to their oil reserves which are the largest in the world.  All that happened there was the same failure existing in their paper currency, they require efficiency to extract their resources and there was no real utility in the digital standard only perhaps they can save paper and ink on printing.    I dont mind being proven wrong if some achievement is made but I doubt it.

I myself am also glad about this, countries accepting cryptocurrency is a huge thing and will cause good development. However, am I the only one a little skeptical about this sudden acceptance and development from these several countries? Granted they probably have a reason to accept cryptocurrency but knowing how government works and their mind for money it makes me a little worried.