Topic: Now Just an Idea or Concept will not do all the work to increase value ! (Read 255 times)

internet and crypto is a connection and the world has been able to access all of them to a fairly large and wide level, in fact this is the potential of crypto to be increasingly used in many business activities and others which will create better value in the future

It is contrary to the idea and motive behind bitcoin creation, but cryptocurrencies in general has been expanded and modified to accommodate changes and tweaks to the system.
There are lots of deveopers looking for ways to optimize the potential in digital asset technology.

Are you talking about oil backed crypto?The PETRO project in Venezuela was a failure.
Gold backed crypto?This is pointless.
The idea or consept won't increase a cryptocurrency's value.The implementation/adoption of that currency will increase it's value.

Bitcoin has an instinct value even tough everyone keeps saying it doesn't. First of all all the mining costs money which means every single bitcoin that is mined newly costed money, if gold is mined that has a value than I am sorry but bitcoin does have a value as well.

If people think gold has value for the effort need to mine it than bitcoin should be as well, if gold has value because it is limited I am sorry but bitcoin is even more limited because gold could be discovered somewhere people didn't know existed and increase the total amount whereas bitcoin will not be 21.000.001, it will stop at 21 million.

Hence, the only reason stuff like gold/silver/diamonds/ruby and so forth has value so does bitcoin and all other crypto. We do not need anything that backs it up because no currency in the world has anything backing it up.

Yes stable coin to  stable the coin is not what the OP meant I think. There should be like a fulcrum of value to make the price less volatile. But it's only possible imo in the case of mass adoption. Even in times today that we use fiat there will be strong volatility. Would providing many exchanges suffice? I really have nothing in mind right now as real estates and assets have been introduced but still the price was being persuaded by the btc itself.

You are suggesting to have something valuable to back the value of each crypto, and peg the crypto to that object in order for the value to get stable. So we are looking for something like the gold standard in which gold backs a country's printed money and you want to integrate it to cryptocurrencies. It can work but it isn't necessary, given that each crypto's value is already determined by speculation plus the cost of obtaining the said crypto. Commodity backing and pegged to a crypto shouldn't be a necessity for stability of value IMO, as it will come over time as soon as the hysteria of speculation dies.

What you are suggesting has already been implemented by a certain class of cryptos known as stablecoins. This class of cryptos are backed by assets and hence their price is less prone to volatility.

Interlinking valuable physical asset with cryptos will make them very similar to the nature of commodity backed future contracts and to implement thia idea, that cryptocurrency needs to be centralized at core. There needs to be an originating authority who will control the entire operation. That's directly opposite to the idea of cryptocurrency.

If you really want to use an asset backed currency, go to real world stock market and let cryptos remain same with its actual nature.

a commodity is a physical raw material that is used to produce products

what you are asking is for commodity backed crypto asset.
the problem is that when a commodity is sold to produce a product. the crypto asset needs to be destroyed/taken out of circulation.
which on a blockchain where you cant actually destroy the crypto asset out of existence.
what ends up occuring is archiving cryptoassets that are (at commodities sale) locked permanently from being used

in real life scenario the time between growing/gathering -> selling the commodity vs the utility of a blockchain to record the sale of the backed crypto asset. makes blockchain not a viable use of the technology.

there are other similar technologies where a immutable endless chain is not the requirement but where block 'ties' (temporary block links) allow similar function but allow blocks to be taken out of use after time.

......
bitcoin however has got a underlaying value backing it. that value is the cost of mining it.
it has always been the case ever since day one.

the issue is not the underlying value. but the speculation (profit margin) above the underlying value. which does change depending on many things.

the reason gold (as a asset(separate market than the commodity)) is somewhat stable. is because its been around for thousands of years and has got boring.

bitcoins speculation is volatile because its new and less that 1% of the population know/have it. so sudden surges and sell offs happen easily because its alot more influenced by a small userbase and alot of emotion due to over promises, hype, emotion and then when the emotion passes. the price moves just as quickly

In my opinion, In new Era of Digital Evaluation after Revolution, just an idea or concept will not sufficient to do all the Math. Now there's a need of valuable commodity which should be interlinked with the value of Cryptocurrency. This connected commodity will help to stable the coin.

That's just my view of observing this Market's Future. What's yours ?