What will be best a new altcoin pegged to fiat money or to precious metals? - page 2.

Bitstar_coin

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Quote from: SistaFista on August 22, 2020, 05:35:05 AM

New altcoin that pegged on fiat money is actually a stable coin, and i think new stable coin will be hard to competing with existing stable coins.
To create new altcoin, i think it will be better if it is not pegged to fiat money or precious metals so the value of the coin can increase in the future.

I don't think that is exactly true, the market is big enough for more competition, just like we have multiple altcoins and they are competing just fine, so is stablecoin, besides I don't think it is a bad idea to have a project pegged to fiat for a bit of stability, this type of project will attract people who wants experience a steady growth perhaps.

shakesbear

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Well, there are already many popular tokens pegged to fiat money, but there are almost no tokens pegged to precious metals, but you will need to have a real amount of gold in your account to secure your token, for everything to be correct.

SistaFista

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New altcoin that pegged on fiat money is actually a stable coin, and i think new stable coin will be hard to competing with existing stable coins.
To create new altcoin, i think it will be better if it is not pegged to fiat money or precious metals so the value of the coin can increase in the future.

OcTradism

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Gold token is for your interest. They have physical gold bars are stored in vault and back for their digital gold tokens.

ANN thread: https://bitcointalksearch.org/topic/ann-gold-first-100-liquid-stablecoin-backed-by-gold-5161544
Check https://www.bullionstar.com/myaccount/audit with the account number as 17081.
They also have a marketplace where you can swap your GOLD tokens to BTC or ETH and vice versa.

tabas

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Plenty of stable coins and those altcoins that are pegged to precious metals such as gold. Do you have a certain reason why you want to make this one?
I think it's applicable if you are a big corporation and you want to incentivize your products and want to make your own payment system. But what could be your reasonto make one as such?

nightraven

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Thank you for your answers even though many of you unfortunately misunderstood my question. This is probably because I did not ask the question clearly enough. Sorry.

I want to create a coin that is tied to something that has a real value. It could be Euro deposited in bank accounts or gold stored in a safe deposit box. But I am simply in doubt as to what is most of the interest and need.

I think there is a need for both means of payments and means for long-term savings based on blockchain technology, but I wanted others' assessment of what is most need.

semobo

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Quote from: nightraven on August 21, 2020, 04:58:19 AM

Most altcoins are speculative objects with very volatile value. This makes them unsuitable both as means of payment and as long-term investment objects.

I plan to start a new altcoin to be tied to something that has a reasonably lasting value like precious metals or fiat money.

I would appreciate getting other people's opinion on what must be assumed to be the greatest interest and need. A means of payment pegged to fiat money or savings item pegged precious metals?

Stable coins - possibly good for making payments because it has the same value as fiat but what is the difference of using fiat over the stable coins

metal backed cryptos - there are lot of gold backed projects out there but most of them were scams, in future there will be silver, platinum,iron or whatever will be launched but why should we invest on those projects? Better can buy those precious metals itself.

GreatArkansas

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For me, a new altcoin that will is unique and a problem solver.
Even what kind of altcoin you have, as long as it will become useful for other people or become a problem solver, it will become no problem.
Especially these days, people are just into cryptocurrency because of an easy money thoughts or just for investment. But they don't know what cryptocurrencies can really do and how it will help our lives.

bluebit25

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Quote from: nightraven on August 21, 2020, 04:58:19 AM

Most altcoins are speculative objects with very volatile value. This makes them unsuitable both as means of payment and as long-term investment objects.

I plan to start a new altcoin to be tied to something that has a reasonably lasting value like precious metals or fiat money.

I would appreciate getting other people's opinion on what must be assumed to be the greatest interest and need. A means of payment pegged to fiat money or savings item pegged precious metals?

As you can describe, these are stablecoins, and we already have a lot of stablecoins in this market. For example: USDT, USDC, BUSD .. They are the biggest stablecoins in this market and have a lot of liquidity, so it is difficult for you to compete with them. Also, I also see many projects associated with gold, diamonds, oil ... but in the end they are just scam projects.

Anonylz

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Quote from: Jawhead999 on August 21, 2020, 05:13:35 AM

Regardless @20kevin20 mention above about stablecoins, this is the list of stablecoins https://www.coingecko.com/en/stablecoins

If you really want to hold stablecoins, I recommend DAI since it's decentralized and can't be frozen. Read [UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

In my opinion precious metals is better for long term investment rather than stablecoins. Most of stablecoins ATH is only $1,30... while precious metals can perform better and has been for a long time.

He is not planning to hold any stable coin, he wants forum members opinion on which of the aforementioned should be tied to an altcoin project he is planning to create, I guess you miss read the post,
@op In my opinion, I think a project pegged to fiat will be much better and less volatile, I am not sure about precious metals, but fiat seem a good idea, maybe it will give the alts a chance to grow normal without the constant fluctuations.

masterrex

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IMO, If the altcoin is pegged to fiat money or let's say precious metals like Gold it is already classified as Stablecoin because it was back by stable assets. you must reassess your point if you want to create a Stablecoin or a full-fledge decentralized cryptocurrency because if you do, you must build its use-case first then its product or services so that your token will have a demand from your product or services offered.

Cryptoababe

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I've seen a lot of coins pegged to fiat money. USDT is pegged with USD dollars as I can understand so far. And so many coins are out there that are pegged with gold. So that you posted is happening already.

Jackl87

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For me it feels like the market is already pretty saturated with stable coins now.
A few years ago there was only UDST but now we have probably more than 10 stable coins, that are bound to the Dollar.
And there are already stable coins that are linke to the current gold value too.
So i think you are a little late with your idea of a new stable coin Undecided

YOSHIE

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Quote from: nightraven on August 21, 2020, 04:58:19 AM

I would appreciate getting other people's opinion on what must be assumed to be the greatest interest and need. A means of payment pegged to fiat money or savings item pegged precious metals?

There aren't any coins that have a fixed price like fiat money, or as you say by measuring the price of precious metals.

However, if you want to use an exchange with coins that are still stable with dollars, to make transactions you can use coins (USD COIN) and (USDT), both coins still follow the dollar price for now.

I think the two coins are still based on the dollar and the movement of precious metals (gold).

note:
However, it can be temporary, can change at any time.

minairia3

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Quote from: nightraven on August 21, 2020, 04:58:19 AM

I plan to start a new altcoin to be tied to something that has a reasonably lasting value like precious metals or fiat money.

You cant find a token/coin that has lasting values and comparable to metals or fiat money. The closest one is stablecoin since its value are not designed to be volatile. However these are still risky asset and centralized. If you heard the news about certain exchange freezing the usdt asset is a pure example of being manipulated or controlled by a hierarchy which are consists of private groups and companies.

If you want to pegged something, the best suggestion is either bitcoin ot ethereum. But problem with bitcon is the crosschain application so you fall down to eth which is clearly designed for tokens.

Jawhead999

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Regardless @20kevin20 mention above about stablecoins, this is the list of stablecoins https://www.coingecko.com/en/stablecoins

If you really want to hold stablecoins, I recommend DAI since it's decentralized and can't be frozen. Read [UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

In my opinion precious metals is better for long term investment rather than stablecoins. Most of stablecoins ATH is only $1,30... while precious metals can perform better and has been for a long time.

20kevin20

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None. We already have enough stablecoins in my opinion for both. Why bother buying fiat or precious metals through a new pegged altcoin when you can buy them directly without having to trust a 3rd party that is under control of your wallet or when you can just purchase a pegged alt that has a history and trust behind it?

But to answer your question, you have to ask yourself which will be more looked after in the long term: fiat or commodities?

nightraven

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Most altcoins are speculative objects with very volatile value. This makes them unsuitable both as means of payment and as long-term investment objects.

I plan to start a new altcoin to be tied to something that has a reasonably lasting value like precious metals or fiat money.

I would appreciate getting other people's opinion on what must be assumed to be the greatest interest and need. A means of payment pegged to fiat money or savings item pegged precious metals?

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