With the current condition the market is in, I think most people run to safer investments like precious metals. Currently looking at Pecunio, a cryptocurrency backed by gold which seems pretty solid to me. Gives it greater stability and trust to invest in it. They were also recently invited to Nasdaq for an interview, so I think this gives it a bit more credibility. Has anyone taken a look at it or invested in any gold backed crypto? What are your thoughts on the concept of gold backed crypto? On the verge of investing but want further insight.
Sounds better than Bitcoin... since it's actually backed by something... although you would have to believe them on their word... it's still an unregulated business. But more to the point... you're really only investing in gold... so you're question should focus on whether gold is a good buy at the moment.
There are presently claims on gold that exceed the underlying so this may be another less than full claim. Is this too obvious to state?
I thought bitcoin, with its limited supply is supposed to replace gold as an anti-inflationary measure? If it can't be a gold substitute then we already have fiat money that we can use online that is already backed up by gold albeit supposedly. Why would we need another form of payment to be backed up by gold? If bitcoin is just another commodity which is what I always suspected to be then having it backed by gold is just redundant. What about other commodities? Are we going to have silver backed up by gold now? What about soybeans? Or cocoa? Or frozen orange juice? Should they all be backed up by gold?
Backed by gold (or anything)? The entire notion of crypto is "money backed by nothing"... with the expectation/belief that a greater fool will pay more for it than you did. (So far, that's sort-of-working. Yet to be determined in the longer run.) A "supposed crypto" with any backing at all would not be a crypto.
I think the whole idea of BTC vs. a physical commodity like gold is a mutually-exclusive concept. Both are limited in quantity. A major difference is that with a crypto like BTC, we know how many of that unit can ever exist in theory. But JUST THAT concept, not it's derivatives like BTC Cash. Forks and whatnot. With gold, we also have a physical limitation in ounces that can exist, but we can never be sure of how many ounces there are still left to discover. So we can only guesstimate how many ounces of gold can ever exist in theory. We cannot "fork" gold. BTC has never really been traded "for intrinsic worth". For thousands of years there was a consensus on how much commodity an ounce of gold could buy...A few cows here, a few bushels of grain there. It is what it is, in the absolute. And people (traders) have been placing value upon THAT for thousands of years. -------------------- Scataphagos hits the basic nail on the head there.... Anything is worth whatever people are willing to pay for it. Like the pet rock from the 1970s. WTF was that crap? Seriously? But it made the inventor money. *shrugs* Do with that insight what you will.
I would rather have 100 items in my house (canned foods, small gold coins, silver coins, vegetable seeds, paper towels, toilet paper, batteries, extra meds, things I can barter with) than any Bitcoin on my computer. Outside my house I would have fruit and nut trees, a vegetable garden, a generator, 100 gallons of water, a bicycle, etc... 5 years from now I can see..."I'll trade you my hard drive for that loaf of bread..." Just a quick view of what the world may look like...