Why Gold-Backed Cryptocurrencies are a HORRIBLE Idea

in #threespeak5 years ago (edited)

▶️ Watch on 3Speak


Fud Zero asks "Do you recommend any gold-backed currency stablecoins? If so, any suggestions?"

Here's my response!

🧠 FREE CRASH COURSE - Learn to securely buy, store and sell cryptocurrencies:

https://louis-thomas.teachable.com/p/buying-bitcoin-crash-course

🧠 Want to get smart about crypto investing? Download my brain here:

https://louisthomas.co.uk/download-my-brain/


▶️ 3Speak

Sort:  

I do like and hold gold but i also see your point about a gold backed crypto currency fair enough. Cheers mike

Fiat backed crypto’s 😂

Posted using Partiko iOS

A gold backed crypto would not be so good

Yes. Peter Schiff spoke about asset-backed cryptos before, where I addressed his particular points.

This post is specifically about gold-backed cryptos - and I still think it's a really bad idea.

Yeah it really is...

The ultimate problem is that so many people think it's a good idea because the logistics make sense from the perspective of the vast majority that don't understand the intrinsic value of decentralization. This space is absurdly complicated.

Might as well just own the gold.

Congratulations @louisthomas! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You got more than 200 replies. Your next target is to reach 300 replies.

You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:

SteemFest Meet The Stemians Contest - The mysterious rule revealed
Vote for @Steemitboard as a witness to get one more award and increased upvotes!