Perth Mint developing their own cryptocurrency

Discussion in 'Digital Currencies' started by whinfell, Jan 23, 2018.

  1. whinfell

    whinfell Well-Known Member Silver Stacker

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    alor and bordsilver like this.
  2. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    They're going to call it Milk spot coin.
     
  3. leo25

    leo25 Well-Known Member Silver Stacker

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    Because they want cash and not cryptos. Now they can sell more IOU gold.

    Their crypto will be just as good as any other, since they are all more or less the same thing just with different variables.
     
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  4. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    Now that's a crypto I'd buy.
     
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  5. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    brilliant, I can see many companies doing the same and offering credit.
    It like all the gift cards out there.
     
  6. silversearcher

    silversearcher Active Member Silver Stacker

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    We have certainly entered a new trading paradigm. Trading things that are not really tangible for a promise that it's backed by something physical. This grinds against thousands of years of human trading culture.
     
  7. renovator

    renovator Well-Known Member

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    for all the punters that said there will never be any gold backed currency again this is a poke in the eye :p
     
  8. whay

    whay Active Member

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  9. alor

    alor Well-Known Member Silver Stacker

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    where can we find in the world the fastest travelling train? certainly not where the first train was
    Perth Mint has the only thing that all those other cryptos lack, GOLD that is
    they don't have to prove that it is link to gold, they just need to show their gold
     
  10. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Do you have proof Perth Mint has any gold
     
  11. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    For most of those thousands of years we picked lice out of our beards.
     
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  12. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    When you say "Perth Mint", you mean the national bullion mint, created by the Gold Corporation Act 1987, explicitly guaranteed by the government of the sate of Western Australia, audited annually by the state's Auditor General, member of the London Bullion Market Association and custodian of $2.9 billion dollars worth of client's metal, right?

    I mean, props to that startup for raising $5 million to muck around with an experimental codebase, but I'd have my money with the Perth Mint.
     
  13. renovator

    renovator Well-Known Member

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    i still am... can you help me grandpa ? o_O
     
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  14. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    So this "crypto" will be backed by gold, essentially meaning that the value of it will be the same as gold spot?

    So this is just the gold version of Tether?
     
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  15. southerncross

    southerncross Well-Known Member Silver Stacker

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    The same spot price that has been proven time and again to be manipulated, and is it phys gold or paper gold, or maybe a new digital gold now?
     
  16. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    reno...
     
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  17. Trident

    Trident Member Silver Stacker

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    If Perth Mint gets it right it could be interesting. Stacking small amounts, divisions of grams even grains down to the smallest theoretical (or physical) size would not be difficult.

    Kicking it off at the start of a slow run up in metal prices at least makes the whole idea somewhat appealing to me.

    If it included low fees, No vaulting/security/insurance - obviously no shipping costs - it could work.
    Get in while the getting's good with low cost and easily get out when the tide turns 24 hour/ day.
    Better value than having cash in a bank.

    Similar blockchain could apply to any/all commodities for ownership AND trading without brokerage costs.
     
  18. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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  19. sammy

    sammy Active Member Silver Stacker

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    It's easier to hack crypto than it is to break into a SDB ... from my experience :)
     
  20. Gullintanni

    Gullintanni Well-Known Member

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    If that is indeed what is going to happen then it has a far better chance of gains than does the USD.
    Also has a better chance at loses though of course.
     

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