Perth Mints Gold Crypto

Discussion in 'Gold' started by 66rounds, Oct 10, 2019.

  1. 66rounds

    66rounds Well-Known Member Silver Stacker

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    https://mobile.abc.net.au/news/2019-10-11/perth-mint-offers-gold-trading-through-blockchain/11590926

    For those of you too stupid to see the future, look no further it's already here. Distributed ledger technology applied to gold. I have no doubt this will be the basis for an eventual global gold standard backed and cashless society. The only question I have to ask is...
    Got physical?

    Because if you don't, I've got bad news for you son. Crypto tech is the only way the powers that be can put the final nail in the coffin of individual sovereignty. They will ban physical by telling you its only good for crooks and that crapto gold is for the masses whilst stacking their own personal vaults with the bars you pay for by buying crapto tokens.
     
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  2. stackmans

    stackmans Member

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    Gold backed crypto is already showing signs of failing. Glint just went into receivership in the UK. The basic de-centralised principals that people buy crypto for are undermined by having i backed by commodities. It wont work.
     
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  3. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Theory Vs Praxis!

    It seemed like a good idea at the time.
     
  4. Jason1

    Jason1 Active Member

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    it will face the same shit spread you get with cryptos, plus all those horrid fees required for converting to AUD with crypto exchanges and banks transaction fees, bugger that
    Ive looked at Ainslies PM backed silver and gold, there is very little upside to it, the spread makes a dealer premium on physical look good.
    And sort of goes all against every reason for some one to collect physical gold or silver, if your a SHTF stacker would be face palming and wondering WTF is the point of this.
     
  5. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    The problem may well be generational. To a younger demographic, if it exists in the cloud, and you can access it on your screen, and you can quantify it on a daily basis, then you hold and own it. Convenience personified. However, if you are an old fart, and you put your eggs in a basket, you want to keep a close eye on that basket!
     
  6. mmm....shiney!

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

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    A stablecoin based on the Nth Korean Won would be an interesting play. I’m keeping an eye out for a Ruble one that is widely traded too.
     
  7. bron.suchecki

    bron.suchecki Well-Known Member

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    Meh, I think these quotes sum up the use of blockchain in gold at this time "In many ways it's just a branding element", "The blockchain technology is simply a bolt-on here; it's simply a more convenient way of doing it". I think there is potential in supply chain tracking for this technology but I'm yet to see a compelling benefit for investors. It may appeal to a younger demographic but how would it differ from a simple phone app or online service - does anyone really care if their transactions are recorded on a blockchain instead of a normal database?
     
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  8. openeyes

    openeyes Well-Known Member Silver Stacker

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    It makes sense for Perthmint as it can provide a traced and tradeable mechanism for gold (or any PM) ownership which the Perthmint holds. In essence it is a way for them to create currency out of the metal they hold. Let’s see the reality of what it will look like and how practically useable it will be.
     
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  9. Number 47

    Number 47 Well-Known Member

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    I'm still yet to be convinced that any crypto is a good one.

    At Least with this Perth Mint gold backed one, you can jump off the crapto bandwagon and cash in your crypto for gold, the most noble metal ... real money

    10 points to Perth Mint by keeping up with trends (crypto) and creating an extra revenue stream from bricks of metal that other than store massive volumes of wealth and increase in value over time, do little but consume space and collect dust.
    It's also going to attract interest in PM from the younger crypto loving generations.
    Some of those will learn a value lesson about REAL MONEY, the stuff you can hold, the absolute perfect storage of wealth, good old fashioned gold and silver.

    That's a win win situation for Perth Mint
     
    Last edited: Oct 11, 2019

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