Gold Standard Back to Earth!

MarkovProcess

MarkovProcess

Member
Hi, stackers. The royal mint of Britain has established a new cryptocurrency backed by gold! Check this out. In my opinion, it is more like gold standard in a digital form rather than a new bitcoin. If this is accepted by the general public then the gold will be used as money again which could increase the purchasing power or dollar value of the gold. However, I am also wondering what benefits would Royal Mint get? What do you think?

http://www.royalmint.com/rmg/what-is-rmg
 
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They talk about not having to buy 400oz bar but rather in grams if i read the info correctly but target this at the hedge funds? If you could get in on a smaller scale wonder what the deliver fees are & if they will throw enough red-tape at you to not make it worth while taking the physical at some point. I'm sure that it would be documented to tptb in minuscule detail as well.
 
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Ag bullet said:
what stops them issuing more RMG's than gold they have in reserves, like the paper market now?
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I know we all have enthusiasm for physical gold and silver. BUT! If we love them so much we would want them to be some form of money rather than an investment right? If we are going to use it as some form of money then it must have other forms than physical! We can't go back to hundreds of years ago when we have to use physical currency. Our economy needs something much faster and convenient than physical metal. Therefore, I think the digital gold is a good improvement from current monetary system. Also because gold and silver are deflation currencies, which will not meet the fast growing economy, I think gold and silver will not be mainstream general public currency, but it can be used as bitcoins! And they are much better than bitcoins in some ways.

Apparently, this is not a perfect way, they can probably issue more RMG than actual gold. But as a blockchain technology, it is not hard to find how many RMG exist and if the number is too ridiculous, people can find out easily.
 
SilverDJ said:
Doesn't sound like it's for Joe Public, just professional investment firms etc?
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I think the difference is that you can actually pay using gold just like you pay with bitcoin. We currently can't pay paper gold investment to buy stuff right? This cryptocurrency might change the usage of gold from investment to currency.

To be honest, my knowledge tells me that in a fast growing economy, we can't use gold or silver unless mining speed match up with economic growth. So if people do transaction use gold as secondary currency is probably more ideal.
 
quote- "Therefore, I think the digital gold is a good improvement from current monetary system.

Apparently, this is not a perfect way, they can probably issue more RMG than actual gold. But as a blockchain technology, it is not hard to find how many RMG exist and if the number is too ridiculous, people can find out easily."

sounds like no improvement to me. unless an RMG is a token for physical gold that can be redeemed for physical like pre-nixon dollars.

how can you tell if the amount of RMG in existence is ridiculous if you don't know exactly what the gold reserves are?
 
This may be the same as gold grams that has been launched in Dubai .This could be a game changer. The CME group with the Royal Mint has one coming on line as well in the near future.
Your investment grows in three ways 1 Gold value 2 70% of transaction fees(1%Transaction fee once launched)70% they buy more gold(which is divided by all coin holders) are spent on more gold which is divided by the 12 400 000 gold grams (OGC) which increases the price and 3 A demand premium 25% goes to run the business 2.5% crypto people and 2.5% goes to charity . Sounds very interesting .Selling of these gold grams has 112 days to go which will raise 500 000 000 dollars and there will be no more after that .Crypto currency backed by gold. designed to increase in value with every transaction
https://onegram.org/wp-content/uploads/2017/05/whitepaper.pdf This link explains it .I think the CME group is doing something simular and I would keep an eye on Russia and others looking at the same thing
Regards Yurana

https://onegram.org/wp-content/uploads/2017/05/whitepaper.pdf
 
This looks like the future of banking to me :)

Who needs a gold standard currency when you can just have gold as the currency.
 
Digital currency backed by gold is good but why can't we just use gold and silver as physical currency again?. :) That'll be the day, hey?
 
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