Perth Mint developing their own cryptocurrency

willrocks said:
Why don't they just accept established cryptocurrencies? They're not in the technology space, so whatever frankencoin they muddle together is bound to be inferior for many reasons.
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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.
 
brilliant, I can see many companies doing the same and offering credit.
It like all the gift cards out there.
 
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.
 
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
 
alor said:
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
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Do you have proof Perth Mint has any gold
 
silversearcher said:
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.
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For most of those thousands of years we picked lice out of our beards.
 
Ipv6Ready said:
Do you have proof Perth Mint has any gold
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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.
 
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?
 
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?
 
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.
 
It's easier to hack crypto than it is to break into a SDB ... from my experience :)
 
Soprano16 said:
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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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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