The ultimate gold-backed cryptocurrency directory

A stablecoin is a cryptocurrency whose value is “pegged” to assets with stable value including fiat currencies (e.g. USD, EUR, etc) and precious metals. Gold-backed cryptocurrencies are special forms of stablecoins, the value of which are pegged to that of gold. Combining the innovative capabilities of the blockchain technology with gold offers a convenient solution to the highly volatile cryptocurrency market.

Since the advent of bitcoin in 2009, cryptocurrencies have been always criticized for not having a physical backing. Also, the lack of a central authority controlling issuance and supply has rendered the value of cryptocurrencies questionable by financial experts. Add to all of this the high volatility levels of cryptos which is one of the main obstacles hindering mass adoption of cryptocurrencies.
 
To mitigate these challenges, the concept of gold-backed cryptocurrency has emerged. These currencies operate in a similar fashion to traditional cryptocurrencies, except that they are backed by tangible gold, via allocated or unallocated gold storage. Stablecoins are a form of asset backed cryptocurrency which was developed to address crypto’s extreme price swings.

A stablecoin is a cryptocurrency whose value is “pegged” to assets with stable value including fiat currencies (e.g. USD, EUR, etc) and precious metals. Gold-backed cryptocurrencies are special forms of stablecoins, the value of which are pegged to that of gold. Combining the innovative capabilities of the blockchain technology with gold offers a convenient solution to the highly volatile cryptocurrency market.

Before investing in gold-backed cryptocurrency, ask yourself, “Is this gold coin worth what they say it is?” Familiarize yourself with the value of gold, so you know if a gold coin price is based on actual market value. If the price is too far above or below the gold standard price, you are likely looking at a scam.

https://www.cointelligence.com/content/gold-backed-cryptocurrency/

Quote from: owej90 on July 04, 2019, 05:11:30 PM

I haven't met a Libra lover yet.
70% Libra haters
30% neutral about Libra per se but it will be good for cryptos as it will foster cryptos adoption
After its launch, the whole world will use Libracoins 

It is quite funny. Most people don't like Libra because it is a stable coin. As you know, almost 90% of people in crypto space prefer to choose coins with high volatility because of the chances to gain big profits. While Libra will have low volatility. That's the reason.

I agree,
point is, 90% of people in crypto space who prefer to choose coins with high volatility because of the chances to gain big profits ... have an FB account! 


They will keep on using high volatility cryptos to gain big profits (or lose them)
They will use Libra for everyday transactions

We already have enough stable coins in the market, new ones will not be of any use/help.

We already have enough altcoins in the market, new ones will not be of any use/help.
 

So, the first project that I'm going to present in this thread dedicated to gold-backed Stablecoins is Digix (Singapore)
From their homepage


STABLE STORE OF VALUE
Gold is a time-tested safe haven asset. Backed by 99.99% gold cast bars from London Bullion Market Association-approved refiners, DGX tokens allow you a good hedge against volatile crypto markets and the wider financial markets. The stability of DGX's price also ensures its viability as a trading pair against other cryptocurrencies.

VERSATILITY OF USE
The universal recognition of gold lowers barriers to international acceptance of DGX tokens as a financial services tool. As a currency-agnostic instrument, DGX tokens enjoy an unparalleled diversity of use cases. DGX tokens can be easily transacted across all our partners exchanges or platforms on Ethereum.

CRYPTOGRAPHICALLY SECURE
Digix tokenises gold on the Ethereum blockchain with our Proof of Provenance (PoP) protocol, which brings together verification by all third parties that we work with to ensure that the process is secure. DGX tokens are minted only upon the affixation of all signatures by our third party partners. The public blockchain further guarantees that records are unalterable and tamper-proof.

OPERATIONALLY SECURE
Digix provides full transparency in its physical and digital operations. The gold is safely stored in a custodial vault in Singapore. Independent audits happen every quarter. The public can have access to digital ownership, transaction and inventory records at Digix at any time, 24/7. This offers security and reduced risk in an unparalleed fashion, where traditional supply chain is fraught with fraud risks. You can further be assured that all digital ownership are backed by an equivalent holding of physical gold securely stored in our vault.
We carry only gold of the highest quality, using 100-gram swiss gold bars from world-class refineries such as Valcambi, Produits Artistiques Metaux Precieux (PAMP), Metalor. Our custodian vault is The Safe House Singapore


WHO WE WORK WITH FOR A SECURE & TRANSPARENT PROCESS
We work with the following parties to ensure the highest level of operational security and transparency. By design, only upon the affixation of documents by independent parties in the supply chain can DGX tokens be minted.

VALUEMAX
Our gold bullion provider, ValueMax, is one of Singapore's oldest and best-established pawnbroking chains. Established in 1988, they provide pawnbroking services, and retail and trading of pre-owned jewelrey, LBMA gold bullion and luxury timepieces.

THE SAFE HOUSE
Our custodian vault is The Safe House Singapore, a subsidiary of Silver Bullion. It provides comprehensive and competitive solutions for corporations and high-net worth individuals looking to purchase, transport, and store precious metails. As mentioned on their website, The Safe House is ISO 9001 certified, 800 sq feet, state of the art vault which can hold over 600 metric tons of silver and 30 tons of gold and platinum.

INSPECTORATE AT BUREAU VERITAS
Our precious metal auditor is Inspectorate at Bureau Veritas, a renowed world leader in testing, inspection and certification services. As mentioned on their website, they have expert testing and inspection services across range of industries in the commodities space.

SILVER BULLION PTE LTD
Silver Bullion Pte Ltd provides segregated ownership of gold and silver. They focus on minimizing storage, counterparty and jurisdictional risks in a manner that traditional financial institutions cannot. Silver Bullion is also a member of the Singapore Bullion Market Association (SBMA) and was ranked the 33rd most entrepreneurial privately owned company in Singapore by KPMG and The Business Times (E50).

to be honest, we have steemit, golos, minds. there are so many platforms with their tokens. i don't see why facebook coin will create a turbulance in the crypto sector.

Maybe because its widespread usage among users, investors, financial entities, companies etc. will dwarf every other current crypto?

I do not think that stable coins will dominate the cryptocurrency market.

I do
Just a couple of examples

Russia bringing back the gold standard may kill US dollar & solve main problem of cryptocurrencies

https://www.rt.com/business/461752-russia-gold-dollar-cryptocurrencies/

People Bank of China Makes an Effort to Create a Stablecoin Based on Yuan

https://www.asiacryptotoday.com/people-bank-of-china-makes-an-effort-to-create-a-stablecoin-based-on-yuan/

Facebook Crypto Project "Libra" Seals Multi-Million-Dollar-Mainstream-Backing Ahead Of Imminent Launch

https://www.theblockcrypto.com/2019/06/14/facebooks-cryptocurrency-partners-revealed-we-obtained-the-entire-list-of-inaugural-backers/

IBM Signs 6 Banks to Issue Stablecoins and Use Stellar’s XLM Cryptocurrency

https://www.coindesk.com/ibm-signs-6-banks-to-issue-stablecoins-and-use-stellars-xlm-cryptocurrency

Full Circle: Goldman Sachs backed startup launches stablecoin cryptocurrency

https://bitcoinist.com/circle-launches-new-goldman-backed-stablecoin/

JP Morgan Stablecoin Could Mean Faster, Cheaper Settlements

https://hackernoon.com/jp-morgan-surprises-us-with-a-stablecoin-84910588dff1

Binance Confirms Stablecoin Offering Coming Soon

https://www.coindesk.com/binance-confirms-stablecoin-offerings-coming-soon-report


These are megaplayers, the so called Powers that Be.
These entities decide the future of the financial system, the future of cryptos, the future of all things money.
Just consider Libra, the players involved in this Stablecoin

It will increase awareness, and it would be beneficial to cryptocurrency adoption. On the bottom line, it is not what Satoshi meant, when creating Bitcoin.

The point of Bitcoin.
This is an important question, what's the point of cryptocurrencies.
Reading in the forums related to cryptos I get the impression that today Bitcoin, and in general cryptos, are basically considered and used as a way to speculate and make more or less quick money, but I don't think that cryptocurrencies should be reduced to that.
So, what did Satoshi meant creating Bitcoin?