Re:Blockchain-Based Gold Settlement Is Coming to London
by CyberDildonics on Saturday October 01, 2016 @08:09PM
(#12620466)
Once again, you are confusing a floating currency with a company using a blockchain technique for more transparent and safe book keeping of their gold inventory.
Re:Blockchain-Based Gold Settlement Is Coming to London
by lightedman on Tuesday October 04, 2016 @09:51AM
(#12635467)
"Once again, you are confusing a floating currency with a company using a blockchain technique for more transparent and safe book keeping of their gold inventory."
You're purposely ignoring basic economic principles required to understand the gist of my comment. Spend some time doing day trading in the metals market and you'll see how a blockchain isn't going to help with keeping gold inventory straight when the prices are tied up. This is gold settlement, not simple inventory tracking, so this is a much more complex issue than you're trying to make it out to be.
If I were to open up a mine and dump several tons of gold on the market, your 1:1 bitcoin value disappears entirely. I think you should check out why we moved away from a gold standard in the first place - it was too subject to supply pressures.