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Goldtard/Cryptotards we Ride

 
Lancifer
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User ID: 75326829
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01/20/2018 09:15 PM
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Goldtard/Cryptotards we Ride
Check this out, I must admit I am a silvertard. I hold no crypto nor gold anymore.
Someone smarter then me can anaylize this, just thought I would bring it our publics attention.
[link to www.sgtreport.com (secure)]
Eric Sprott and Rick Rule are very smart gentlemen.
SO...carry on and analyze.
I have no doubt that in reality the future will be vastly more surprising than anything I can imagine. Now my own suspicion is that the Universe is not only queerer than we suppose, but queerer than we can suppose. J.B.S. Haldane
I'm From TEXAS y'all

User ID: 73938027
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01/20/2018 09:18 PM
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Re: Goldtard/Cryptotards we Ride
Imagine taking your token and exchanging it for gold! The physical gold will be stored by the Royal Mint of Canada. As Rick likes to say, “Imagine your gold being protected by NATO.”

Hmmmmmm

1. if the token price is tied to Gold, not much room to move?

2. Protected by NATO ?? Well, that ain't gonna fly in this group... Nope

But i will give the podcast a listen and report back
Abolish ICE! They took our slaves once, don't let it happen again -- Vote Democrat

(I need a good signature line...help??)
Lancifer  (OP)

User ID: 75326829
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01/21/2018 10:09 AM
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Re: Goldtard/Cryptotards we Ride
I'm bumping this because I am awaiting responses. I fully understand my lack of knowledge on the crypto's but I know many here are fully informed.
I have no doubt that in reality the future will be vastly more surprising than anything I can imagine. Now my own suspicion is that the Universe is not only queerer than we suppose, but queerer than we can suppose. J.B.S. Haldane
Anonymous Coward
User ID: 76141619
Greece
01/21/2018 10:16 AM
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Re: Goldtard/Cryptotards we Ride
"The physical gold will be stored by the Royal Mint of Canada."

...one of the main properties of cryptocurrencies is decentralization. Meaning, that the goal is to eliminate single points of failure. Think of e-gold a few years ago, when the feds raided them and took their gold.

A crypto backed by gold has to have some point where the gold is stored. In this case it is the Royal Mint of Canada. Which, is, in itself, a centralized point of failure.

In other words, this "crypto" does not have the resilience of a decentralized cryptocurrency because at any point of time the mint, or the canadian govt, can say "no we won't give you the gold for x,y,z arbitrary reasons". And then the scheme fails. You can't trust banks or the government. It's that simple.
Anonymous Coward
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01/21/2018 10:19 AM
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Re: Goldtard/Cryptotards we Ride
Sprott is a perpetual silver bull and been taken to the cleaners many times so I wouldn't take his opinions all that seriously.
Anonymous Coward
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01/21/2018 10:20 AM
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Re: Goldtard/Cryptotards we Ride
Why don't they give the gold out instead of " looking after it"

If they put the gold in my hand it would be a more attractive deal
Anonymous Coward
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01/21/2018 10:20 AM
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Re: Goldtard/Cryptotards we Ride
"The physical gold will be stored by the Royal Mint of Canada."

...one of the main properties of cryptocurrencies is decentralization. Meaning, that the goal is to eliminate single points of failure. Think of e-gold a few years ago, when the feds raided them and took their gold.

A crypto backed by gold has to have some point where the gold is stored. In this case it is the Royal Mint of Canada. Which, is, in itself, a centralized point of failure.

In other words, this "crypto" does not have the resilience of a decentralized cryptocurrency because at any point of time the mint, or the canadian govt, can say "no we won't give you the gold for x,y,z arbitrary reasons". And then the scheme fails. You can't trust banks or the government. It's that simple.
 Quoting: Anonymous Coward 76141619


That's purely an anarchistic way to look at it. IMO we have to trust governments at some point, but we need to pull the parasite out of the body politic, i.e. banks.

I'd recommend these 2 articles for a primer:

[link to professorfekete.com]

[link to professorfekete.com]
Anonymous Coward
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01/21/2018 10:22 AM
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Re: Goldtard/Cryptotards we Ride
I'll hold my gold and hodl my crypto, thank you very much.

Why assume counter-party risk in gold holding by way of a technology which is backed by distributed trust?

Sounds like a gold grab. It in any case, I don't think it will end well for those holding the digital "gold"

It's creating risk to the holder without adding any value other than the word "crypto." Possibly price stability... Why not use gold money instead?

Regardless, if it drives up pm demand, like "crypto" did for Kodak stock, I'll be happy.
Anonymous Coward
User ID: 30194358
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01/21/2018 10:23 AM
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Re: Goldtard/Cryptotards we Ride
"The physical gold will be stored by the Royal Mint of Canada."

...one of the main properties of cryptocurrencies is decentralization. Meaning, that the goal is to eliminate single points of failure. Think of e-gold a few years ago, when the feds raided them and took their gold.

A crypto backed by gold has to have some point where the gold is stored. In this case it is the Royal Mint of Canada. Which, is, in itself, a centralized point of failure.

In other words, this "crypto" does not have the resilience of a decentralized cryptocurrency because at any point of time the mint, or the canadian govt, can say "no we won't give you the gold for x,y,z arbitrary reasons". And then the scheme fails. You can't trust banks or the government. It's that simple.
 Quoting: Anonymous Coward 76141619


That's purely an anarchistic way to look at it. IMO we have to trust governments at some point, but we need to pull the parasite out of the body politic, i.e. banks.

I'd recommend these 2 articles for a primer:

[link to professorfekete.com]

[link to professorfekete.com]
 Quoting: Anonymous Coward 30194358


These are easier to follow and shorter reads:

[link to goldstandardinstitute.us]
Anonymous Coward
User ID: 30194358
United States
01/21/2018 10:30 AM
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Re: Goldtard/Cryptotards we Ride
Remember, several states in the US have already passed legislation making gold and silver legal tender.

I think Texas and Utah have both set up plans for similar gold repositories. Basically you just build a crypto-currency on the amount of gold in the repository and make the crypto-coins fungible with gold specie.

I think the 'profit' would then be private companies that develop applications to link the state gold coins to each other and then to other asset backed coins say if Norway issued crypto-coins on their oil production, etc.

But in general you want to 1) eliminate seniourage on minting new gold or silver coins for people (they exchange a crypto-coin for physical and the crypto-coin 'disappears' from the e-gold-inventory and 2) offer interest for people to deposit their gold or silver in the repository say 2% in gold or silver coin. That will end backwardation in silver and gold and break the banks backs.
Anonymous Coward
User ID: 76145794
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01/21/2018 10:34 AM
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Re: Goldtard/Cryptotards we Ride
"The physical gold will be stored by the Royal Mint of Canada."

...one of the main properties of cryptocurrencies is decentralization. Meaning, that the goal is to eliminate single points of failure. Think of e-gold a few years ago, when the feds raided them and took their gold.

A crypto backed by gold has to have some point where the gold is stored. In this case it is the Royal Mint of Canada. Which, is, in itself, a centralized point of failure.

In other words, this "crypto" does not have the resilience of a decentralized cryptocurrency because at any point of time the mint, or the canadian govt, can say "no we won't give you the gold for x,y,z arbitrary reasons". And then the scheme fails. You can't trust banks or the government. It's that simple.
 Quoting: Anonymous Coward 76141619


That's purely an anarchistic way to look at it. IMO we have to trust governments at some point, but we need to pull the parasite out of the body politic, i.e. banks.

I'd recommend these 2 articles for a primer:

[link to professorfekete.com]

[link to professorfekete.com]
 Quoting: Anonymous Coward 30194358


Imo Trusting the government is not something we have to do at any point. In fact, it's one of the worst things we can do. I guess we will just have to have different opinions on that.

However, the links look interesting. thanks for sharing those
Anonymous Coward
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Germany
01/21/2018 10:52 AM
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Re: Goldtard/Cryptotards we Ride
You can't trust banks or the government. It's that simple.
 Quoting: Anonymous Coward 76141619


IMO we have to trust governments at some point
 Quoting: Anonymous Coward 30194358


seinGluck
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01/21/2018 10:54 AM
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Re: Goldtard/Cryptotards we Ride
Dragonchain Dragonchain Dragonchain...
Anonymous Coward
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01/21/2018 11:04 AM
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Re: Goldtard/Cryptotards we Ride
You can't trust banks or the government. It's that simple.
 Quoting: Anonymous Coward 76141619


IMO we have to trust governments at some point
 Quoting: Anonymous Coward 30194358


seinGluck
 Quoting: Anonymous Coward 68267502


We have the potential for a system of de-centralized state governments in the US, each state has a constitution.

As I said several states have already passed legal tender laws making gold or silver legal tender. All they have to do now is build encrypted-databases on the inventory.

Some groups in the middle east have already developed crypto-gold coin models where crypto coins are fully fungible with gold coins (specie).

I swear you people are retards I don't know why I even bother coming back here.
Anonymous Coward
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01/21/2018 11:06 AM
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Re: Goldtard/Cryptotards we Ride
You can't trust banks or the government. It's that simple.
 Quoting: Anonymous Coward 76141619


IMO we have to trust governments at some point
 Quoting: Anonymous Coward 30194358


seinGluck
 Quoting: Anonymous Coward 68267502


We have the potential for a system of de-centralized state governments in the US, each state has a constitution.

As I said several states have already passed legal tender laws making gold or silver legal tender. All they have to do now is build encrypted-databases on the inventory.

Some groups in the middle east have already developed crypto-gold coin models where crypto coins are fully fungible with gold coins (specie).

I swear you people are retards I don't know why I even bother coming back here.
 Quoting: Anonymous Coward 30194358


RUMAD-bro
Lancifer  (OP)

User ID: 75326829
Canada
01/21/2018 11:27 AM
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Re: Goldtard/Cryptotards we Ride
Thanks for the input thus far!
I have no doubt that in reality the future will be vastly more surprising than anything I can imagine. Now my own suspicion is that the Universe is not only queerer than we suppose, but queerer than we can suppose. J.B.S. Haldane
Carol B.
TRUMP!

User ID: 72151426
United States
01/21/2018 11:29 AM

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Re: Goldtard/Cryptotards we Ride
I am a silvertard too.

I do have physical gold, and some bitcoin and litecoin.

Holding on to all at this point.....buying little bits when the price is right.
Anonymous Coward
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01/21/2018 11:33 AM
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Re: Goldtard/Cryptotards we Ride
RUMAD-bro
 Quoting: Anonymous Coward 68267502


specialstupid
samanthasunflower

User ID: 76135180
United States
01/21/2018 11:37 AM

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Re: Goldtard/Cryptotards we Ride
Is this a gold backed digital currency?

I could her behind that. Assuming no fraud, it would never go to zero and would run at a high premium to gold .

Last Edited by samanthasunflower on 01/21/2018 11:38 AM
^Mutariel^

User ID: 73937892
United States
01/21/2018 11:41 AM

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Re: Goldtard/Cryptotards we Ride
[link to www.marketwatch.com (secure)]

Is gold on the verge of breaking out?
Gold’s move is much more likely to have staying power than bitcoin, say analysts
Published: Jan 20, 2018 3:14 p.m. ET

Last Edited by {/Mutariel\} on 01/21/2018 11:42 AM
Anonymous Coward
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01/21/2018 11:55 AM
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Re: Goldtard/Cryptotards we Ride
Is this a gold backed digital currency?

I could her behind that. Assuming no fraud, it would never go to zero and would run at a high premium to gold .
 Quoting: samanthasunflower


Gold, silver, copper, platinum, any precious metal but history has shown that silver and gold are the best monetary metals.

Venezuela is trying an oil backed crypto but I find that difficult to understand how it works because oil is ultimately burned money is a medium of exchange and store of value, if something is consumed how can it be a store of value?
Anonymous Coward
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01/21/2018 11:59 AM
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Re: Goldtard/Cryptotards we Ride
The US Dollar was once backed by Gold, we know how that turned out. What makes you think a crypto backed by Gold would be any different?

Wouldn't trust it long term. If you want gold... just buy gold...
Anonymous Coward
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01/21/2018 12:09 PM
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Re: Goldtard/Cryptotards we Ride
The US Dollar was once backed by Gold, we know how that turned out. What makes you think a crypto backed by Gold would be any different?

Wouldn't trust it long term. If you want gold... just buy gold...
 Quoting: Anonymous Coward 74514248


The problem is fixing some paper currency value to an ounce of gold or silver and or equating a fixed amount of silver to gold.

That requires a 'middleman', i.e. banks and tax authorities. That overhead then drags the economy down. Real bills do not need banking middleman, and now with the internet and encrypted databases they are entirely possible.

So you'll see state and or government mints making crypto coins fungible with physical in repository, with accounts completely transparent unlike the central banking system where their accounting is opaque.

It's the solution to the world's unpayable mountain of debt. States or governments will just issue minted coins from the repository upon demand with the face of coin saying 1 ounce 0.999 fine, that's it instead of saying $50.

Also, repositories need to offer interest on gold or silver deposited, like 2% interest then people who have hoarded gold or silver will deposit their metal in the repositories, that is key to keep the system growing and operational.

Commercial economic activity then occurs via electronic real bills, that offers a system of 'credit' and allows the economy to grow. The past 400 years of 'economic science' will be relegated to the trashcan where it deserves to go.
I'm From TEXAS y'all

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01/21/2018 12:28 PM
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Re: Goldtard/Cryptotards we Ride
I am a silvertard too.

I do have physical gold, and some bitcoin and litecoin.

Holding on to all at this point.....buying little bits when the price is right.
 Quoting: Carol B.


Look for $8600 BTC before February... THEN BUY BUY BUY

#SuperBounce
Abolish ICE! They took our slaves once, don't let it happen again -- Vote Democrat

(I need a good signature line...help??)
I'm From TEXAS y'all

User ID: 73938027
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01/21/2018 12:30 PM
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Re: Goldtard/Cryptotards we Ride
[link to www.marketwatch.com (secure)]

Is gold on the verge of breaking out?
Gold’s move is much more likely to have staying power than bitcoin, say analysts
Published: Jan 20, 2018 3:14 p.m. ET
 Quoting: ^Mutariel^


you are just basing that fact off track record

BTC has been here OVER 9 Years !!

Gold? What, like only 6,000 years ?

Pffft... Gold outlast BTC HA !!
Abolish ICE! They took our slaves once, don't let it happen again -- Vote Democrat

(I need a good signature line...help??)
Anonymous Coward
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01/21/2018 12:39 PM
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Re: Goldtard/Cryptotards we Ride
[link to www.marketwatch.com (secure)]

Is gold on the verge of breaking out?
Gold’s move is much more likely to have staying power than bitcoin, say analysts
Published: Jan 20, 2018 3:14 p.m. ET
 Quoting: ^Mutariel^


you are just basing that fact off track record

BTC has been here OVER 9 Years !!

Gold? What, like only 6,000 years ?

Pffft... Gold outlast BTC HA !!
 Quoting: I'm From TEXAS y'all


There are a few issues with bitcoin, chief are the power requirements to mine the remaining bitcoins and the power requirements for clearing them for any size transaction.

When it costs $50 to process a bitcoin transaction it doesn't make much sense for any purchase less than say $1,000.

The other issue with bitcoins is that all transactions are transparent in the database, some people like their privacy. Crypto-money standards just deal in physical amount of metal so a transaction is recorded for a certain amount of metal but it doesn't record where it went or what it was used to purchase.

I don't think you want all your purchase history available for anyone to see like your boss or insurance company.
Anonymous Coward
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01/21/2018 12:39 PM
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Re: Goldtard/Cryptotards we Ride
physical is for hloding not trading for worthless tokens

epiclol
SoberLife

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01/21/2018 12:43 PM

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Re: Goldtard/Cryptotards we Ride
If you can take the word "cryptocurrency" and replace it with the word "database" in any article, then it's all bullshit.

This is a tactic that people use to hype a product or service, and refresh the image with new lingo - in other words, it's business as usual.

A blockchain network is a distributed network that exists on all devices participating and is self-sustainable without a center point to record and manage data.

Imagine a library - in the library is the librarian who allows you to check out books. She uses her computer to collect data and record all transaction. This is the same principal that banks use, and the same idea that this article uses. This is considered a centralized network.
Anonymous Coward
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Canada
01/21/2018 12:44 PM
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Re: Goldtard/Cryptotards we Ride
They are taking something that has zero tangible value and pegging it to a physical metal that has an actual use in industry's..

Am I the only one who see something wrong here?
Anonymous Coward
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01/21/2018 12:44 PM
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Re: Goldtard/Cryptotards we Ride
"Imagine your gold being protected by NATO"


HAHAHA NATO IS AN ILLEGAL ARMY OF THUGS THAT TAKES OUT ANY WHO OPPOSE THE STATUS QUO.



QADDAFI WASN'T MURDERING HIS CITIZENS HIS PEOPLE LOVED HIM, NATO BOMBED THE SHIT OUT OF HIS PEACEFUL, FLOURISHING COUNTRY BECAUSE HE WANTED TO CREATE HIS OWN GOLD BACKED DINAR AND SELL OIL FOR IT DISPLACING THE PETRO DOLLAR.


If you want a bunch if THUGS protecting your gold, go ahead! LOL! As if they would "protect" it anyway!
TUMBLER
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United Kingdom
01/21/2018 12:51 PM
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Re: Goldtard/Cryptotards we Ride
Complete drivel .
Written to impress Gullibles who have no understanding of Blockchain