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Message Subject Goldtard/Cryptotards we Ride
Poster Handle Anonymous Coward
Post Content
"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]
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