Gold Backed Crypto: gamechanger or gimmick?

Shire Cryptocurrency Community
#1

I found this interesting…
http://investmentwatchblog.com/new-gold-backed-cryptocurrency-will-revolutionize-market-anthem-blanchard-talks-anthemgold/

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#2

I like commodity backed money. I would rather have commodity money itself, but you can’t do electronic transactions or easily divide that.

I would assume a crypto currency backed by gold would be tied to the price of gold, which would give the price some stability.

I haven’t looked into it, but my first question would be about transaction times and fees.

It ends up being centralized because you have to store the gold, and whoever has the gold needs to be in charge of the ledger.

#3

The article says the gold is housed “in the most secure bunker in Texas.” The regulators will never get their hands on it.

#4

I saw that part and dismissed it as marketing.

#5

I like what onegram says they will do with transaction fees.

Growth with every transaction

Each OneGram transaction generates a small fee. Unlike other cryptocurrencies, in OneGram, this fee is reinvested (net of admin costs) to buy more gold and increase the amount of gold that backs each token.

As transaction volume increases, more gold gets added to the vault and all OneGram owners share in the profit. So, over time, each OneGram is fundamentally worth more by design.

OneGram is an asset class that increases in value. Not just from the price of gold but also from the amount of gold that backs each coin, which increases with each transaction. This makes OneGram a forever increasing valuable asset.

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