JP Morgan Chase Bank to tokenize gold bars screams https://www.fxstreet.com/cryptocurrencies/news/jp-morgan-chase-bank-to-tokenize-gold-bars-using-ethereum-eth-201810300906 … Big news as they have a dominant position in physical and paper precious metal markets but digging deeper I found it is more fake news than big news https://goldchat.blogspot.com/2018/10/jp-morgan-chase-bank-to-tokenize-gold.html …
Defungibilizing gold is one of the bigger set of steps in the slow death of gold.
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There's fake news all over, it's just easier to detect in one's own area of expertise (h/t Murray Gell-Mann)
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I think
@EpsilonTheory fiat news is the bigger problem: "fiat news, which is to “real news” what fiat currencies like dollars ... are to “real money” like a gold coin ... Fake news is counterfeit news, which is to fiat news what counterfeit bank notes are to fiat currencies." -
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Since 600 bc gold has circulated with a stamp on it (coinage). No big deal.
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Also, that's nothing close to the same thing as blacklisting or whitelisting gold based on the alleged political correctness of its alleged origins (and probably in the future its alleged intermediate holders).
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Blacklisting is good because it demotivates ‘conflict mining’. Political correctness has nothing to do with this. The word ‘alleged’ can be replaced by ‘certain’ if the gold market is fully transparant - ie every LGD bar on a public blockchain.
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This blacklisting/whitelisting has existed for centuries now, by the way. See the history of the LBMA. I can recommend this bookhttps://books.google.nl/books/about/The_London_Good_Delivery_List.html?id=_mJpMwEACAAJ&redir_esc=y …
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Not nearly as effective as scientific tracing based on various impurities in the gold itself.
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By the way, can those unique impurities be seen in 9999 fine gold? I thought only in dore.
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I believe gold fingerprinting can work on refined gold https://en.wikipedia.org/wiki/Gold_fingerprinting … you'd be surprised at the number of impuries still left in the 0.01%
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I learned something today. Today is a good day.
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do you mean defungibilization via centralization?
#400ozBars etc -
Centralization + use of blacklists or whitelists for the gold itself based on who its previous owners were.
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What I want to know is once this gold is signed, sealed, blockchained, delivered, and otherwise encapsulated with a big TRUST US, WE'RE JP MORGUE how are you supposed to be able to drill it and make sure it's not a gold-plated tungsten slug?
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Gold on “the blockchain “. Sounds like a punchline to a bad joke. - in time gold bugs will understand
#bitcoin destroys gold’s use case.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Nick, this gold comment has significant political assumption but lacks an economic logic Is “Slow death” a use case view, or economic view? Gold price is determined by classical supply side economics & utility, not subjective “beliefs”. Flow/politics dont matter here
@JanGold_ -
I’m supportive of digital commodities like “bit gold” when the objective scarcity of time/energy is utilized as a proof (unforgeable scarcity as you put it). If this cost is pared w/lasting utility, great..but in no case does it lead to a zero sum altering golds cost/utility f(x)
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