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 …
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Since 600 bc gold has circulated with a stamp on it (coinage). No big deal.
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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More thoughts: this fingerprint is easy to chango no? Adding a little Ag, and removing some Ti and Fe, for example. Or mixing two melts.
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Is this a bigger risk for gold than bitcoin? If so, why? http://jpkoning.blogspot.com/2018/07/tainted-money.html …pic.twitter.com/bG1cosFkhS
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It's also a risk for the current design of Bitcoin, much less so for privacy coins like Monero and zCash and potentially future privacy-enhanced Bitcoin.
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