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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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?
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Can’t we put the bars on a blockchain without sealing them? Just to avoid double counting.
@bronsuchecki -
no, a blockchain gives you no guarantees on double counting of non digitally native assets.
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If the specs (bar#, refiner, year, weight, fine) of every bar are on the chain, and then CBs and all ETFs publish their bar lists, double counting can be avoided. It should not be mandatory for private owners to publish which bars they own; only for CBs and ETFs.
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Private owners can check if their bars aren’t double counted as CB/ETF bars. And, private owners also have the option to remove their bars from the blockchain; the LBMA chain of integrity.
#ThinkingOutLoud.
End of conversation
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