How about crypto backed by land?
"Gold backed crypto" eliminates most of the trust minimization properties that come from holding directly either gold or crypto. It disempowers users from validating either.https://twitter.com/maxkeiser/status/1153464858714759169 …
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Also not trust-minimized.
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How about some kind of "standardize value system" or "standardizing the exchange ratios for gold, silver, land" or "exchange equivalencies" or "establishing fixed crypto values" for food, clothing, shelter, electricity, etc?
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I beg to differ
@maxkeiser. Trust of the quality of the metal is an old problem. Holding it directly may assume an assay everytime it gets exchanged. Blockchain can be used to certify quality and safety all while offering redemption as the ultimate Shit-test. PM@AgAuCrypto -
Response on why not Holding gold bars instead: https://youtu.be/aQcHqs9mkbA By the way 99% of the planet is unsafe to hold gold because of security or jurisdiction (confiscation) that’s why we do what we do!
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Evolved humans prefer an evolution to peaceful exchanges via voluntary marketplaces rather than this continuum: https://www.google.com/search?q=war&client=safari&hl=en-us&prmd=niv&source=lnms&tbm=nws&sa=X&ved=0ahUKEwiTgrWa_c3jAhVsm-AKHSFAARkQ_AUIFigB&biw=375&bih=537 …
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Mr. Szabo, what do you make of India’s Economic Ministry’s recommendation to the Govt. to totally ban all Crypto and severe punishment (upto 10 years) for even holding it? Their official “report” is a literal copy from BlockGeeks and other internet sources with a “ban” slapped on
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Yet another reason why you should hold these things yourself, not let strangers hold them for you.
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Asset-backed tokens have certain useful properties, but trust minimization is not one of them. But there are many situations where that is just fine.
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Asset backed things-on-distributed-cryptosystems (not tokens, more ledgers) verify process, they don't verify existence.
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Agree. But being able to do so 24/7/365 with accompanied digital signatures and zero need for reconciliation between counterparts is useful in certain situations.
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Dear
@maxkeiser and@stacyherbert, please have@NickSzabo4 on@KeiserReport -
Would love to have him on!
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i wouldnt miss this for the world
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#Gold is not anti fragile like#Bitcoinpic.twitter.com/hCKKM70ic9
Thanks. Twitter will use this to make your timeline better. UndoUndo
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I can’t wait to meet
@maxkeiser and Nick one day. I feel like we would have a lot to talk about.https://twitter.com/huobi/status/1153109649354317825?s=21 …
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Not to mention backing one commodity by another is like saying “silver backed gold” - it’s redundant and nonsensical
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