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RE: CRYPTOCURRENCY BACKED BY SILVER COMING IN 2018

in #silver8 years ago

I've been saying for a while that a gold backed crypto-currency will ultimatley replace the other crypto's as a defacto standard. Primarily because gold satisfies the requirements of money perfectly except for the convenience of transactions. The crypto element could provide that. As for silver - interesting idea but I think silver is used too much in industry to be of use as currency these days.

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either precious metal will be adequate, but I know what you mean about Gold. Bitcoin could have easily backed its 21 million coins by gold and silver, at the same time it would still destabilize central banks and hedge funds who naked short the metals.