gold /diamond/usd backed crypto advise please

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lh604622

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so i have a friend who is a millionaire luckily , he lives in a country where he mines gold and diamond. Of course he has usd also. I was thinking can he create a crypto and back it to any of these? IF u think its profitable let me know thanks .
 
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lh604622 said:
so i have a friend who is a millionaire luckily , he lives in a country where he mines gold and diamond. Of course he has usd also. I was thinking can he create a crypto and back it to any of these? IF u think its profitable let me know thanks .
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Could you please explain what you want?

Its impossible to tell from this, what you want.
 
i have a friend that has a large quantity of physical gold. i was thinking of telling him to make a gold backed coin is it profitable
 
It seems like a bad idea. If he is in control of printing or deleting the tokens, how can we trust the guy/company? Let's say he generates 1 GOLDCOIN = 5 grams of literal gold. What stops the guy to print infinite tokens without proof of gold? What if he doesn't lock the physical gold like promised?
 
Cypherpunk Zero #4027 said:
It seems like a bad idea. If he is in control of printing or deleting the tokens, how can we trust the guy/company? Let's say he generates 1 GOLDCOIN = 5 grams of literal gold. What stops the guy to print infinite tokens?
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Congratulations you just described why 99% of crypto is scam :D
 
well he has no isssues being monitored. U do know that what all the other stable coins do. This guy however has huge goldmines gold just sitting .
 
so the plan is to make an exchange with lower leverage fees, use the gold backed coin to loan as leverage making profit these exchanges charge too high fees
 
lh604622 said:
so i have a friend who is a millionaire luckily , he lives in a country where he mines gold and diamond. Of course he has usd also. I was thinking can he create a crypto and back it to any of these? IF u think its profitable let me know thanks .
Click to expand...
You and your friend have no idea about how crypto works. So if you start this, hire some smart advisors with experience in this field.
 
well thats why we are discussing first. But there are gold backed coins ,we just want to do the same since we have access to cheap gold.
 
The only ones I trust are Paxos (https://paxos.com/paxgold/) and Tether (https://gold.tether.to/) .

I'm sure there are others out there but those two are some of the longest standing players in pegged assets.
 
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