What if we backed up Dash with Gold? Dash would become the first Gold backed currency (again)

r-ando

r-ando

Active member
Foundation Member
SInce before before Gold had been a universal store of value. In fact, paper money was developed as a means to transfer Gold value without it being to heavy to carry(more secure).

What if we assigned a portion of the masternode mining profits and started buying Gold to back up the Dash currency?

Dash would become the first crypto currency backed with gold, with time it would account to a considerable backing and would fundamentally from an economic point of view replace paper money with Dash (in its initial role as a way to move gold)
 
Interesting... Maybe not the first? But the best?

It would be easy to do and I'm sure with time it would bring value to the currency. We could start accumulating Gold and with time it would lead to a considerable Gold backing. Maybe Evan and the development team could administer it with the foundation...

It could get us into business insider and other business reports :)
 
oaxaca said:
I tried this command in the console window:

dumpprivkey "pile_of_gold_in_evan's_basement"

It came back with:

"Invalid DASH Concept"
Click to expand...
You need to issue "golddepositorypin <your_pin_here>" command first using Evan's gold depository pin code.
 
hahaha, good one! But seriously there could be a bank entrusted with holding the Dash Gold reserves? Safety deposit box style... Then you could sign it up so no one person can access the gold...

My reasoning is the crypto currency market is much smaller than the gold market... why not bring them together like currency once was, only we replace paper with crypto... which is the point I believe.

not everyone understands the idea behind crypto currency... but currency backed with gold! Thats the whole problem with the current financial state of the world (federal reserve isnt backed etc...) It could become the worlds reserve currency one day, especially if the Gold isn't leveraged. Instant recognition and interest for investors, something they understand.

merge mining with gold mining
 
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I disagree and think gold backing is something we should consider for Dash, after all it is the first crypto currency whos budget system allows for such backing funding. Max Keiser would agree as seen in this article:

http://cointelegraph.com/news/11453...rease-as-the-fiat-bubble-continues-to-implode

quote:

“The future of […] global banking is a universal currency reset against Gold along with a parallel universal adoption of cryptocurrencies.”
 
I like your enthusiasm and ideas very much, r-ando. You are a great friend in this community. An important element in the DASH network. But I am totally against "backing" DASH with anything, gold, silver, oil, usd...

I'm affraid it makes no sense to decide for the eventual creation of a gold backing for DASH. Actually, as I see it, it would certainly be the very cause to the demise of our cryptocurrency. And that is because, a DECENTRALISED cryptocurrency, as designed by the Nakamoto philosophy, is trustless in its very soul.

The intention to attach a "backing" to a cryptocurrency will demand trust. And that is against everything that DASH is: Who will guarantee that trust?

The moment the system demands "external trust", it is dead.

What is backing DASH?

IMHO, it is the very utility provided by the DASH network what gives the value backing the currency. The more useful the DASH network is (instant, private, secure, 2nd tier, etc) the more (intrinsic) value the DASH currency will have.

Centralised currencies do demand trust. Leave gold standard backing for them guv papers.

As for DASH, there is an almost infinite number of services that our network can provide. With each new useful service, with each new utility offered, stronger will be the backing of the value. And it is our roles, as members of this community, and as elements in this network, to be creative, and bring to reality such utilities ;)
 
Hi everyone,

This is my first post, but I regularly follow the threads.

This is a great idea! If Dash was backed by gold the price would skyrocket! Max Keiser would mention it on his TV show for sure and it would gain National exposure. The last time Max Keiser mentioned Darkcoin the price went up to $15 a coin.

In the long term, this measure could attract many new buyers to Dash. Part of the Masternode proceeds could go towards buying gold and eventually Dash could be 100% backed by gold. If Dash was 100% backed by gold, it would increase the overall trust in this crypto currency as a suitable investment,
 
Thanks for your input Raganius, very much appreciated! I think it would be good publicity for Dash though and great in the long run all around.
 
ago said:
Hi everyone,

This is my first post, but I regularly follow the threads.

This is a great idea! If Dash was backed by gold the price would skyrocket! Max Keiser would mention it on his TV show for sure and it would gain National exposure. The last time Max Keiser mentioned Darkcoin the price went up to $15 a coin.

In the long term, this measure could attract many new buyers to Dash. Part of the Masternode proceeds could go towards buying gold and eventually Dash could be 100% backed by gold. If Dash was 100% backed by gold, it would increase the overall trust in this crypto currency as a suitable investment,
Click to expand...
Send your gold to me and i'll back up your Dash!

r-ando , you too!
 
Litecoin is doomed. It has nothing to offer other than "it exists". To equate LTC to Silver is to fall for the stupid marketing gimmick early on. Why not say the "Vertcoin" blockchain will correct the serious flaws in "MSCI Global Agriculture Producers ETF"?

Bitcoin is destined to be a system of record for Wall Street banks. You can create as many layers of derivatives as you want with Gold, Bonds, Real Estate, etc.
DASH is destined to be a currency.
 
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