I get what you’re trying to do, but the benefit of silver is it’s physical value. The second we move to a silver crypto we find ourselves in the same place as we are now with SLV certificates... we would put our trust In the idea that the crypto would be backed by real wealth, but an epic amount of fraud happens behind the scenes.
It was supposed to be backed 1:1 with USD, until they decided to make gains. Now they’re having to mint more Tether to “keep up” with USD, by backing itself with crypto currencies.
So a self-feeding fire… wait til everyone wants to cash out and the 1:1 is proven to not exist.
The challenge is to make sure that the place that stores the silver actually keeps as much of the physical silver as they claim they have, and that they keep it safe.
Thats why I envision this idea as a local community endeavour. Every community has a currency system like this backed by the silver owned by the people in the community. People within a community need to be able to trust each other. Without this, there is no way humanity can survive. This is also why we need common culture, values etc within a community.
No matter how hard this Awakening is, what comes after is going to be harder - not so much as painful, as having to change our fundamental belief system
Yeah Tether was a cabal operation to manipulate the crypto market. A lot of crypto transactions happened with Tether stable coins which were created out of think air (no backing), and it will also be how the current generation cryptos will crash before the new system comes in (atleast bitcoin I think)
Agreed. The challenge with acquiring any wealth has always been keeping it. It is a risk to keep your own wealth physically with you but a better risk, I think, than trusting anyone else with it.
You seem to be talking about storing value and you are correct.
OP also wants a medium of exchange and potentially a passive income via staking. Not sure how this will work. As other commenter said, you would need to be able to withdraw physical silver.
I think I understand the concept. I just don't like it. We have seen what happens, if not immediately then at least over time, when we trust others to store our wealth in exchange for the convenience of trading as well as a sense of security. The tradeoff has been a loss of privacy and outright theft of our acquired assets.
Convenience, like anything else we want in life, comes with a price. With any monetary system the primary price of the convenience those systems offer are risk of loss of capital and risk of loss of privacy. The degree of risk can be reduced depending on the system used but as far as I know all monetary systems designed with convenience in mind are accompanied by both these types of risks.
Personally, I'm not at all excited about crypto. I view it, as do many other Austrian economists with greater understanding than me, as another fake form of fiat with zero intrinsic value. Sure, people have acquired wealth with crypto in the same way people acquired wealth in the dot.com era and other speculative "investments" but getting lucky on a gamble does not automatically equate to the thing being gambled on having any actual value.
It seems to me that the more complex the system, the greater the opportunity for corruption. If people think it is bad now in terms of having the freedom to act in privacy with our paper dollars and their solution to the problem of privacy is to transfer their wealth to an electronic only currency, all I can say is they haven't really thought it through. Same is true, I think, for people who believe that an electronic currency will somehow be immune to corruption and outright theft from powerful entities. It just simply won't.
I get it. In theory the concept is great. I’m just skeptical and think that In time there will be more silvercoin than actual silver being stored. It would quickly start to resemble the current silver paper market.
I get what you’re trying to do, but the benefit of silver is it’s physical value. The second we move to a silver crypto we find ourselves in the same place as we are now with SLV certificates... we would put our trust In the idea that the crypto would be backed by real wealth, but an epic amount of fraud happens behind the scenes.
Tether is what I would compare it too.
It was supposed to be backed 1:1 with USD, until they decided to make gains. Now they’re having to mint more Tether to “keep up” with USD, by backing itself with crypto currencies.
So a self-feeding fire… wait til everyone wants to cash out and the 1:1 is proven to not exist.
Exactly. Given enough time every certificate system will devolve into a similar fraud. Even the constitutional US dollar wasn’t immune.
The challenge is to make sure that the place that stores the silver actually keeps as much of the physical silver as they claim they have, and that they keep it safe.
Thats why I envision this idea as a local community endeavour. Every community has a currency system like this backed by the silver owned by the people in the community. People within a community need to be able to trust each other. Without this, there is no way humanity can survive. This is also why we need common culture, values etc within a community.
No matter how hard this Awakening is, what comes after is going to be harder - not so much as painful, as having to change our fundamental belief system
Yeah Tether was a cabal operation to manipulate the crypto market. A lot of crypto transactions happened with Tether stable coins which were created out of think air (no backing), and it will also be how the current generation cryptos will crash before the new system comes in (atleast bitcoin I think)
Typical bullion vaults are audited daily by reputable independent precious metals auditing companies
Agreed. The challenge with acquiring any wealth has always been keeping it. It is a risk to keep your own wealth physically with you but a better risk, I think, than trusting anyone else with it.
You seem to be talking about storing value and you are correct.
OP also wants a medium of exchange and potentially a passive income via staking. Not sure how this will work. As other commenter said, you would need to be able to withdraw physical silver.
I think I understand the concept. I just don't like it. We have seen what happens, if not immediately then at least over time, when we trust others to store our wealth in exchange for the convenience of trading as well as a sense of security. The tradeoff has been a loss of privacy and outright theft of our acquired assets.
Convenience, like anything else we want in life, comes with a price. With any monetary system the primary price of the convenience those systems offer are risk of loss of capital and risk of loss of privacy. The degree of risk can be reduced depending on the system used but as far as I know all monetary systems designed with convenience in mind are accompanied by both these types of risks.
Personally, I'm not at all excited about crypto. I view it, as do many other Austrian economists with greater understanding than me, as another fake form of fiat with zero intrinsic value. Sure, people have acquired wealth with crypto in the same way people acquired wealth in the dot.com era and other speculative "investments" but getting lucky on a gamble does not automatically equate to the thing being gambled on having any actual value.
It seems to me that the more complex the system, the greater the opportunity for corruption. If people think it is bad now in terms of having the freedom to act in privacy with our paper dollars and their solution to the problem of privacy is to transfer their wealth to an electronic only currency, all I can say is they haven't really thought it through. Same is true, I think, for people who believe that an electronic currency will somehow be immune to corruption and outright theft from powerful entities. It just simply won't.
I get it. In theory the concept is great. I’m just skeptical and think that In time there will be more silvercoin than actual silver being stored. It would quickly start to resemble the current silver paper market.
https://www.reddit.com/r/Wallstreetsilver/comments/n9wdxq/remember_how_jpmorgan_found_110m_oz_of_silver_for/