You're better off trading with the thing that it is backed by, because the State can't shut off your access to something you physically hold like it can with a State issued crypto. Once they deactivate your wallet and you won't be able to redeem for the backing asset anymore.
Think harder, gold is already valuable to everyone, whether a state backs some cryptocurrency with it or not doesn't change that equation. And a gold backed cryptocurrency won't make it practical to transact in physical gold, because all the same reasons people don't do that now apply. That's also the same reason your local bank doesn't buy gold. What you might get with a gold backed crypto is more banks willing to sell you gold.
You're better off trading with the thing that it is backed by, because the State can't shut off your access to something you physically hold like it can with a State issued crypto. Once they deactivate your wallet and you won't be able to redeem for the backing asset anymore.
My point. Backing "state asset" with gold, makes gold valuable to everyone.
Thanks for the pointless thread.
Think harder, gold is already valuable to everyone, whether a state backs some cryptocurrency with it or not doesn't change that equation. And a gold backed cryptocurrency won't make it practical to transact in physical gold, because all the same reasons people don't do that now apply. That's also the same reason your local bank doesn't buy gold. What you might get with a gold backed crypto is more banks willing to sell you gold.
Youre retarted. Like serious