I had a look through those. I'm happy with the term you used "backed by" and it's often suggested. However, there's an overriding problem in that discussion. Central banks or even private companies would want to implement their own centralised blockchain which would be open to the kinds of manipulation that (decentralised) Bitcoin is protected from.
I hope you can see that, if you own 20 crypto-rubles, the bank could rewrite their private blockchain (no expensive mining involved) and say all your BTC belong to someone else. You have to trust them not to do that. BTC is "trustless". You don't need to trust anyone. Now, once you've had your Bitcoin confiscated, how would it help you that it's backed by gold or not?
The Seeking Alpha article is mainly concerned with pegging the value of fiat to gold, which is fine. It stops the central banks from "printing money" unless they have the metal to back it up. The mention of Bitcoin is incidental and could be used to lend more legitimacy to the plan.
By the way, look out for articles about precious metals and see how infrequently (never) anyone suggests that they would have more confidence in gold if it was backed by Bitcoin ;)) I mean what happens when vast gold deposits are acquired through asteroid mining ? Its value nose-dives :))
I think this is why btc is a must. The asteroid mining is going to happen pretty quickly. The Callie of these so called precious metals will tank. Also the fight for raw minerals aka colonialism will end forever.
I’ve filled btc for years but I may have used incorrect terms. Some sauce for discussion.
https://news.bitcoin.com/gold-based-digital-assets-issued-in-russia/
https://www.coindesk.com/policy/2022/06/23/gold-backed-stablecoin-can-help-russia-circumvent-sanctions-government-owned-bank-suggests/
https://seekingalpha.com/article/4501191-russia-gold-standard-what-means-gold-bitcoin
https://bitcoinist.com/russia-consider-gold-backed-cryptocurrency/amp/
I had a look through those. I'm happy with the term you used "backed by" and it's often suggested. However, there's an overriding problem in that discussion. Central banks or even private companies would want to implement their own centralised blockchain which would be open to the kinds of manipulation that (decentralised) Bitcoin is protected from.
I hope you can see that, if you own 20 crypto-rubles, the bank could rewrite their private blockchain (no expensive mining involved) and say all your BTC belong to someone else. You have to trust them not to do that. BTC is "trustless". You don't need to trust anyone. Now, once you've had your Bitcoin confiscated, how would it help you that it's backed by gold or not?
The Seeking Alpha article is mainly concerned with pegging the value of fiat to gold, which is fine. It stops the central banks from "printing money" unless they have the metal to back it up. The mention of Bitcoin is incidental and could be used to lend more legitimacy to the plan.
By the way, look out for articles about precious metals and see how infrequently (never) anyone suggests that they would have more confidence in gold if it was backed by Bitcoin ;)) I mean what happens when vast gold deposits are acquired through asteroid mining ? Its value nose-dives :))
I think this is why btc is a must. The asteroid mining is going to happen pretty quickly. The Callie of these so called precious metals will tank. Also the fight for raw minerals aka colonialism will end forever.