I half agree with you. Stablecoin right now means you're tethered to fiat and fiat is the problem. They can just print more fiats with quantitative easing, and that means they'd be funnyprinting more stablecoins too, so stablecoins are inherently self-devaluating. They are maybe the dumbest financial instrument ever invented, and they're even dumber say than fiat itself.

You want digital gold. Bitcoin IS that. its volatility is proof it's not beholden to fiat. In fact when bitcoin goes up in exchange value, it's because the US dollar is devaluating. If bitcoin goes down its because the US dollar is getting stronger

bitcoin is a way to dispose dollars and China knows this. literally just throw them away

I'm getting into the weeds here but what you want is a stablecoin based on reality and that's what a GOLD stablecoin woudl be. As far as TRUST MECHANISM, the trust mechanism is proof-of-property: the management of the gold stablecoin MUST BE ABLE to prove their holdings, otherwise trust is injured and people run from the currency; and not having their backing they pegged to means people find themselves holding stablecoins with a fraction of the value they are SUPPOSED to have.

Same thing happened with Tether...it's essentially a crypto version of a dollar as an ETF. Cryptos are digital stocks that cut out the middle man of the stock trader AND the DTCC and other clearing entities. The clearing is baked into the blockchain. This analogy is sound. So what happened with tether is the same thing that morgan stanley did (or was it jp morgan?) with silver ETFs...selling more ETFs than was represented by their physical silver holdings. They got zapped by DOJ but where is the remedy for the shareholders. The lesson is DONT DO ETFs. Ever.

Don't do tether or the other dollar stablecoin (udc? can't remember)....don't hold them EVER.

They exist for ONE thing and one thing only: for exchanges to be able to convert fiat to bitcoin and bitcoin to any other crypto currency in an arbitrage way that doesn't cost them money (or makes them money) and doesn't get them zapped by government regulations....they are an exchange hack. People don't hold them.

I'd say stay away from gold stablecoins managed by the US government because it lies. Russian government probably also. I don't trust governments to do it.

I want a livestream video of any SINGLE entity that is managing it, so anyone can audit them. You have to trust that the video is correct. How do you do that? Have an employee go up to the video with todays newspaper as a kind of 'proof of life'. Also you send in a third party auditor.

I think you need a network around the world of 'floating depositories' all using different auditors at regular intervals for "Proof of property" for any gold-backed crypto stablecoin system

I half agree with you. Stablecoin right now means you're tethered to fiat and fiat is the problem. They can just print more fiats with quantitative easing, and that means they'd be funnyprinting more stablecoins too, so stablecoins are inherently self-devaluating. They are maybe the dumbest financial instrument ever invented, and they're even dumber say than fiat itself.

You want digital gold. Bitcoin IS that. its volatility is proof it's not beholden to fiat. In fact when bitcoin goes up in exchange value, it's because the US dollar is devaluating. If bitcoin goes down its because the US dollar is getting stronger

bitcoin is a way to dispose dollars and China knows this. literally just throw them away

I'm getting into the weeds here but what you want is a stablecoin based on reality and that's what a GOLD stablecoin woudl be. As far as TRUST MECHANISM, the trust mechanism is proof-of-property: the management of the gold stablecoin MUST BE ABLE to prove their holdings, otherwise trust is injured and people run from the currency; and not having their backing they pegged to means people find themselves holding stablecoins with a fraction of the value they are SUPPOSED to have.

Same thing happened with Tether...it's essentially a crypto version of a dollar as an ETF. Cryptos are digital stocks that cut out the middle man of the stock trader AND the DTCC and other clearing entities. The clearing is baked into the blockchain. This analogy is sound. So what happened with tether is the same thing that morgan stanley did (or was it jp morgan?) with silver ETFs...selling more ETFs than was represented by their physical silver holdings. They got zapped by DOJ but where is the remedy for the shareholders. The lesson is DONT DO ETFs. Ever.

Don't do tether or the other dollar stablecoin (udc? can't remember)....don't hold them EVER.

They exist for ONE thing and one thing only: for exchanges to be able to convert fiat to bitcoin and bitcoin to any other crypto currency in a way that doesn't cost them money and doesn't get them zapped by government regulations....they are an exchange hack. People don't hold them.

I'd say stay away from gold stablecoins managed by the US government because it lies. Russian government probably also. I don't trust governments to do it.

I want a livestream video of any SINGLE entity that is managing it, so anyone can audit them. You have to trust that the video is correct. How do you do that? Have an employee go up to the video with todays newspaper as a kind of 'proof of life'. Also you send in a third party auditor.

I think you need a network around the world of 'floating depositories' all using different auditors at regular intervals for "Proof of property" for any gold-backed crypto stablecoin system