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VanGogh

Gold Bullion International Launching Digital, Gold-Based, Cryptocurrency on the Ripple Platform

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Posted (edited)

https://www.cryptonewsz.com/gbi-and-ripple-make-gold-easy-to-send-spend-and-trade-with-xau-balances/39790/

“Ripple changes the dynamics of value, allowing for a real-time market that can instantly trade between gold, currency, mobile minutes, and more.”

Sourced through Jungle Inc.

Edited by VanGogh
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31 minutes ago, VanGogh said:

https://www.cryptonewsz.com/gbi-and-ripple-make-gold-easy-to-send-spend-and-trade-with-xau-balances/39790/

“Ripple changes the dynamics of value, allowing for a real-time market that can instantly trade between gold, currency, mobile minutes, and more.”

Sourced through Jungle Inc.

So if I understand correctly , we will now be able to trade Bitcoin on the Ripple network ? Right ?

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Yeah my bad if it's old. I did see some scattered discussion on this forum, but it looked like it didn't pan out back in 2014, so I assumed that the earlier discussions were just too preliminary and that it has finally come to fruition here in 2019. My apologies if it's old news. 

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28 minutes ago, VanGogh said:

Yeah my bad if it's old. I did see some scattered discussion on this forum, but it looked like it didn't pan out back in 2014, so I assumed that the earlier discussions were just too preliminary and that it has finally come to fruition here in 2019. My apologies if it's old news. 

I was just curious why it had been making the rounds again now - whether there were any new developments, etc. I put the older links here for reference/clarity, but no reason to apologize really. This might not be new, but new to somebody, and equally as helpful --- but context is key, sure

Incidentally, further down in Dan Tapiero's timeline he links to this great video

 

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No reason to apologize. I was curious as well if there was any New information. In your defence the artical was dated for aug 2019. The only reason I found out it was from 2014 was because I was looking for more information. I think the article was basically a bot copy paste from the Ripple Insights page.

Edited by peanut56

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Coins secured by physical items completely miss the point of Crypto.  It takes the Trustless aspect completely out of the system.  Who says any gold actually exists in their vaults??? Oh I have to trust them???  No thanks.  I don't know you.  I don't trust you. As far as I'm concerned if it isn't on the blockchain or in my hand, it's BS.  Good luck with your Gold backed nonsense.  

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3 hours ago, Eric123 said:

Coins secured by physical items completely miss the point of Crypto.  

That's like your opinion, man.

3 hours ago, Eric123 said:

  It takes the Trustless aspect completely out of the system.  

How so?

4 hours ago, Eric123 said:

Who says any gold actually exists in their vaults??? 

Inspectorate

4 hours ago, Eric123 said:

 Oh I have to trust them???  No thanks.  I don't know you.  I don't trust you.  

You don't have to do anything. No one holding you gunpoint and forces you to buy gold or gold backed products. 

 

4 hours ago, Eric123 said:

 As far as I'm concerned if it isn't on the blockchain or in my hand, it's BS.  Good luck with your Gold backed nonsense.  

What's with the hatred. It's a legitimate buiseness case. If it doesn't tick all the boxes or your expectation how the economic world should be, doesn't mean it's nonsense or ********. It's such a unproportional response.

Especially from a guy that's whorshiping the power of triangles and reading tea-leaves.

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4 hours ago, Eric123 said:

Coins secured by physical items completely miss the point of Crypto.  It takes the Trustless aspect completely out of the system.  Who says any gold actually exists in their vaults??? Oh I have to trust them???  No thanks.  I don't know you.  I don't trust you. As far as I'm concerned if it isn't on the blockchain or in my hand, it's BS.  Good luck with your Gold backed nonsense.  

I understand your point and largely agree with it but it is not the whole story.  It’s about a merger between a trustless digital asset and a trusted company possession of physical gold.

And therefore although a physically backed coin is not trustless,  it’s not useless either.  

The coin itself has all the instant transfer and trackability of a digital asset,  but it’s actual value is based on trust.  But then again, so are most, if not all of the rest of the financial products in existence.  When you buy a stock option you don’t actually get a physical deed.  You have to trust the company and the stock exchange.

So I would think that these types of trust/trustless hybrids will have a place in the unfolding future.

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6 hours ago, Eric123 said:

Coins secured by physical items completely miss the point of Crypto.  It takes the Trustless aspect completely out of the system.  Who says any gold actually exists in their vaults??? Oh I have to trust them???  No thanks.  I don't know you.  I don't trust you. As far as I'm concerned if it isn't on the blockchain or in my hand, it's BS.  Good luck with your Gold backed nonsense.  

Issuing assets on XRPL based trust,  so it's called trust line,  you must create a trust line to the asset issue address so you can hold that asset.

this kind asset called "IOU", means the gateway (the issuer) owe you such amount asset, you can transfer the IOU to other account, or trade the IOU with XRP or other IOU on XRP ledger DEX.  You can also deposit or withdraw it.

it's sad that not much user use these features of XRPL. 

 

 

Edited by yxxyun

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