Jump to content
Sign in to follow this  
VanGogh

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

Recommended Posts

1 hour ago, yxxyun said:

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

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

We need more wallets from trusted developers which support trading on DEX.
Hopefully XRPL-Labs (https://xrpl-labs.com/en/) will change this lack.

Share this post


Link to post
Share on other sites
1 hour ago, Coolio said:

We need more wallets from trusted developers which support trading on DEX.
Hopefully XRPL-Labs (https://xrpl-labs.com/en/) will change this lack.

And we need more gateways too, more asset /tokens issued on XRPL.

This is chicken and egg problem,  no user use the on XRPL asset,  no one want issue asset on XRPL. No high quality gateway issue asset,  no user want use it.

Edited by yxxyun

Share this post


Link to post
Share on other sites

@TheyLive  @yxxyun I understand that new use cases can be positive developments, but coins that are backed by a substance which is supposedly held in a vault somewhere just open the space up to too much opportunity for fraud.  The only other backed coin I know of is Tether.  How you guys feel bout Tether? (I"m not saying Tether is a fraud but you get the idea.) 

@Tinyaccount I see your point but backed coins just make me super suspicious.

Share this post


Link to post
Share on other sites
6 minutes ago, Eric123 said:

@TheyLive  @yxxyun I understand that new use cases can be positive developments, but coins that are backed by a substance which is supposedly held in a vault somewhere just open the space up to too much opportunity for fraud.  The only other backed coin I know of is Tether.  How you guys feel bout Tether? (I"m not saying Tether is a fraud but you get the idea.) 

@Tinyaccount I see your point but backed coins just make me super suspicious.

there are USD backed coin on XRPL already,  both bitstamp and gatehub issue USD (and BTC ) on XRPL. 

and there are 3 gateway issue CNY on XRPL. 

Edited by yxxyun

Share this post


Link to post
Share on other sites

@yxxyun yeah I know I didn't mean  to write that Tether was the only other stable coin. meant to convey the thought that Tether was a a backed coin that was most famously causing distrust in the crypto space based on the potential opportunity for fraud.  Just got up from a late night and didn't have my coffee yet.  Brain wasn't totally working.

Share this post


Link to post
Share on other sites

Well, typically,  stable coin or your balance on exchanges , are all IOU,  all may have counter party risk. But can't deny them because tether. 

Edited by yxxyun

Share this post


Link to post
Share on other sites

There is no difference, when you trade xrp for usd on DEX or on an regular exchange. You always have the counterparty risk.
USD on bitstamp (regular exchange) has the same counterparty risk like USD from bitstamp on DEX.

Edited by Coolio

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×
×
  • Create New...