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Showing posts with label gold backed cryptocurrencies. Show all posts
Showing posts with label gold backed cryptocurrencies. Show all posts

Sunday, May 28, 2017

ZenGold blows away Dubai's OneGram during their respective ICO's last Friday

On May 26, two gold backed cryptocurrencies commenced their Initial Coin Offerings (ICO), with differing results for each after the first day of trading.  ZenGold, which is cryptocurrency model based on the sale and distribution of 100 million tokens that are each backed by physical gold bullion. sold out its complete offering of 63 million coins in a single day.  And one of the biggest reasons for the incredible success might have been the fact that ZenGold was allowing the use of cryptocurrencies such as Bitcoin and Ether to be used in purchasing the tokens.


In the meantime, Dubai's gold backed OneGram cryptocurrency had a much less successful beginning as their ICO started on the eve of Ramadan, and is set to continue all the way through the duration of the Islamic holiday (June 24).

And as of the end of Friday OneGram had sold only $430,000 worth of a $500 million offering.
OneGram announced at Consenus this week the world’s first Sharia-compliant, gold-backed digital currency. The company also announced details for its “OGC” token crowdsale which will begin at the onset of Ramadan. The Initial Coin Offer (ICO) will continue for 120 days. OneGram seeks to raise an astounding $500 million by selling more than 12+ million OGC tokens. As of today, over $430,000 has been deposited, according to the OGC ICO page. - Crowdfund Insider
Interestingly, there might have actually been a parallel to Bitcoin's $800-900 drop in price on Friday, as it is very possible that Asian investors either sold their Bitcoin to get into ZenGold's ICO, or used their Bitcoins directly in purchasing the new gold backed cryptocurrency.
Friday May 26, 2017 ZenGold launched a cryptocurrency backed by physical gold. Bitcoin and Etherum cryptocurrencies began moving violently in the market place on Friday May 26. ZenGold accepts Bitcoin and Ethereum as currency for the “tokens” of ZenGold.
Would it make sense the drop in both Bitcoin and Ethereum as being related to people moving their cryptocurrencies into ZenGold? Asians love gold and with a gold backed cryptocurrency coming online that accepts the two most popular cryptocurrencies it makes to me that some of what we have seen over the past 48 hours is directly related to the launch of ZenGold. - The Daily Coin

Wednesday, May 24, 2017

Forget sovereign currencies and governments, the market is bringing a return to the Gold Standard through cryptocurrencies and digital banking

One of the most important paradigms that individuals, governments, and companies must overcome is that as technology progresses, so too does the way business is transacted.  And while there have been many calls over the past 40+ years for the monetary system to somehow return to a Gold Standard, the advent of the internet and the digital age is allowing this to occur outside the control and intervention of sovereign governments.

With the rise of online banking and the different types of financial entities functioning outside the banking system, the ability for one to both save and conduct commerce in gold is no longer a purview of sovereign governments, central banks, and finance ministries.  In fact, even before the mainstream rise of cryptocurrencies, several companies such as GoldMoney and Karatbars have allowed individuals to store their wealth in gold and then spend it as if it were a debit card or online bank.

But now that the blockchain has completely revolutionized the way commerce is conducted and how money is accepted, a return to a Gold Standard is no longer relegated to theoretical discussions in the classrooms of universities or the conference rooms of think tanks.  And in fact, a return to the gold standard may be already here.

Image result for gold backed cryptocurrency
Bitcoin is often referred to as a “good” money because of its limited supply, relative fungibility and ease of exchange. If gold can also start to satisfy those requirements, a seismic shift from fiat to digital could be easier to “sell”—the public is predisposed to trust gold, certainly more so than cryptography.  
It could also open the door to the creation of a new global currency as an alternative to the dollar, something that Russia and China are rumored to be looking at. 
We sure do live in interesting times—and it is not all that far-fetched to think that OneGram, or another gold-backed crypto currency like it, could be a stealthy way to introduce a new global gold standard. - Forbes