It's a jumble out there.
Look over here while we prepare to re-chain the world with CBDCs "Central Bank Digital Currencies".
Here is a hard hitting expose by DAWGLog with an Atlantean Garden video composite of the propaganda being slung our way by the MSM to emphasize how jumbled our world has become. Give yourself about 5 minutes to digest it.
Once viewed, infighting amongst ourselves will get us no where.
Most crypto are now well surveilled by those regimes that are in desperate need of cash flow ready to declare 'yours' theirs, at the drop of hat.
So what can the crypto community do to head off the re-leashing of the populous to yet another form of inflate-able fiat now re-branded CBDCs, one Int'l CBDC governed by International Central Bank settlement rules all the central banks, and one per country 'local' CBDCS , which will be created by your ruling federal govt regimes to replace your existing Natial fiat paper and phony/worthless metal coinage completely.
Well as we know, credit notes backed by metals, or metals used as coinage in 90% or better purity form is a weight game.
Making gold and silver part of of your 'legal tender ' local currency needs the weight to be measured for each of the SKUS Stock Keeping Units , which needs to be easily administered to make it work right at the cash register/checkout.
Above,Nevada accepts as legal tender GoldBacks, Legal Tender Notes with accurate percentages of 1 Troy Ounce of Gold embedded.
So what happens when you want to buy something in NV with GoldBacks?
1- The price of gold (fixed every 15 minutes maybe?) gets checked you buy your goods or services meaning
the vendor needs a system to accurately check price of gold and calculate in local currency ($ in this case)
2- The vendor rings in the sale, accepts the Goldback 50
in this case , using todays exchange 1 ounce= US $1808.59 Goldback 50 = 90.4295
3- IF you bought something for US $80.00 tax included you get back US$ 10 note in fiat.
The 'change' you receive, which could have been one of these below, and some silver coins also dished out in weight , IF the vendor was so equipped to do so AND Utah and Nevada recognized each other's GoldBacks as legal tender.
Which is why this type of gold embedded paper currency has had little uptake at the moment.
The Way we was...
A Credit note on the other hand which you can turn in for gold or silver like what we had in the USA some time ago will work, if denominated in weight, exchange for goods or services or metals silver or gold, provided the issuing country actually mints the coins or bars to service such an exchange.
Asset Backed Crypto:
The adoption and use has been slow and steady for Gold and other metals, relative to other
Have a look at this Good backed Crypto guide below updated June 27th, 2021:
Where your success with goldbricked crypto is in you the investor reading the details!
Gold Coinage Return as Legal Tender?
Gold Coins making a return as 'legal tender' in retail shops? Maybe, measured in grams
The Gold Standard 1 Gram? Approx. Actual Size
Above is about the size of a US 10cent 'dime'.
Today 1 Gram is worth about US $58.00, so such a 'legal tender' coinage offer in grams could work, especially with silver, copper and even nickel returning for use at the till and also for use in vendor machines as they work based on weight to determine what type of coin has been inserted in the machine.
In the mean time El Salvador has made #BTC Bitcoin legal tender as it is easily tracked by governments even though a poll done July 9th 2021 shows the majority of citizens DID NOT approve the decision
Really fully 46% did not know anything about Bitcoin in El Salvador, showing the BTC community has work to do in these developing nations to get the word out. It could be the people in El Salvador are already 'wise' to the easy tracking going on in the BTC community, given both Zcash and DASH privacy coins have been used for daily micro settlement for the past 2+ years pretty heavily in neighbouring Spanish speaking Venezuela and Columbia. Really its more likely in the future #ARRR Pirate Chain and #Monero become the prevalent privacy coin choices these days in Latin America to gain faster adoption among the crypto savvy in these markets.
Having asset-backed version of ARRR could indeed be possible given its proof of work links to #Komodo chain, where the team there is working on DEX atomic swaps and asset backed tokens. BEP20 is likely the way forward in that regard, for which Komodo has just added support after adding atomic swap support for privacy coin ARRR. All good!
So the big question is why use CBDCs?
Because you the consumer/investor are forced to because existing zombie retailers, commercial services, wholesalers, manufacturers and especially government services keep doing the samething , using fiat, over and over again expecting something to change.
Einstein's definition of insanity.
Add in the fact the US Military wants you to use fiat where the US$ is the reserve debt note. ;)
Here is the asset backed token list published by #Coingekco, many on the list backed by gold or other metals.
That's all for now. :)
TK over and out