In an earlier article I published two weeks ago, I had posed the question of establishing a bitcoin/gold ratio, or backing cryptocurrencies with precious metals. Since then, there has been one example of such a proposal. On May 30, ZeroHedge.com revealed this to be a possibility in the Middle East with the unveiling of "OneGram", a cryptocurrency wherein each token is (theoretically) backed by one gram of physical gold:
http://www.zerohedge.com/news/2017-05-30/gold-backed-currency-launches-dubai
To add further fuel to the discussion firepit, SilverDoctors.com released part 1 of an excellent interview with Mr. Jim Willie, discussing the possibilities of physically-backed cryptocurrencies:
Is the idea so preposterous? What do you think?
top image courtesy of: singaporesilverag.wordpress.com
