[Enlightened1]

The tokenization of the economy begins. Government-backed digital gold.

Think it's cool you can put this on a debt card and use it.

This is a way to preserve your purchasing power and being able to use it on the spot at will.

[fhayek]

Sounds like a scam to me. It's gold! It's crypto! It's two mints in one...

[SeeSharp]

What exactly is meant by “take physical delivery”. Do I have to go to Australia if I want the gold instead of the token? You might want to look up the origin of the term “wildcat”, as in wildcat banks.

As for the crypto tokens being loaded on a debit card, since there is no price structure based on these tokens there will have to be an exchange each time a purchase is made. You are aware the IRS considers the sale of virtual currency to be the sale of an asset with income tax implications, right?

[bkopto]

So Uphold creates a gold-backed centralized (LOLWUT) token. This is not the first such chimera. Tokenizing gold is like having a horse pulling an automobile.

I look forward to the day when gold is economically extracted from sea water or successfully mined from the Kuiper asteroid belt. Only bitcoin is provably scarce.

[rwh]

The government of Western Australian? Hmmm....

[Spirochete]

n Australian government program issuing certificates that guaranteed physical delivery of gold.

Keynes called it a "barbarous relic". Governments hate gold. A government gold certificate is fools gold.

[higgmeister]

I operated NSA crypto in the USAF in 1975. At that point in time the USS Pueblo (AGER-2) had already been boarded and seized by North Korea, compromising the cryptographic gear I worked with.   And that wasn't the worst, the Walker Spy Ring sold the plans for our operational equipment to the Soviets along with crypto keying material. Even back then, we were told that a Cray supercomputer could eventually decrypt our encrypted signals but it would take so long that any any classified information would be out of date and the likelihood of choosing a communication link to decrypt that had critical information was unlikely.   Nowadays that would not be the case.

No! No! and adamantly No!

Crypto gold?!   No, it's not a thing!

[Flash Bazbeaux]

I remember when Santo Gold was a thing.

[delta7]

Promises to pay are as history proved time and time again, worthless. If you do not hold it, you do not own it. The US Comex gold and silver exchange has been having historic delivery problems since March. Don’t get sucked in, default is very, very near.

[LegendHasIt]

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