Really good idea @buggedout, for Steem to be strong and resistant to most of the market mood it must be backed by gold or silver (but the silver market is a way too much undervalued, because to JPMorgan for so long). To achieve this goal Steem have to own the gold in its real form, not by contract. I really appreciate your idea. Big Thanks.
You are viewing a single comment's thread from:
I don't think that would work. As a decentralised organisation where do you store the gold, and how do you ensure it isn't introducing a new counterparty risk.
STEEM GOLD as I'm suggesting wouldn't be backed by gold. It would be backed by the rewards pool but it's price would track gold.