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Curious to know if there are other projects like this already out and if so, how is this unique? Definitely like the idea of essentially tokenizing existing assets to make transactions easier and faster.
Tokenization of gold has already been dabbled with. However, this is the project to turn that tokenized gold into a global currency. ABX.com is initiating Kinesis; the parent company has the infrastructure and reach to access massive amounts of physical gold, connect market makers, and provide payment channels.
Gold is a great storage of value, but is a terrible currency. The reason: there just isn't enough of it in existence to allow everyone on earth to have even just a tiny amount. As long as the gold backed crypto doesn't get adopted in mass it will work. If we assume that the gold is stored in vaults and the Kinesis Velocity Token (KVT) is adopted in mass, the currency will fall apart because there isn't enough of it to go around. This would in turn drive price through the roof. The lasting effect is that we can no longer use gold in our consumer products due to scarcity and we will suffer a technological setback.
The storage of real gold in vaults will inevitably not match the circulating supply of the backed currency as there is no way around it if adoption goes widespread. The options are to allow the currency to fail to function as a currency and cause gold to be unobtainable, or just lie about the amount of gold that exists in the vaults. It would be soooo much more valuable to just lie about the supply of gold.
The price of precious metals are already being manipulated by banks. This gold backed crypto would only make it easier to manipulate price.
Do yourself a favor and simply calculate the total amount of gold ever mined and multiply it by the price. You will find out there is only enough gold to put approximately $1.00 in every person's pocket in the planet. As long a cryptocurrency adoption remained small like it is today, the gold backed currency would work, but it would soon break if mass adoption were to take place.
$1/person? You think mined gold is valued at just $7B? Daily gold trade is over $32B.
Kinesis does not mint the tokens nor are the tokens backed by gold exclusively held by Kinesis vaults.
People mint it. Any trusted vault may store it. It's an open network so the amount of gold being stored cannot be falsified.
As for gold needed to support this, I raised that question too when I met the team.
Present net gold supply is valued at $7T. To support this network, were the whole world to adopt it, price would appreciate.
Industries won't be affected as gold is sparingly used in manufacturing. The few products that do use it would apply close substitutes or use the newly priced gold. However, as gold would be only one component, final price won't be affected much.
Russia has been increasing its gold reserves and Kazakhstan has also boosted its gold holdings in the past 30 days. China has been doing the same for the first time in more than 2 years. Only a matter of time ;)
Hi @hatu thank you for making these informative posts. Gold is one of the most important natural elements that will take more importance, recently I was reading about this. Now with kinesis I have more interest. Very interesting the contest. Everyone to participate
I have never heard about this,the contest is very good, not only for the quiz but also for the opportunity to make the video for those more creative people. We are learning daily. big thumps up
When our started the development of SteemBet Dice game, we couldn’t imagine that our game would go so viral and that SteemBet would become one of the pioneers in this field.
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Should be interesting to watch how the Crypto will interact with Gold.
Will be interesting to see if people use Gold to hedge BTC like they currently do with the USD.
Its sound cool.
Your comment doesn’t sound cool.
Posted using Partiko iOS
Not for Americans...
I'll continue buying gold and silver that I can hold in my hand.
The KVT is limited during the ITO.
However, everyone is welcome to use and/or mint the metal-backed coins.
Thanks for sharing about kinesis.
You magnificently described the assets appreciating in value.
The comparison between fiat and gold was awesome.
awesome!
Thanks for sharing about kinesis.
You magnificently described the assets appreciating in value.
Curious to know if there are other projects like this already out and if so, how is this unique? Definitely like the idea of essentially tokenizing existing assets to make transactions easier and faster.
Tokenization of gold has already been dabbled with. However, this is the project to turn that tokenized gold into a global currency. ABX.com is initiating Kinesis; the parent company has the infrastructure and reach to access massive amounts of physical gold, connect market makers, and provide payment channels.
can US citizens participate in the ICO?
Accredited investors only.
However, the metal-backed coins will be open to all.
Gold is a great storage of value, but is a terrible currency. The reason: there just isn't enough of it in existence to allow everyone on earth to have even just a tiny amount. As long as the gold backed crypto doesn't get adopted in mass it will work. If we assume that the gold is stored in vaults and the Kinesis Velocity Token (KVT) is adopted in mass, the currency will fall apart because there isn't enough of it to go around. This would in turn drive price through the roof. The lasting effect is that we can no longer use gold in our consumer products due to scarcity and we will suffer a technological setback.
The storage of real gold in vaults will inevitably not match the circulating supply of the backed currency as there is no way around it if adoption goes widespread. The options are to allow the currency to fail to function as a currency and cause gold to be unobtainable, or just lie about the amount of gold that exists in the vaults. It would be soooo much more valuable to just lie about the supply of gold.
The price of precious metals are already being manipulated by banks. This gold backed crypto would only make it easier to manipulate price.
Do yourself a favor and simply calculate the total amount of gold ever mined and multiply it by the price. You will find out there is only enough gold to put approximately $1.00 in every person's pocket in the planet. As long a cryptocurrency adoption remained small like it is today, the gold backed currency would work, but it would soon break if mass adoption were to take place.
$1/person? You think mined gold is valued at just $7B? Daily gold trade is over $32B.
Kinesis does not mint the tokens nor are the tokens backed by gold exclusively held by Kinesis vaults.
People mint it. Any trusted vault may store it. It's an open network so the amount of gold being stored cannot be falsified.
As for gold needed to support this, I raised that question too when I met the team.
Present net gold supply is valued at $7T. To support this network, were the whole world to adopt it, price would appreciate.
Industries won't be affected as gold is sparingly used in manufacturing. The few products that do use it would apply close substitutes or use the newly priced gold. However, as gold would be only one component, final price won't be affected much.
Russia has been increasing its gold reserves and Kazakhstan has also boosted its gold holdings in the past 30 days. China has been doing the same for the first time in more than 2 years. Only a matter of time ;)
Time to turn gold into a store of value that is also a transfer of value.
Why did you use the bitcoin tag if your post has nothing to do with bitcoin and doesn't mention it once?
Implied relevance: BTC's popular reference as digital gold.
It would make more sense if you used relevant tags instead of popular ones that don't apply.
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ss
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I submitted the response and resteemed the post.
Unfortunately I clicked "GO BACK" before taking the screenshot and lost that screen.
I'll take your word for it. :)
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Here you go.
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Cool screenshot buddy!
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Done
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Upvoted and Resteemed
Thanks, @hatu
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good
thank you for this great contribution
Submitted my answer
Posted using Partiko Android
You already received it.
Yes but I think there is second chance 😞😞😞😞😞😞😞😞😞 I lost the chance to get one steem
Posted using Partiko Android
dd
cool
nice
ok
Submitted my answer. I am seeing a great future ahead of this kinesis
You have already claimed the prize.
Okay. Yea.
You have already claimed the prize.
My friends how are you
Interesting and full useful bolog I strongly recommend it and voting and of course restreem. All the best from @aple
good!
Great!
Thanks for this!
Hello @hatu thank you
Voted and reesteemed
Thanks dear
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Fake.
Fake
Hey @hatu steps were done. Thank you
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Fake.
THIS DUDE LOOKS LIKE THE MONOPOLY GUY BUT ALSO A REGISTERED SEX OFFENDER HAHAHA
Harsh. 😂
great article!!!!
Thank you.
This is my entry
Good luck everyone
you're the best @hatu
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Fake.
Thanks for this precious information
Great
Posted using Partiko Android
i done, hope i can win the main prize.
Good luck!
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would that be enough?email came
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Here it is Sir, nice initiative. I even reposted it on my own cryptocurrency twitter #AliencoinOfficial :)
Appreciate the support!
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Also like this post
Thank you.
Hi @hatu thank you for making these informative posts. Gold is one of the most important natural elements that will take more importance, recently I was reading about this. Now with kinesis I have more interest. Very interesting the contest. Everyone to participate
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Glad to have you aboard.
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I have never heard about this,the contest is very good, not only for the quiz but also for the opportunity to make the video for those more creative people. We are learning daily. big thumps up
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That was too fast to capture so i went to my email @hatu
Reesteem done
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I want to start earning money
I designed the thread for this project. All the best.
It is shared from medium. copyright content.
The post on Medium is (1) by me and (2) published after this one.
🎁 Dear @wipro,
SteemBet Seed round SPT sale is about to start in 2 days!
When our started the development of SteemBet Dice game, we couldn’t imagine that our game would go so viral and that SteemBet would become one of the pioneers in this field.
In order to give back to our beloved community, we’ll distribute 4000 STEEM to SPT holders immediately after Seed sale. Plus, investors in this earliest round will be given 60% more tokens as reward and overall Return on Investment is estimated at 300%!
Join the whitelist on SteemBet webiste now and start investing! Feel free to ask us anything on Discord https://discord.gg/tNWJEAD
Congratulations @hatu!
Your post was mentioned in the Steem Hit Parade in the following categories:
Resteemed
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