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RE: Trace Mayer defects from bitcoin to steem
I am starting to think Bitcoin is like Myspace. Open Blockchain is the real innovation here. Maybe I am wrong but I would not be surprise to see Bitcoin muddle along while other coins Ethereum and Crypto-Equity tokens such as Steem outperform. Maybe Bitcoin development improves but I see it highly unlikely. These DGX tokens from Digix if scaled could be big. We all know and trust Gold as a stable store of value. Only time will tell but I really starting to wonder about Bitcoin being able to scale.
Crypto as a long term stable currency may well be a myth. What Ethereum and these other "Crypto Asset" coins are doing is more like a stock equity. The currency aspect in Crypto is overvalued. Meaning what we are really looking for is the use cases. Why do you need Bitcoin in 1-2 years when you'll have stable coins and real verified Gold tokens on the Blockchain. You can have a direct to fiat to digital Gold token exchange. Coinbase, Gemini, Circle, Uphold and other Fintech banks will evolve to provide this service at very low cost. Once you get into "Crypto Stable Coins" that's transfered by open blockchain like Ethereum, Bitcoin has little use.
Payment Apps will run on top of the Stable Coins, massively disrupting the legacy banking industry. A true peer-to-peer banking and payments system is formed. All running on top of a scalable public blockchain.
Don't get me wrong I am a long term fan of Bitcoin but your concerns are justified about Bitcoin scaling and bad rep! It may well never over come this!
DGX is centralized because storing gold is centralized. The only gold-backed digital currency that will work is a system similar to steem-backed dollars, but for gold. Bitshares created the first iteration of this, but SMD is the upgraded version. If it works, then the same could be done for gold instead of dollars.
Please read, I mentioned stable coins. GLD EFT is only worth 42 Billion and its 100% centralized (works fine). You can sue if they lose your Gold. Investors are protected to their Gold by law. GDX is audited by a third party system with insured vault, plus you can do audit on blockchain. Quasi-Decentralization is the future.
Investors also thought their gold was safe and protected by law in 1933 when gold was effectively outlawed and confiscated by the US government. Unless it is fully decentralized in a blockchain-based environment, then it is not safe.
Agree! A decentralized Stable Coin that uses collateralized debt mechanics could be a huge break through. MakerDAO, BitUSD, USDT to name a few. The same could be done with Gold. Interesting to see USDT (tether) over $7 million and climbing stored here. Its nearly seemless to swap crypto and low cost to swap Crypto to USDT on Poloniex. I don't think Poloniex exchange is decentralized so I would not trust it too much with large amounts of money sitting there. These decentralized exchanges starting to look very promising as they are increasing liquidity.