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RE: Trace Mayer defects from bitcoin to steem
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.