Royal Mint trading gold using blockchain technology.
The Royal Mint, has been around for over 1000 years in one form or another, Minting gold and silver coinage and expanding their portfolio, now the Royal Mint is enertering the digital world, my advice get on board.
This is the one that could make your fortunes and get more gold than you ever dreamed of, I am keeping an eye on this as it looks to be release in October this year, get ready.
Both The Royal Mint is synonymous with integrity and accuracy and are committed to innovation and security, using a blockchain ledger to record all RMG transactions.
First, upvoted
This is very interesting will definitely look into this, got any links?
waiting on some, I think this is the way gold goes to £8,000 an oz
second!! hmm sounds good!
Did you get my message before
I got your msg and just sent you email! Thank you so much britcoin i cant wait it will be my first gold coin so im just a tad excited to say the least!! :)
It looks like they are showing signs of increasing innovation here its an interesting thing for sure
I think this will let gold of the leash, notice they will not do this for silver
Hosted by the CME Group. Chicago Mercantile Exchange is a derivatives market. The tech is from partners called Alphapoint and Bitgo.
Fact Sheet: http://rmg.royalmint.com/Documents/RMG_Factsheet_2017.pdf
This is what they meant over last few years gold to go to $10,000 an oz this is all planned, who used to own Royal Mint, Rothschild, the dots are lining up
It looks to me to be tied directly to Spot Price, rather than some new speculative cryptocurrency. There is always a chance that the demand for this gold-backed RMG will expose any shenanigans people are pulling over paper PMs, calling out any manipulation and levelling off the true values over time.
My gut instinct is that it's just a 'cool kids' way to buy paper gold which they store for you, but with blockchain transparency, security, and speed of trade (I haven't looked yet to see how they involve themselves in p2p trading, fees or admin wise).
They already had something like this for years [?] with their secure vault service, but they were charging you to store the gold-backed physical grams while you stared at your digital account balance and one day asked for it to be delivered (at a fee of course). From what I can see.. they don't charge for vaulting any more, which is the main incentive I think. They just packaged that incentive as a trendy new digital wallet?
Will read more.
what you have to understand is the RMG coin is 1 coin = 1 gram of gold, gold at the moment is £30.91 per gram, say it goes to £50 per RMG or £500 RMG thats what price it is a gram, so if it takes of so will gold, simple, that what I see thats the salesman in me better than sliced bread.
Right. Tied to spot.
But can the gold-backed RMG ever become more in demand than its physical counterpart, gold itself? Could the crypto version of gold pull real gold up by its own boot straps, so to speak? And drag the physical per ounce price higher?
I wonder if RMG will always be anchored to the gram cost as its parent, rather than the other way around. Even if the alternative isn't a direct causality, but more of a popularity based demand increase.
From what I understand from the factsheet, RMG can have a premium over gold.
What I don't understand is "Royal Mint [...] will endeavour to buy back any RMG if the trading price falls below the spot [...] for more than 24 h". Does that mean they can forcibly buy back your RMG even if you don't want to sell because the price has been manipulated??
How it works: http://rmg.royalmint.com/how-rmg-works/
I can't wait to hear more and I wonder if other mints will follow
Very interesting stuff. I'm also interested in the gold backed crypto I've been hearing about. that could definately get me outta my non crypto having shell. Cheers
Ditto, this could be the one that gets me to finally try crypto.
I love gold, I trade gold futures and spot market since 2008 crash, now that gold is in blockchain Im loving even more... :)
Hi, Raph. Is there any chance that RMG could deviate from spot price, or is it strictly anchored to it since it is physically backed by gold grams? And do you have any insight on how the release of RMG could affect physical gold price?
I dont know if RMG will deviate from spot price a lot, maybe there is some variance on daily basis, it is too early to make a precise analysis about this yet. I dont think the release of RMG will affect the physical gold price since all countries back their currencies in gold reserves, specially India, China. We need to watch China reaction about this, if they start to exchange or trade more RMG instead the future contract or physical gold. With the advent and increase of blockchain and cryptos, I think maybe China is exchanging gold for bitcoins little by little, but not in very large amounts yet, since there are some improvements to make on this technology yet. Even Russia is investing heavily in blockchain now, we are in a transition moment in economy with blockchain, it is too early to say that gold will be obsolete. Maybe physical gold have some costs that are higher for ordinary people, but for govs and big corporations Gold is still a safe haven. And China wants to power the CNY(chINA yUAN RENMINBI) their currency in FOREX market, and the only way is accumulating gold in my view. Also, countries like Switzerland, Germany, UK and USA will never stop to accumulate gold in my view. I dont know if my analysis is good enough to explain to you this, Im more a technical analysis trader (Charts). Hope I helped a little :)
Thank you for sharing. :)
It will be interesting to see which countries buy into RMG, and which ones create (or ask RM to create) their own versions. They've been minting other countries coins for centuries, so it's possible they could extend that service here.
RMG will be separate from the UK government, I believe, based on their FAQ answer about the potential for government confiscation.
yep, I hope so, as always, governments try to bite a lot from us :/. hope blockchain can change all this for good :-)
This is the point, who has the most Gold, who benefits from it rising to £8,000 this takes the Yanks out of it, the Chinese have more Gold than they say, this is set to price the small buyers out of the market, look at bitcoin what normal person can afford it, this is what will happen to Gold, lets see what happens but in 6 months Gold will not be held back it will be a rich mans game, sorry ladies no Pune intended
agree, maybe is better keep trading the spot CFD Gold in an UK broker, as I do. Im not particularly fan of buy physical gold, is too expensive. I prefer earn money in the fluctuations of the gold spot contract.It is quick and easy to go long or short with a margin account . I use ig.co.uk broker to trade, think they are reliable.
This is an interesting part of their FAQ:
Will blockchain be completely transparent?
Everyone is free to view the blockchain. A publicly viewable blockchain means anyone may check that the total amount of RMG in issue is in line with the audited RMG vault holdings. Real world identities however are not public. Transactions on the blockchain are sent between blockchain 'addresses' (long strings of random numbers) and it is at the discretion of the RMG owner whether to declare their own addresses publicly or not. The blockchain may be viewed through the public RMG BlockExplorer website www.provachain.com, by downloading and running your own full node here, or by applying to The Royal Mint to become a validating partner here.
That made me pause for a minute.. imagine the leaks of elite transactions we could see! Are wallets balances public too if you know the recipient address, like on Steemit?
If it becomes a reality, gold will jump to the sky. SOV.
Going back to the old times where currencies are backed by gold standards?
Sov.