OK but if they actually have a piece of physical silver and gold for each money, then why not just let us trade in silver and gold? Why does Texas want possession of the physical gold and we get proxies? Something about putting eggs in one basket...
According to the article, you can redeem the crypto for gold (or money).
then why not just let us trade in silver and gold?
I don't think there's a law against trading in silver and gold.
I think the problem is that they'd have to buy the gold/silver and start minting coins, then put the coins in circulation. Not necessarily a tough thing, but it's easier to set up the crypto blockchain and then, if you want the physical gold, you can redeem it.
BTW I'm not saying your concerns aren't valid, I'm just offering what I think is the answer to your questions. Personally, I would love for a crypto expert to read through the bill and explain everything and give their thoughts.
no law against trading, but U.S. Citizens became limited in how much they can possess when the fed was created. i believe those limits are still in place.
So it is coin and digital. “The legislation would require the state comptroller to establish and provide for the issuance of gold and silver specie and also establish digital currencies that are 100% backed by gold and silver, and 100% redeemable in cash, gold, or silver.”
The specie are coins / physical money. I think the digital part of the bill is so that it is in agreement with the constitution. The constitution says only gold and silver backed currency in states can be created.
Also have you ever looked up how much gold and silver is actually in the world? There isn’t enough to make money out of it. The coins would be tiny. To have larger bills or coins represent it which can be redeemed would really be the only way. The price of gold and silver would most likely go extremely high when this happens.... In perspective it is said that there is only enough silver in the world for each person to have one silver dollar size coin. Gold is even less. The only reason silver and gold prices aren’t even more high then they are I believe is because the average person doesn’t care and will pay money for costume jewelry and such.... I think this is exciting and could be great.
OK but if they actually have a piece of physical silver and gold for each money, then why not just let us trade in silver and gold? Why does Texas want possession of the physical gold and we get proxies? Something about putting eggs in one basket...
According to the article, you can redeem the crypto for gold (or money).
I don't think there's a law against trading in silver and gold.
I think the problem is that they'd have to buy the gold/silver and start minting coins, then put the coins in circulation. Not necessarily a tough thing, but it's easier to set up the crypto blockchain and then, if you want the physical gold, you can redeem it.
BTW I'm not saying your concerns aren't valid, I'm just offering what I think is the answer to your questions. Personally, I would love for a crypto expert to read through the bill and explain everything and give their thoughts.
no law against trading, but U.S. Citizens became limited in how much they can possess when the fed was created. i believe those limits are still in place.
So it is coin and digital. “The legislation would require the state comptroller to establish and provide for the issuance of gold and silver specie and also establish digital currencies that are 100% backed by gold and silver, and 100% redeemable in cash, gold, or silver.” The specie are coins / physical money. I think the digital part of the bill is so that it is in agreement with the constitution. The constitution says only gold and silver backed currency in states can be created.
Also have you ever looked up how much gold and silver is actually in the world? There isn’t enough to make money out of it. The coins would be tiny. To have larger bills or coins represent it which can be redeemed would really be the only way. The price of gold and silver would most likely go extremely high when this happens.... In perspective it is said that there is only enough silver in the world for each person to have one silver dollar size coin. Gold is even less. The only reason silver and gold prices aren’t even more high then they are I believe is because the average person doesn’t care and will pay money for costume jewelry and such.... I think this is exciting and could be great.