With binance now supporting gold backed crypto, A new opportunity has been presented to the crypto community! (link below)
Although stablecoins have always existed this article gave me a new idea!
Ever since I got into crypto I always hated when every coin drops only because bitcoin is doing so. It doesn’t even matter how well the team is delivering, if bitcoin’s performance is poor so will be the other 95% of altcoins.
If our treasury is partially backed by gold/stablecoins, this will allow the treasury to have another use case!
1st we need to ask why does this happen? Why do people sell other altcoins when bitcoin falls?
The first answer that comes to mind would be FUD! crypto is still new & has no support form today’s current financial systems (mostly a good thing).
And altcoins being newer have coupled with bitcoin.
What if we used something from today’s financial system to partially support the next generation of finance i.e Defi i.e XIO?
FUD cannot exist when people know in the back of there heads they can always burn their XIO & get back $ or Gold.
We would have the best of both worlds, security & the economics of Defi.
Would love to hear the thoughts of the founder himself @ZacharyDash & the community
If you agree what ratio of Gold/stablecoin/altcoin should the treasury support?