
Spinning gold into dollars: how BitGold intends to become a new standard - edward
http://www.theguardian.com/money/us-money-blog/2015/may/31/bitgold-new-standard-digital-currency
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ChuckMcM
I think this is a marginally interesting gold trading system, the article
rather fluffy, the founders distancing themselves from BitCoin [1] which,
being the case, they picked a really stupid name, and they seem to completely
ignorant of the whole "Why you aren't allowed by the government to create a
currency without all of the money laundering rules in place" which BitCoin
exchanges everywhere have been plagued with.

If we've learned anything over the last 5 - 7 years its that 'anonymous
monetary transactions' are just as good as 'free porn exchange' in getting
rapid growth in the Internet, and generally involve a customer based that you
don't want to be associated with.

[1] _But what BitGold is up to is something rather different. Don’t let the
moniker fool you, says Crumb; he’s not trying to turn gold into bitcoins. “We
think that’s a bad idea.”_

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Animats
How is this different from E-Gold?[1]

[1] [http://en.wikipedia.org/wiki/E-gold](http://en.wikipedia.org/wiki/E-gold)

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murbard2
Because it has blockchains, and blockchains are magical.

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jerguismi
They might launch some asset that is tracked via blockchain, but I'm quite
sceptical about that - to me it sounds like marketing bullshit. More like
running mysql database where people have this digital gold. But of course,
since they are professionals they use something like Oracle or DB-2 or some
existing legacy software to ledger the clients accounts.

