Friday, 4 February 2011

Looking for people interested in starting a new revolution in payments.

Central banks, government treasury and government in general have discredited their ability to manage the economy and maintain a steady currency. The constant currency debasement through the printing of more and more money has devalued all of our savings and capital investments.

This has again led to the gold standard regaining attention.

Gold's increasing value when measured against paper has come into prominence following the 2008 US exercise in printing till we hurt.

A monetary system based on allocated gold has a unique ability to retain its purchasing power.

A system built on allocated gold can limit any government's capability to steal your hard earned capital or even to debase and devalue it.

A gold standard stops the havoc that governments have been setting on the global economy whilst also fixing inflation to natural means and not arbitrary measures created by politicians with rent seeking in mind.

A payment measure in the form of PayPal that offers a currency exchange mechanism and a gold based currency is a solution. Allocated gold can be held and traded. When it is necessary to buy and pay for goods with those in the offline world, an exchange to the local currency could be arranged. When transmitting value for purchase and sales to networked entities, the gold currency can be used and trade could be enacted in gold certificates.

I am interested in talking with others who may be interested in starting an online gold trading system alone the lines of a PayPal.


Andrew said...

Hrm. The biggest issue I can see is that most people who are skeptical enough to store their money in gold prefer to have something a little more tangible (i.e. they want to be able to touch and feel their gold!).

I do have to ask though, would you plan to stick to just gold? Obviously commodity backed currencies are far better than fiat currencies, however, you could take it a step further and offer other commodities (silver perhaps being the most obvious?) to create competition. Competing currencies would be ideal which is of course why the US outlaws it.

All in all, sounds like a noble cause. If I had any useful skills I'd offer my services for sure. :)

Craig S Wright said...

Well, other firms could also offer it and other species based systems.

The sole basis is in a currency that cannot be printed like paper.