Precious metals and Blockchain
JakePMs
Posts: 1 ✭
Hey all,
I was watching this podcast yesterday as I'm interested in sound money (now more than ever with the central bank rates).
I'd previously had no interest in silver or gold on the blockchain, almost seems less trustworthy than paper ETFS!
But the chap in this podcast (Jim) who is a pretty serious stacker from what I can tell seemed quite supportive of the idea and said it's actually better as a product vs ETFs...
Has anyone thought about these sorts of solutions as an alternative to ETFs and could you recommend me some?
Cheers,
Jake
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Hopefully someone can give you the answer you are looking for. As for me... I don't trust Bitcoin (or other schemes based on blockchain) for a variety of reasons, and have much more trust in something you can hold in hand in your possession--- such as actual gold and silver.
@JakePMs... Welcome aboard. Add my vote to tangible possessions. If you have it, you own it. I am not one to stake my future on a bunch of 1's and 0's.... Cheers, RickO
Sorry, not for me !!! 😩
@JakePMs you need to own your digital assets in your wallet. Don't fall for ETFs or Coinbase it's not the best way. Metamask is a great wallet to use.
I think the Perth Mint has a blockchain token backed by silver. There are several privately issued tokens backed by precious metals. I could be wrong but I don't think these are regulated. So how do we know they actually have the metal that backs the tokens. This is not for me I like physical possession.
Personally, I would own bitcoin just as it is and I would buy physical silver just as it is. Custodied silver with some sort of blockchain connection seems as untrustworthy as any other scheme to buy a derivative to hold physical silver or gold.
Once you hold silver in the palm of your hand, you realize that owning it virtually just doesn't make any sense.
Agreed, I use Metamask. You should know that Metamask resides on your browser. If you get hacked, your Metamask can be hacked. You need to get ledger hardware to protect it.
Go to youtube, query "Metamask hack" and you can read about the many, many sad owners who were wiped out by hackers.