Gyroscopic Investing

interesting if true ......


rumor is china will be releasing a crypto currency backed with their 20,000 tons of gold they have . the pressure on the dollar is anticipated to be be pretty bad . but you do have to consider the source ....

https://www.kitco.com/news/video/show/K ... Kitco-NEWS

As the Chinese parable goes, "We'll see." Maybe Xi has xin what happens in The Mandibles and he wants to give it a shot.

Xix! (read: sheesh)

Gold-backed or not, I suspect a digital currency controlled by a Communist dictatorship may not be as popular worldwide as the glorious leader wants everyone to believe.

I personally would not buy any product from mainland China where its integrity is critical. There is a pervasive history of fraudulent ingredients and manufacturing practices. To take just one example: the use of melamine in pet food base in 2007 to get past the nutritional testing and reduce manufacturing cost. It's hard to quantify the morbidity & mortality that resulted, but claims that thousands of pets died are probably legitimate. That's many people refuse to buy foods or nutritional supplements that may have ingredients sourced from China.

So maybe a bit off topic, but it is not hard to imagine that this same type of product "culture" would translate to a cryptocurrency. There are probably better reasons too, like, would you really hand a Chinese site your social security number and personal details? In short, I wouldn't invest in this except at gunpoint.

In China, it’s all about WeChat Pay and Alipay. Even the street vendors have QR codes. I don’t care about them tracking my every move, but a European tourist reportedly couldn’t get a vendor of water bottles to take her cash at the Great Wall for pete’s sake.

And, it helps to have a Chinese bank account if you’re going to use a local credit card or WeChat Pay. Do they not want tourists?

I’m a fool for buying renminbi-denominated traveller’s cheques maybe 10 years ago.

No offense to the populace. My wife is of Chinese extraction and I’m a fan of the culture and history, but fuuuuuck that. No thanks. No Chinese cryptocurrency. I’d rather hold the gold that will supposedly back it. And I’ll find some other way to pay vendors.