/biz/ - Business & Finance

>>56380193
Sergey himself enters every gold vault, gives two thumbs up to the security camera if everything is ok and that's it job done

>>56380193
It's a good question and I have the same one.

I get how a tokenized asset can be monitored effectively, but if the centralized entity has to report on physical reserves for itself.. that doesn't make any sense, they'd just lie. Oracles can't know what's in a gold vault.

What the fuck good as a tokenized version of gold if the tokens are being minted by the people who own the gold vault? Couldn't they just say "Uhhh yep we have 1000 gold bars" when they really have none? And then you're trading tokenized bullshit..

Any smarter anons have an answer here? Or is the reason this thread is kill bc there really is none?

>>56380511
Exactly, i have been thinking about this and cant seem to figure it out.

Same as with banks, alot of banks have gold on their balance sheet, i dont trust banks for their word to validate it themselves.

>>56380511

Oke maybe another question.

If we think proof of reserve is going to change the way the world works, and gold and silver are validated 1 on 1 paper vs phisical. How do you think silver will react when i tell you that the paper silver market is 250 times bigger than the phisical silver market?

I am a link marine myself and when i think about it, silver is THE best hedge there is don't you think?

>>56380511
Ding ding ding you've figured out why tokenized assets represented on the blockchain are just IOUs. Congrats, seriously.

>https://youtu.be/tPURU6Sq2yo?t=961

>>56380193
It will show in the information field of the asset where it's located in.
If you see it's in a vault US then you know it"s 0.

Additionally it"s possible to use a numbered system where each gold bar is identified by a unique number and picture.
Platforms like bullionvault are already doing this to make sure JP Morgan can't steal what they own and pretend it's their.
Delivered numbered items cannot be used for double accounting and other Jewish schemes.

If tokenization is added this will become the default and you will be able to prove that the JP Morgan silver and gold ETFs own nothing because it does not even have 1 identified bar to its name.

For stocks it's even better.
You will be able to trace every owned stock just like how you do it with crypto and manipulations with naked short selling will be impossible to do.

>>56380511
>It's a good question
only if you are a midwit that has done zero research
>but if the centralized entity has to report on physical reserves for itself..
There is such a thing called "custodians", and in this case they will have multiple custodians and it will be reflected on Chain. very simple.
Basically the oracles will be able to see and rank which Gold Vault is the "most trustworthy" and these ones will be the long term Winners.
however nobody really stops you from buying Tokens for an Asset that is not properly backed but why would you?

>>56381192
>>56381203
>>56381215

Thanks, this will truly change the world as we know it.

>>56381192
Good video, thanks. Haven't watched this one before. The way I see it, Proof of Reserves for physical assets is a major upgrade from the current system. It's not perfect, as there will always be certain inefficiencies related to turning real-world assets and events into on-chain data, but the system outlined here is a big step up from the current system, where you have very little insight into the custodial process. The most successful custodian will be the one who can provide the highest level of assurance that your gold claim is backed by real gold in real vaults.

Purely digital assets have many advantages, Bitcoin really is one of the purest forms of collateral that exists. Tokenized bank deposits are probably superior to centralized stablecoins, assuming you trust your bank more than you trust Tether. But the whole point is to give unprecedented levels of transparency into the process of tokenization as well as the solvency of the institution you're holding your funds with. If you want to hold physical gold yourself no one is going to stop you, but if you want to tokenize that and gain access to the liquidity of capital markets then Proof of Reserves makes that a much more feasible process.

Chainlink provides the tools while intermediaries compete to be the most transparent and are rewarded with liquidity from customers.

>>56381215
this is 100% vaporware nonsense lmao

>>56381101
Silvertards don't understand why silver really was more valuable in the past. It became more valuable than its actual scarcity was worth because it was a way to carry around and spend a useful amount of wealth. Since the invention of paper money silver doesn't have as much of a use case. It's still rare and valuable and it's not a bad idea to have a stack but it's never going to outpace gold by 100x or anything.

>>56381387
what part of that is difficult to understand for a retard like you? care to elaborate?

>>56381426
>RIP KEX ID
it's over

>>56380511
This is easy. surprise, random, yearly audits by a government regulator to physically verify the gold is there. If it's not, the institution gets fined and the news is made public.

>>56381823
Yeah, no.

>>56380193
You make an always-on third party operated zk system of devices and AI to monitor and report custody status end-to-end from receipt to storage to delivery. Going with the theory behind DONs, you would have several parties involved in reporting as many steps of custody as possible, not relying solely on self-reporting.

Would the market pay for this? Maybe.

Would vaults submit to this amount of surveillance into their business practices? Probably not, as insight of this manner introduces both security risks and costly technical and accounting overhalls.

Something of this sort is technically feasible. A few hackathons ago, there was a startup designing general IoT sensor connected oracles for a similar purpose. The issues with an advancement like this are the ambiguous benefits involved. It doesn't clearly protect or financially benefit companies with products to sell, and it's not like there are droves of paying customers demanding it to the point that they'll send their money somwhere else. Why, then, would any potentially involved party foot the bill for it? This is the sort of thing that gets implemented as a consequence of regulatory force rather than economic need.

>>56380511
No oracle can verify if information is true whether it’s pulling from the real world or another website. Same thing. It can represent information properly, but it can’t verify it.

>>56380511
>>56382895
but it can INCENTIVIZE truth. that's what every poster in this thread has failed to grasp. the truth machine doesn't just output truth, it incentivizes it. In the future, every person of worth and every corporation of worth will be staked.

>>56381823
>fort Knox only this time for realz

>>56384255
Thanks, never thiught about it this way.

Bullish for RSR

>>56380193
Imagine a vault where hundreds of cameras monitor containers each containing a certain number of gold bars to ensure they are there; so far blockchain tech/chainlink isn't involved. However Chainlink would allow users to create insurance smart contracts where in the event that gold is removed from the vault as verified by a DON (that monitors the camera feeds) the user gets a payout. This way a stablcoin backed by gold could be considered safe as in the event that gold is removed users of the stablecoin would be insured. Its worth noting that none of Chainlink's current POR partners use this method, instead the vault itself just reports that the gold/cash is still there.

>>56381823
That's anti-semetic

>>56380511
You'd basically have an authentication service that attaches some data to each piece of gold and enters that data on chain.
The people holding the gold would run the node and I'm guessing a 3rd party would verify that they actually have that gold from time to time.