Open RunnyBabbit opened 1 year ago
1) The standard ISO currency code for gold is XAU — not "AU", as this poster indicated (by the way, it's "XAG" for silver)
2) "XAU" has an international weight & purity standard of 1 oz at 24k purity (99.999% purity)
3) There's nothing more complicated about gold or silver bullion trading than trading other currencies — gold or silver coins with an extra collectable premium are known as "numismatic" coins, and are completely irrelevant to the bullion (ie, melt) trading value of common XAU & XAG ounce bars & coins
4) COUNTERFEITING: Like fiat paper, assaying the purity of precious metals is the responsibility of the sellee — there is no practical difference in counterparty risk, or in assaying fiat currencies, or assaying metal money
5) Reputation ratings already solve Number 4 — no need to make the non-issue seem more complicated than it is; worst case, have sellers check a box that they have assayed the metal (or have run an anti-counterfeit marker across the fiat currency) before releasing the Monero from escrow — this easily solves the non-problem, arbitration-wise
6) LocalMonero added this arbitrary request to recognize "Gold (XAU)" (and "Silver (XAG)") currencies within 10 minutes of the first public Twitter request — precedent exists, and it's a trivial no-risk addition to add real monies as accepted currencies
7) Due their inherent fungibility & industrial uses, precious metals are a CBDC-proof on-ramp & off-ramp into both Monero & fiat (even as fiat becomes completely digital & programmable)
8) Unlike fiat currencies, gold & silver are international currencies that are universally recognized & honored by the people of all nations — even if those people's governments are repressive or totalitarian
9) I can't believe I have to defend adding gold & silver as accepted currencies — seriously
Originally posted by @HavenoDEX in https://github.com/haveno-dex/listing/issues/18#issuecomment-1115997071