haveno-dex / listing

A place for the community to suggest and discuss crypto and fiat listing
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Thanks for opening the issue @Moneder0, but the possibility of listing precious metals is something that needs to be investigated first, to assess feasibility. I'm closing this issue as it's not practically actionable now, please continue the discussion here: https://github.com/haveno-dex/haveno/issues/229 :) #70

Open RunnyBabbit opened 1 year ago

RunnyBabbit commented 1 year ago
          Thanks for opening the issue @Moneder0, but the possibility of listing precious metals is something that needs to be investigated first, to assess feasibility. I'm closing this issue as it's not practically actionable now, please continue the discussion here: https://github.com/haveno-dex/haveno/issues/229 :)

Originally posted by @HavenoDEX in https://github.com/haveno-dex/listing/issues/18#issuecomment-1115997071

RunnyBabbit commented 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