Locking in Cryptocurrency Customers in Gold Backed TokensNovember 2, 2019
If the China Coin were to be backed by Gold, it might be a checkpoint for Bitcoin. Bitcoin is being promoted as near-perfect gold-like stuff in terms of preserving value. The image might bring in backing from several cryptocurrency enthusiasts who have been trying to rake in some serious profits as the real Gold is making its projection through some other cryptocurrency.
Peter Schiff stated, “According to @maxkeiser, I’m an idiot because I think #gold is better money than #Bitcoin. He also claims China is about to launch a cryptocurrency backed by Gold. This is bullish for Gold and bearish for Bitcoin. Crypto backed by Gold is much better than one backed by nothing!”
Those cryptocurrency companies who trust in making money by pump and dump strategies might not be able to be as successful as they were in the past, as crypto investors and regulators have become vigilant than before.
The cryptocurrency market is evolving to be an intention economy where the customers are in complete charge of the market. Customers were forever controlled by the systems which were created to trigger a specific response in them. Customers are forever making choices and demands. The custom of “locking in” customers have been prevalent in the modern world. And, customers felt like slaves and vendors.
Customers get driven like cattle, and this is also true about the cryptocurrency market. Though not fast cattle streaming, the coming in of customers is iterating. Useful signaling for any cryptocurrency comes from the sentiments of customers.
The legal framework for dealing in cryptocurrencies is not set to perfection yet; there is a certain degree of absurdity. Cryptocurrencies should become more social to become mainstream. The internet economy is not going to happen smoothly.
The cryptocurrency economy is also a kind of attention economy. Several million in startups have raised funds using ICOs. The ambitions of the cryptocurrency network developers cannot be over-estimated, and the future effects of their efforts will provide a payment system that can be used the way you want.
Systems like the Bitcoin without traditional financial institutions involved in transactions might soon be brought under the regulation of the government.
China is taking the lead in regulation, and the US is not doing great in terms of regulating cryptocurrencies.
The increased pressure on the US and European economies has triggered a need for controlling competitor tokens like Libra. Several countries are currently putting up with already existing regulations that were not precisely made for the cryptocurrencies.