I wanted to share some interesting Chart/Drawing of Crypto and Precious Metals that were mentioned by @Spirit Gym Int’l and I also saw posted on Twitter. I have heard some of this before, but this is a nice chart laying it all out. XRP backed by Gold, XLM backed by Silver, XDC backed by Copper, Algo backed by Paladium, IOTA backed by Iridium. I wonder how true this is.
Please, share in the comments, if any of you have heard of this before.
https://changehero.io/blog/is-xrp-backed-by-gold-possible/
The Gold Standard in Crypto Debate — Is XRP Backed by Gold Possible?
3/26/24
Where did the notion of XRP backed by gold come from? As is often the case, it can be tracked to social media. The inciting incident of the debate is the YouTube video by an influencer well-known in the XRP community, Lewis Jackson. In it, he claims that there is substantial evidence for two statements: XRP is going to be adopted by the banking system, and to qualify for this function, XRP has no choice but to be backed by gold. The video was enough to start a gold-backed XRP debate.
You can track gold by tokenising it on the XRP Ledger and creating a token such as XAU like companies have been doing for the past decade. But you can’t back XRP itself with gold.
— Matt Hamilton (@HammerToe) February 26, 2023
However, his arguments have been debunked by a former Ripple developer Matt Hamilton on Twitter (now X). As a decentralized cryptocurrency with a finite supply, XRP cannot be tied to physical gold in a way that would make it both pegged to its value and redeemable. He admitted that the only feasible way for two assets to interact is by tokenizing gold on the XRP Ledger.
https://twitter.com/MasonVersluis/status/1623868834024390656
XRP will NOT be tied 1:1 with gold.
— MASON VERSLUIS (@MasonVersluis) February 10, 2023
This $XRP Community chart is also absolutely stupid pic.twitter.com/ijQzOgSDXu