Read on Twitter
1) Dear Nileshbhai,
While the idea is good, the biggest hurdle is the centralization of physical gold thereby losing individual sovereignty and ability to resist government control.
@NileshShah68 https://twitter.com/nileshshah68/status/1264907053342109703
While the idea is good, the biggest hurdle is the centralization of physical gold thereby losing individual sovereignty and ability to resist government control.
@NileshShah68 https://twitter.com/nileshshah68/status/1264907053342109703
2) Contrary to general consensus, blockchains are slow and inefficient. Permissioned/centralized ‘blockchains’ don’t actually require blockchains. A spreadsheet/database would do. https://twitter.com/nbalajiv/status/1046027342873690112
3) Besides, centralized blockchain under government custody means politicians can ‘mine’ their own ‘GoldCoin’. Because.. sure why not. Lol. 
4) Just like Emperors and Kings, governments cannot resist the temptation to devaluation/debasement.
- Roman Emperor Nero reduced gold in Aureus coin from 8 to 7.2 grams
- King Henry VIII reduced silver component in coins from 92% to 25%
- Nixon abolished the gold standard
- Roman Emperor Nero reduced gold in Aureus coin from 8 to 7.2 grams
- King Henry VIII reduced silver component in coins from 92% to 25%
- Nixon abolished the gold standard
5) Digital debasement by rulers is what will happen in this scenario.
Year 0:
1 ‘GoldCoin crypto’ = 1 gram of gold
Year 10:
10 ‘GoldCoin crypto’ = 1 gram of gold
Year 0:
1 ‘GoldCoin crypto’ = 1 gram of gold
Year 10:
10 ‘GoldCoin crypto’ = 1 gram of gold
6) Better option would be for Indian citizens to embrace a decentralized option like #Bitcoin 
to act as a possible hedge against misadventures of Central Banks around the world. Kotak could start providing the banking infra like JP Morgan in US.
https://www.bloomberg.com/amp/news/articles/2020-05-12/jpmorgan-is-now-banking-for-bitcoin-exchanges-coinbase-gemini
to act as a possible hedge against misadventures of Central Banks around the world. Kotak could start providing the banking infra like JP Morgan in US.https://www.bloomberg.com/amp/news/articles/2020-05-12/jpmorgan-is-now-banking-for-bitcoin-exchanges-coinbase-gemini
7) Supreme Court quashed banking ban
https://m.economictimes.com/markets/stocks/news/sc-allows-trade-in-cryptocurrency-quashes-rbi-curb-on-use/amp_articleshow/74470078.cms
https://m.economictimes.com/markets/stocks/news/sc-allows-trade-in-cryptocurrency-quashes-rbi-curb-on-use/amp_articleshow/74470078.cms
8) #Btc is associated with terms like ‘scam’, ‘fraud’, ‘bubble’ etc. Most laughable being ‘fake volumes’, ‘wash trading’ etc. Like as if most Indian stocks are free of manipulation. 
Every asset class has its set of bad actors. That doesn’t mean one ignores it completely https://twitter.com/nbalajiv/status/1259837428916862976
is associated with terms like ‘scam’, ‘fraud’, ‘bubble’ etc. Most laughable being ‘fake volumes’, ‘wash trading’ etc. Like as if most Indian stocks are free of manipulation. Every asset class has its set of bad actors. That doesn’t mean one ignores it completely https://twitter.com/nbalajiv/status/1259837428916862976
9) A dated thread on this subject cc: @chokhani_manish https://twitter.com/nbalajiv/status/963757267035209728
