PIMP owns some silver, but unless there is enough silver there to cover the market cap of the token then you can't really call it "backed". It's fractional reserve at best?
Yeah you're right, I got excited though. I know they are growing the reserve but yeah, it's only a small fraction at this point. I do like the direction though.
I can't imagine a crypto fully backed by physical metals these days. I guess I would just have a hard time believing it. Sadly I guess I'm that jaded.
Who the heck holds it? 😂
I wouldn’t advertise this as holding anything. Third party risk for physical is anti everything decentralized crypto is meant for. This model is moronic.
It’s a cool idea but just can’t work ever. You need physical storage and that can’t be trusted by a third party without huge risk.
You must be killin' it out here! @summertooth just slapped you with 1.000PIMP, @buggedout. You earned 1.000PIMP for the strong hand. They're getting a workout and slapped 1/3 possible people today.
PIMP owns some silver, but unless there is enough silver there to cover the market cap of the token then you can't really call it "backed". It's fractional reserve at best?
Yeah you're right, I got excited though. I know they are growing the reserve but yeah, it's only a small fraction at this point. I do like the direction though.
I can't imagine a crypto fully backed by physical metals these days. I guess I would just have a hard time believing it. Sadly I guess I'm that jaded.
Who the heck holds it? 😂
I wouldn’t advertise this as holding anything. Third party risk for physical is anti everything decentralized crypto is meant for. This model is moronic.
It’s a cool idea but just can’t work ever. You need physical storage and that can’t be trusted by a third party without huge risk.
Exactly the reason it'll never happen :D
You must be killin' it out here!
@summertooth just slapped you with 1.000 PIMP, @buggedout.
You earned 1.000 PIMP for the strong hand.
They're getting a workout and slapped 1/3 possible people today.
Read about some PIMP Shit or Look for the PIMP District