Now many developers are trying to issue a coin and come with it to the ICO, raise funds and quietly withdraw from the market, while others join together in successful joint projects. Such positive consortia have a positive impact on the cryptocurrency market and generally contribute to the development of the blockchain. What is attractive is the combination of one of the first decentralized fundraising systems of DAO Dash with Vaultoro. Vaultoro.com is the first realtime bitcoin / physical gold trading platform. We will talk about this joint project with CEO Vaultoro mr. Joshua Scigala
- Hi Joshua
- It took a couple of months after our first interview with you, and you announced a joint project with DAO Dash. Two months ago you did not talk about your plans for unification. Tell me, how did this idea come about implementing Dash in the trading platform and what do you expect from the joint project?
- I have been following Dash since it was called Darkcoin. I always loved that it focused on privacy as I believe currency needs to be fungible (indistinguishable from another coin) for it to work as a good currency. This is for many reasons. As a business owner, you would not want customers to be able to follow transactions in the blockchain to find out where you are sourcing goods from, or how much you are paying. There are thousands of reasons why you wouldn’t want everyone knowing your business. Dash was one of the first cryptos to really focus on privacy and fungibility.
The other reason I find Dash so interesting is that they have a groundbreaking funding model to help developers, marketers and interesting projects. Instead of the miners getting all the block reward every X minutes, Dash also mines into a fund. This fund is worth around 2 million dollars or 1.54 Kilos of Gold a month! But the interesting thing is that people holding 1000 Dash in their wallet can vote on proposals, and the proposals that get enough votes get funded each month. Screw VC’s! we now have a blockchain that can pay businesses and this is what we did.
- Why did you decide to work with DAO Dash?
- Dash didn’t invent the concept of a DAO (decentralised autonomous organisation), this concept was talked about by the cypherpunks in the 90s, but, the Dash community was the first in the world to build a working DAO. There are a few now but Dash has a great community and has always been on the cutting edge. We at Vaultoro love the cutting edge, that’s why we where the first to offer a gold exchange, the first to invent exchange transparency, the first exchange in the world to accept lightning network deposits and now the first gold exchange to enable people to trade between Dash and insured audited Bullion Gold. Man we love being first LOL 😀
- The crypto currency market has not shown growth for a long time. Can you predict the increase in the cost of Dash? Is this tandem now a landmark for both companies?
- I got into crypto to get away from fiat money. It’s a systemically corrupt unit of measure. We built Vaultoro so bitcoin could have a price discovery mechanism based on something other than fiat, now we are extending that to Dash.
One thing that many people don’t understand is the difference between price and Value. Yes, the price has been going down in Crypto but the Value is going up up up. With more and more use cases coming online, crypto is gaining more and more value. Don’t be fooled by the price, keep an eye on the value of these networks instead. If you do want to try to stack more crypto you can use gold to trade when crypto is high and buy crypto back when it goes down. Using gold enables you to not have to trust exchanges that use banks. With Fiat exchanges, you have to trust 2 counterparties. The exchange, and the bank. This is why we focused on gold, it’s allocated to you so even if something happened to us, it doesn’t matter. Liquidators could not even touch our client’s assets because it’s not on our books, gold is allocated to the client’s name. Very different to fiat, which is in the bank’s name and speculated with by the banks while you’re not using it. I’m growing tired of bashing banks however I just find the whole banking system so dumb.
- After the fall in the price of the main crypto currency, how much was the demand for the purchase of precious metals affected?
- People are always buying and selling gold. December was huge as people started to pile into gold to take profits off the table and into something stable that’s fully owned by them. But now people are trading back into crypto and some are still buying gold as they believe bitcoin is going down to 2K. So we will see what happens. In any case, our clients are bank, government and fiat independent which is one of the best ways to secure wealth.
- What other crypto currencies would you consider for implementation in the trading pair?
- We are looking into a Litecoin / Silver pair, as a homage to Charlie Lee’s Slogan about Litecoin being the silver to Bitcoins gold. We want to focus on the top bluechip cryptos as well as some interesting physically backed tokens like property backed cryptos. But our first focus will be Dash as they have stepped up to help us out so we don’t need to go through more VC’s.
- Information for investors. What precious metals is Vaultoro currently trading, and how many positions are now being sold?
- We are currently purely trading the Bitcoin / gold pair. There has been Tons of gold traded over the years and the number of positions is always changing. We are also looking forward to adding platinum and palladium pairs but silver will be first.
- Thanks Joshua for the interview.
- It’s my absolute pleasure. Keep up the great work of educating the masses about crypto and financial health.