Sometimes I think DGCs are no more secure than paper money:
The governments promise the value of their fiat currencies,
Someone promises that there is gold somewhere in a vault to back his DGC.
All this made me realize that there is only 1 form of true money;
physical gold in your own safe.
>Very simply, there is a pile of gold in the viamat vault. Somebody has
>the key to the vault. In other words, someone has authority to put
>their hands on that gold and take it out of the vault, or to put more
>in. Is this correct?
>
>As a GoldMoney user, I do not have that authority... so I must rely on
>the promise of the person(s) who have the authority that they will
>indeed give me my share if I demand it. Is this correct?
>
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