EDIT: self-censured. perhaps out of embarrassment. perhaps not. only the smurfs know. anyway, didn’t find a way to delete this thread, so I’m writing some nonsense instead.
This was my concern. How will the custodians not run away with the money? A multi-sig address could be used for cryptocurrencies but you want 1:1 ratio of assets backing up the created nubits, so cryptocurrencies would be too volatile. With the money as the ‘reserve’, I don’t see how it could be audited for transparency and how it could be secured safely without trust (as would be required in a trillion dollar industry).
See my post. I give a slightly different opinion.
If you’re referring to usd, the only thing I can think of is offering collateral. Pm me and I’ll let you know what I think.
Towel, quick, write it down. If you get run over by a No.9 bus tomorrow, we’ll never know what it was