There have been a lot of reports and op-eds on how crypto-mining is harmful for the environment. A few pieces are here, here and here. But what if the world of cryptos and tokens could help the environment? That’s what Nature’s Vault’s Legacy token is trying to do.
This Singapore-based company has acquired mining rights for a region with gold deposits in Canada. However, instead of mining gold, it wants to sell tokens that represent the gold. It’s website says, “Each Legacy Token is backed by NaturesGold™, the preservation of at least 1/100th of a gram of in-ground gold in deposits quantified by independent experts and controlled through Mining Rights owned by Nature’s Vault.”
How much gold does the region have? The company says, “Pistol Lake is the first gold deposit acquired by Nature’s Vault. It covers 400 acres of forests and lakes in the Thunder Bay area of Ontario and comprises approximately 150,000 Troy ounces of Gold.”
It’s a very interesting concept and it involves a massive leap of faith. Investors have to believe that the region actually contains gold. The founders of the company, two brothers: Dan and Phil Rickard, are mining veterans. So that might give confidence to investors.
Nature’s Legacy has a simple premise. The gold is buried under forests and lake. Nature shouldn’t be disturbed. The Rickards say that if not them, someone else will come along the way and exploit the gold. With Nature’s Legacy, they are monetizing the gold by NOT mining it. Imagine a mine that helps the environment!
Attack on Crypto
SEC Chairman Gary Gensler says that he expects more market turmoil in the crypto world after the implosion of stablecoin Terra. This Wall Street Journal report quoted him saying, ““I think a lot of these tokens will fail.
“I fear that in crypto…there’s going to be a lot of people hurt, and that will undermine some of the confidence in markets and trust in markets writ large.”
India’s central bank governor Shaktikanta Das said that the bank had been cautioning against cryptocurrency for the longest time, and now it had crashed.
“We have been cautioning against crypto and look at what has happened to the crypto market now. Had we been regulating it already, then people would have raised questions about what happened to regulations,” Das told CNBC TV18 in an exclusive interview.
While regulators go on about the volatility in the space, analysts on Crypto Dads have been raking in the moolah: