An altcoin true backing by something valuable- be safe from pump and dumps

zolace

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Activity: 364

Merit: 250

Quote from: BBQcopter on August 18, 2014, 08:55:59 AM

ok this is a good idea, finally someone with some brains on these altcoin forums, what is the name of the alt coin? when will it be released? what will make it very different from the other alt coins out there?

Thank you both, I didnt wanna say what I am doing entirey yet, but will get help on the coin, as Im getting the product prepped for the season, as soon as the coin is developed I will post the coin and website name , pictures of land, and pics of the seeds. Ill have to figure out how much will the coin be worth depending on many factors. In two years crops will be worth 100 grand probably back the coins with 50 percent of that.

noviapriani

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Activity: 350

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I think if this coin can protect people from crypto crash like what has been happening this week your coin can beat them all, everyone will trade there coins for your coins as a safety net.
Im interested in helping but dont have any prior developing skill

BBQcopter

newbie

Activity: 39

Merit: 0

ok this is a good idea, finally someone with some brains on these altcoin forums, what is the name of the alt coin? when will it be released? what will make it very different from the other alt coins out there?

zolace

sr. member

Activity: 364

Merit: 250

none of those I wont release the info out yet, but Ill put in the ground work for it as my family owns tons of forest and lands. I thought this was much better then starting with a product like gold, which has to be found or bought. I am not bright as the other developers, so I will need to find a team that can help me with the coin aspect and control of it. I will be putting the labor and the lands up for this coin and ideas.

devphp

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Activity: 336

Merit: 260

Potato or cabbage?

zolace

sr. member

Activity: 364

Merit: 250

ok so I decided to go with a product that I can grow, it will be worth something, I am planning to make a coin that not only go up in value over time but to have backing from a product that gets valuable over time and by market demand of the product. This coin will be the share of the product. I will set this certain coin way below bitcoin cap level since we have more then 8 digits. This coin wont be effected much by dumping or pumping since the value will effected by the product and how many coins will be given or mine, etc. The coins will start out of low value, and you dont need to sell the coins to an exchange for btc, I will gladly make an exchange where you can sell the coins for fiat or trade them for a currency of your choice and doing so wont effect the coin value by much.

Edit: also the value of these coins will go u within 3 to 7 years time, not fast like other alt coins.

zolace

sr. member

Activity: 364

Merit: 250

I had changed the the topic thread and was looking into getting support for creating a new coin that will have true backing, I will have to write out a business plan and ideas and concepts and a new kind of blockchain system so that you will be well protected.

zolace

sr. member

Activity: 364

Merit: 250

I read it and kinda didnt like the idea of using gold bullion for backing, hence why is because it cant be growned and owned. If I was to give a share backing on the coin, it could work, the value could work off more of nature then people pumping and dumping the coin wont effect it much because say, if I put fences to protect the crops then we know im going to have lots of more coins to be mined. its kinda following this kind of concept of course 1 item will probably be worth 1/25th of the coin so I can give it backing while be able to make money on the crops also but allow market share in it. Also I will allow other growers of that product be able to sell there product for the coin, etc

freedomno1

legendary

Activity: 1834

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Learning the troll avoidance button :)

Quote from: zolace on August 12, 2014, 04:21:04 AM

So I have an idea and was thinking of making an alt coin backed by something of value. If a alt coin was backed by oil or something that is heavily traded will you invest in it, mine it, and dump it?

Will the coin be more valuable having backing by a product

Well there was a precedent but the company was not allowed to operate and got banned eventually.
That said Forbes wrote an article on it recently.
http://www.forbes.com/sites/edmundingham/2014/08/11/a-crypto-currency-backed-by-gold-how-retail-gold-investors-can-benefit-from-bitcoins-technology/

So how can Bitcoin, the technology, complement the gold bullion markets and help investor’s better utilize their assets? Jan Skoyles wrote her dissertation on the importance of precious metals to the monetary system, arguing that historically unbacked currencies have tended to last approximately 48 years, but always revert back to the precious metals markets, of which there is a finite supply, as the true determinant of value.

devphp

sr. member

Activity: 336

Merit: 260

Quote from: zolace on August 13, 2014, 12:24:28 AM

so if anyone is interested in me creating a coin in the coming months, with the work in it let me know, Im willing to back the coin for 25 dollars of each coin and releasing coins depending on how many produce comes out of the ground, then those can be mined.

You are obviously at a wrong forum. Crypto currencies are about decentralization. Without decentralization they are as good as toilet paper. Oh wait, toilet paper is better, you can actually use it

Skoupi

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Skoupi the Great

Actually bitcoin is already backed by something valuable.
By a decentralized payments network that works perfectly and seemlesly for 5 years already...

zolace

sr. member

Activity: 364

Merit: 250

so if anyone is interested in me creating a coin in the coming months, with the work in it let me know, Im willing to back the coin for 25 dollars of each coin and releasing coins depending on how many produce comes out of the ground, then those can be mined.

zolace

sr. member

Activity: 364

Merit: 250

Quote from: Benjig on August 13, 2014, 12:02:04 AM

Well all the backed alts i have seen have been scams ans later have died so you will need to put alot of effort to success on that.. i remember "bitbars" and dev pretending to have one of his coin to be more valuable than btc.. and it ended at like .01 Cheesy

I agree with what you are saying here, my reason it failed because it was just another scam in the first place. Im willing to go far as registering a company under the name of the coin and investing my own funds and time and research into the product. we own 4 seperate lands, lots of acres and can sure buy up more, and can start seeding, and will divide coins worth on that product. They key to the coin is that it will be worth something in 2 to 3 years time. I will explain all this later.

Benjig

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Activity: 462

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Well all the backed alts i have seen have been scams ans later have died so you will need to put alot of effort to success on that.. i remember "bitbars" and dev pretending to have one of his coin to be more valuable than btc.. and it ended at like .01 Cheesy

devphp

sr. member

Activity: 336

Merit: 260

Quote from: zolace on August 12, 2014, 11:54:27 PM

ok just cause there was one company or person who messed this up, doesnt mean it wont work. Im sure people would rather have a coin that is back with some type of commodity then a shit coin that will be pumped and dumped

There were more than one company or person, even more than one country that messed it up in the past. It doesn't work in the long run when it's centrally controlled.

zolace

sr. member

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Merit: 250

ok just cause there was one company or person who messed this up, doesnt mean it wont work. Im sure people would rather have a coin that is back with some type of commodity then a shit coin that will be pumped and dumped

devphp

sr. member

Activity: 336

Merit: 260

Quote from: fluffypony on August 12, 2014, 04:53:53 AM

It also turns a decentralised, trustless cryptocurrency into something that is centralised and requires you to trust the entity that holds the underlying goods.

Historically, this has never worked out for anyone.

this

zolace

sr. member

Activity: 364

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Quote from: Rigon on August 12, 2014, 10:45:44 AM

Quote from: zolace on August 12, 2014, 06:30:37 AM

Quote from: Nullu on August 12, 2014, 06:15:14 AM

Quote from: zolace on August 12, 2014, 06:12:12 AM

I was thinking of making a coin and back it by land own and what is gown on it, I mean like valuable items the value of the coin will get better as the more product is backing it.

You're talking about asset/profit sharing, which is a legal minefield. I'm not saying it's a bad idea, but this would be difficult for a single person to implement.

yeah something like that I have lots of land and was thinking growing some valuable product, dont wanna say what it is cause is my idea, but I will invest my money into these crops then I was going to release the coin and have it backed by it, worth will start small because of the value will go by years and how popular the coin gets of course. I will keep growing more crops and more since I have acres of land.

It could work if you have a company or registered market, pictures and website for it as well. Also list of the product you are growing and nothing illegal of course

Yeah was thinking proof of stock, a registered farm or something like that, and permits might suffice to backing the coin with crops

Rigon

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Quote from: zolace on August 12, 2014, 06:30:37 AM

Quote from: Nullu on August 12, 2014, 06:15:14 AM

Quote from: zolace on August 12, 2014, 06:12:12 AM

I was thinking of making a coin and back it by land own and what is gown on it, I mean like valuable items the value of the coin will get better as the more product is backing it.

You're talking about asset/profit sharing, which is a legal minefield. I'm not saying it's a bad idea, but this would be difficult for a single person to implement.

yeah something like that I have lots of land and was thinking growing some valuable product, dont wanna say what it is cause is my idea, but I will invest my money into these crops then I was going to release the coin and have it backed by it, worth will start small because of the value will go by years and how popular the coin gets of course. I will keep growing more crops and more since I have acres of land.

It could work if you have a company or registered market, pictures and website for it as well. Also list of the product you are growing and nothing illegal of course

zolace

sr. member

Activity: 364

Merit: 250

Quote from: Nullu on August 12, 2014, 06:15:14 AM

Quote from: zolace on August 12, 2014, 06:12:12 AM

I was thinking of making a coin and back it by land own and what is gown on it, I mean like valuable items the value of the coin will get better as the more product is backing it.

You're talking about asset/profit sharing, which is a legal minefield. I'm not saying it's a bad idea, but this would be difficult for a single person to implement.

yeah something like that I have lots of land and was thinking growing some valuable product, dont wanna say what it is cause is my idea, but I will invest my money into these crops then I was going to release the coin and have it backed by it, worth will start small because of the value will go by years and how popular the coin gets of course. I will keep growing more crops and more since I have acres of land.

Topic: An altcoin true backing by something valuable- be safe from pump and dumps (Read 1467 times)