from
http://www.aurumcoin.com website:
"AurumCoin – The first distributed open source cryptocurrency to be backed by gold
We intend to fully back-up AurumCoin (AU) with pure gold, in the future, when the coin value will reach the destination:
1AU = 1 OZ (pure gold 24K) using market makers.
AurumCoin (AU) Target Price :
Every step is taken with the consent of the community and users
Target 1: 1AU = 1 gram gold Come True
Target 2: 1AU = 1 ounce gold ( 1oz gold )
After this step we start gold-backing using market makers
Target 3: 1AU > 1BTC
Target 4: 1AU=1KG gold
Change gold-backing ratio
Each AurumCoin will be backed by gold, and a series of actual 24ct gold coins will be produced so that you can withdraw your money like any other currency. Each coin will represent one digital AurumCoin, just like each dollar you withdraw from the ATM represents one digital dollar in your bank account. In the future, you will be able to deposit AurumCoins into your AurumCoin account."
United States Dollar (USD) was backed by gold not any more.
from
http://www.aurumcoin.com website:
"The gold standard is the original monetary system whereby currencies were backed up in gold by a certain ratio by the state. Because the amount of gold is finite, it cannot be created out of thin air like the dollar today. President Nixon cancelled the link between the dollar and gold in 1971, an event known as the “Nixon Shock“."
AurumCoin (AU) will be backed by gold
from
http://www.aurumcoin.com website:
"Because AurumCoin is based on the gold standard, it contains built-in mechanisms for market and economic stability. In order to preserve its value, we will use market makers to back up each AurumCoin in pure gold, AurumCoin’s par value will always be worth agreed amount of pure gold."
BUY/HODLfrom
http://www.aurumcoin.com website:
"AurumCoin will be 1:1 backed-up"
"We intend to fully back-up AurumCoin (AU) with pure gold, in the future, when the coin value will reach the destination: 1AU = 1OZ (pure gold 24K) using market makers."
BUY/HODL Q&A:
Q: The coin is not backed by gold
A: Correct! the coin will be backed by third parties in the future, when the coin value will reach the destination: 1AU = 1OZ (pure gold 24K) using market makers. this will happen when everyone agree on 1 oz value.
Q: The developer abandon the coin
A: It's open source we have 1,000 other developers
Q: The coin is a scam
A: The coin is not more scam than bitcoin is, It's open source same as bitcoin with different idea of connection to gold weight.
this solve the problems of preserving value and the need for conversion fees, so if you support the idea of gold standard cryptocurrency Support AurumCoin(AU)
Q: But price went down last month
A:Yes correct but volume went up, so this is the time to buy. even 40 USD -> 12 USD ->1,200 USD great investment.
Q: What will be in the future?
A: AU will reach in the next few years to 1oz pure gold or zero so if you support the idea of gold standard cryptocurrency Support AurumCoin(AU)
and it can be the best investment you ever did in your life, risk only money you can lose. The high risk the greater the reward!
and the KING say:
BUY/HODL I am HODLING