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 code 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 framework and networking do you have in place to ensure that this coin would be backed by gold?
A: I asked aurumcoin.com this Q long time ago via FB page.
What they said is that after coin the will reach to agreed value lets say one oz in all exchanges for some period
they can create cooperation with credit suisse for example and handle them 30,000 AU coins
this is 1/10 from coins supply that will be backed 1:1 with 30,000 1 oz pure credit suisse gold bars and 1 oz will be the minimum price of AurumCoin (AU).
every one who buy AurumCoin (AU) from the official cooperation Aurum Coin - credit suisse can trade this coin in his bank account.
Than other third parties will back the coins for fees like market makers give you USD for bitcoin for fees with no problem because the agreed value.
So the basic question is will you support AurumCoin (AU) to become the first distributed, open source, blockchain based cryptocurrency, that is backed by gold!
Q: What will be in the future?
A: AU will reach in the next few years to 1oz pure gold value 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