Aurumcoin (AU) need to be different than other altcoins
The idea I suggest is that each au unit will have a unit of pure gold backing it the crypto AU coin value is higher then this unit but the unit is minimum value of the coin and you can always trade it for this minimal unit in a dealer office for the fisical gold
This unit will be determined bye the community and the dealer s for example 1 kg the higher is better because the market value present the ecosystem value!
The profit to the investor is that he can transfer gold from state to state by using AU and without using the state.
This is simple old gold-backed money without using banks!
if coin accepted as 1kg of gold 1AU=45,000$ every one can use miliAU as a day to day currency with no need to tranfer it to other currencies just to fisical pure gold bars/coins by official dealers that take some fee for the gold and sell the AU via exchanges.
Other crypto currencies with 100,000 coins faild like lemurcoin so first with no gold backing AU is doomed.
Aurumcoin.com has a point in what they say, Bitcoin is rather speculation than currency I don't want to receive my salary in bitcoin but I do want to receive it in gold or more accurate: currency that is backed in gold (currecy with no inflatiom is much better than fiat money).
This is a unique distinction for AU then all altcoins, dont think on your coins as speculation but as units that present gold bars. Third parties can change it to fiat currencies same as bitcoin if you want fiat money (but you pay fee).
AU should present at least 1 kg of gold we need big market value dont need banks, nor states, nor fiat money!
Aurumcoin can be much better than Bitcoin! the tech is set now its up to you!
no problem AUKING you can do it - backup your coins by Gold
@all
new WebSite: http://www.aurumcoin-au.comOk, I will buy 150,000 AU for 1,500
BTC (good price for now) not less, and back them with gold, and sell them later in much higher price.
Now, where are the first miners? Can you collect that amount?
Instead of physical gold, back AU with shares in a gold ETF. Let others worry about storing gold and fulfilling redemptions. But then again, why own AU when you can just buy GOLD ETF. Ease of transferring ownership? Its not hard to transfer ownership, just sell your gold ETF stock on wall street exchange.
It's creating that initial value that is the challenge. Who wants to put up good money now so that a few bagholders can claim a big prize. Probably the best way forward is to start a new chain, sell the "gold tokens" and invest in a storage/redemption facility. In which case, you're an ETF anyway.
What we need is a community backed crypto, not gold backed, where community cred can be valuable and tied directly to shares in the community.
We can already own gold. Creating something new requires something new.