Is it scam? How about profit at this coin?
Developer Last Active: 20 April 2014
Topic: [ANN] Gold Backed Coin (Read 5454 times)
Developer Last Active: 20 April 2014
Is it scam? How about profit at this coin?
SCAM... 99,9%
just looking at the logo screams it's a scam.
Sad really cause someone should make a gold or another precious metal back coin. Even if the value was a very small amount in Gold it would have some stability.
An article in Polish language about GBC:
http://comparic.pl/listings/bgc-pierwsza-kryptowaluta-zabezpieczona-w-zlocie/
http://comparic.pl/listings/bgc-pierwsza-kryptowaluta-zabezpieczona-w-zlocie/
Article from cryptocoinsnews in German language.
Title: Gold Backed Coin could revolutionize the crypto scene
http://www.cryptocoinsnews.com/de/bitcoin-neuigkeiten/gbc-gold-backed-coin-konnte-die-cryptoszene-revolutionieren/2014/03/28
Title: Gold Backed Coin could revolutionize the crypto scene
http://www.cryptocoinsnews.com/de/bitcoin-neuigkeiten/gbc-gold-backed-coin-konnte-die-cryptoszene-revolutionieren/2014/03/28
register for an account here: http://www.gbc.is/register
you can order here: http://www.gbc.is/order
The local time when the book building will close on April 22 is:
Los Angeles, San Franciso,Vancouver 6:00
Denver, Salt Lake City 7:00
Chicago, Dallas 8:00
Miami, New York, Washington 9:00
London 14:00
Berlin, Paris, Zürich 15:00
Athens, Istanbul, Tel Aviv 16:00
Dubai, Moscow 17:00
Delhi, Mumbai 18:30
Bangkok, Hanoi, Jakarta 20:00
Bejing, Hong Kong, Shanghai 21:00
Seoul, Tokyo 22:00
We are looking forward to serving your order!
Your GBC Team
Los Angeles, San Franciso,Vancouver 6:00
Denver, Salt Lake City 7:00
Chicago, Dallas 8:00
Miami, New York, Washington 9:00
London 14:00
Berlin, Paris, Zürich 15:00
Athens, Istanbul, Tel Aviv 16:00
Dubai, Moscow 17:00
Delhi, Mumbai 18:30
Bangkok, Hanoi, Jakarta 20:00
Bejing, Hong Kong, Shanghai 21:00
Seoul, Tokyo 22:00
We are looking forward to serving your order!
Your GBC Team
OK, so let me make sure I'm understanding this correctly:
- The coin cannot be mined, it can only be purchased on the Ripple network for BTC
- Presumably, the price of 1 GBC will be somewhere around 0.3 BTC, which would be roughly $130, or 1/10 oz gold at current spot price
- For each 1 GBC sold, devs will acquire 1/10 oz of gold and stick it in a vault or something to "back" the value of the coin
Assuming the above does actually happen, GBC will indeed be 100% backed by real, physical gold.
If and when the price of GBC falls below 1/10 oz gold at current spot price:
- "Intervention" will occur and the physical gold reserves will be used to guarantee the price stays above BTC value of 1/10 oz gold
The problem is, to do this, you must use BTC to buy GBC and force the price back up. But you don't have BTC. All you have is physical gold, remember? Every 0.3 BTC you gained from the sale of GBC was used to purchase physical gold, right?
- The coin cannot be mined, it can only be purchased on the Ripple network for BTC
- Presumably, the price of 1 GBC will be somewhere around 0.3 BTC, which would be roughly $130, or 1/10 oz gold at current spot price
- For each 1 GBC sold, devs will acquire 1/10 oz of gold and stick it in a vault or something to "back" the value of the coin
Assuming the above does actually happen, GBC will indeed be 100% backed by real, physical gold.
If and when the price of GBC falls below 1/10 oz gold at current spot price:
- "Intervention" will occur and the physical gold reserves will be used to guarantee the price stays above BTC value of 1/10 oz gold
The problem is, to do this, you must use BTC to buy GBC and force the price back up. But you don't have BTC. All you have is physical gold, remember? Every 0.3 BTC you gained from the sale of GBC was used to purchase physical gold, right?
quite correct, but: our initial bookbuilding lasts until april 22. everyone can hand in their order. in the meantime the gold price fluctuates. the book building price is a result of the orders of the investors and not of the gold price itself.
yes we deposit the gold and not the btc. in case the market price of GBC on the GBC/BTC market within the Ripple network would have been dropping below gold backed value and stayed there, we would sell gold and buy back GBC with the appropriate amount of BTC.
anyhow, we believe that this will not happen very often. there is a lot of incentive for the investors to sell GBC for a higher price, and less incentive to sell GBC for a price less than the value the coin inherently holds due to the gold backing
OK, so let me make sure I'm understanding this correctly:
- The coin cannot be mined, it can only be purchased on the Ripple network for BTC
- Presumably, the price of 1 GBC will be somewhere around 0.3 BTC, which would be roughly $130, or 1/10 oz gold at current spot price
- For each 1 GBC sold, devs will acquire 1/10 oz of gold and stick it in a vault or something to "back" the value of the coin
Assuming the above does actually happen, GBC will indeed be 100% backed by real, physical gold.
If and when the price of GBC falls below 1/10 oz gold at current spot price:
- "Intervention" will occur and the physical gold reserves will be used to guarantee the price stays above BTC value of 1/10 oz gold
The problem is, to do this, you must use BTC to buy GBC and force the price back up. But you don't have BTC. All you have is physical gold, remember? Every 0.3 BTC you gained from the sale of GBC was used to purchase physical gold, right?
- The coin cannot be mined, it can only be purchased on the Ripple network for BTC
- Presumably, the price of 1 GBC will be somewhere around 0.3 BTC, which would be roughly $130, or 1/10 oz gold at current spot price
- For each 1 GBC sold, devs will acquire 1/10 oz of gold and stick it in a vault or something to "back" the value of the coin
Assuming the above does actually happen, GBC will indeed be 100% backed by real, physical gold.
If and when the price of GBC falls below 1/10 oz gold at current spot price:
- "Intervention" will occur and the physical gold reserves will be used to guarantee the price stays above BTC value of 1/10 oz gold
The problem is, to do this, you must use BTC to buy GBC and force the price back up. But you don't have BTC. All you have is physical gold, remember? Every 0.3 BTC you gained from the sale of GBC was used to purchase physical gold, right?
Quote
I am also offering a service. Send me gold and I will also intervene in the market if GBC runs off with the loot...
Yeah I'm going to poke fun at this announcement as central backing of a crypto-currency misses the spirit of the technology.
we have been working on this project for over a year. and, in contrast to several other developers of altcoins, we have revealed our identity.
the truth is that "running away with the gold" would be very counterproductive. don't you think so?
Neat idea, but I'm not sure I understand the point.
If you're looking to invest in gold, just buy gold, or gold stocks like the publicly traded GLD. What advantage does this investment system have over doing either of those?
If you're looking to invest in gold, just buy gold, or gold stocks like the publicly traded GLD. What advantage does this investment system have over doing either of those?
the crucial point is that GBC is not gold but it is a cryptocurrency SECURED BY gold. the advantages of GBC are listed above.
Quote
- In case the market price of GBC on the GBC/BTC market were to drop below the
backed value and no other investor were interested in buying the coins for less
than the value they inherently hold, GBC would intervene on the market and buy
back the coins.
backed value and no other investor were interested in buying the coins for less
than the value they inherently hold, GBC would intervene on the market and buy
back the coins.
I am also offering a service. Send me gold and I will also intervene in the market if GBC runs off with the loot...
Yeah I'm going to poke fun at this announcement as central backing of a crypto-currency misses the spirit of the technology.
Neat idea, but I'm not sure I understand the point.
If you're looking to invest in gold, just buy gold, or gold stocks like the publicly traded GLD. What advantage does this investment system have over doing either of those?
If you're looking to invest in gold, just buy gold, or gold stocks like the publicly traded GLD. What advantage does this investment system have over doing either of those?
Quote
Your FAQ is full of poop.
arguments would be helpful to make others understand your "opinion".
1 Poop = 1 Poop
thank you for the clarification
Quote
Your FAQ is full of poop.
arguments would be helpful to make others understand your "opinion".
1 Poop = 1 Poop
Quote
Your FAQ is full of poop.
arguments would be helpful to make others understand your "opinion".
What kind of stupid shit is this? lol I will check back in a few months when people are crying that they lost their money.
it seems you did not read through our website or you did not try to understand GBCs concept. please inform yourself in our faq in order to become equipped with reasonable arguments pro/con: http://www.gbc.is/faq
Your FAQ is full of poop.
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