Topic: [ANN][GoldReserve][XGR]X11 Unique Stabilizer Fund, BACKED BY GOLD NOW! - page 37. (Read 164088 times)
August 07, 2014, 02:24:05 AM
Since 5 blocks XGR is POS only!
August 06, 2014, 09:40:57 PM
If you all want to see howler, then venture over to the BANK thread (latest posts)
https://bitcointalksearch.org/topic/annbankbankcoinx11powpos-now-4-exchangebittrexpoloniexc-cexcoinnext-606388
See how someone, who out of the blue concocted a scheme to peg 1 BANK to 1 ounce of gold. Just because they said that's what its worth.
Only in crypto....
https://bitcointalksearch.org/topic/annbankbankcoinx11powpos-now-4-exchangebittrexpoloniexc-cexcoinnext-606388
See how someone, who out of the blue concocted a scheme to peg 1 BANK to 1 ounce of gold. Just because they said that's what its worth.
Only in crypto....
wow. crypto... "pegged" is not "backed by". this coin has a future!
we are minutes away from the end of mining. i hope i get the last block
August 06, 2014, 09:22:58 PM
If you all want to see howler, then venture over to the BANK thread (latest posts)
https://bitcointalksearch.org/topic/annbankbankcoinx11powpos-now-4-exchangebittrexpoloniexc-cexcoinnext-606388
See how someone, who out of the blue concocted a scheme to peg 1 BANK to 1 ounce of gold. Just because they said that's what its worth.
Only in crypto....
https://bitcointalksearch.org/topic/annbankbankcoinx11powpos-now-4-exchangebittrexpoloniexc-cexcoinnext-606388
See how someone, who out of the blue concocted a scheme to peg 1 BANK to 1 ounce of gold. Just because they said that's what its worth.
Only in crypto....
August 06, 2014, 07:30:16 PM
what you saying makes no sense.
why would coins have to be destroyed? what good would that do other than destroy the ability to keep buying gold?
you buy gold, the coins are resold on the exchange and used to buy even more gold...its really simple to understand
why would coins have to be destroyed? what good would that do other than destroy the ability to keep buying gold?
you buy gold, the coins are resold on the exchange and used to buy even more gold...its really simple to understand
I think he's under the impression that Gold is being bought directly for gold. Its not. Even if it was then still no need to destroy the coin. That would be like destroying fiat currency after you buy gold. Theres no need the receiver of fiat to burn after selling of said gold.
That's not how financial transactions work.
It is simple to understand that XGR would buy more gold... I am just throwing out another idea to avoid the XGR BTC FIAT GOLD loop and the fees and conversion costs which COULD slowly degrade the backing
If the coin is destroyed the main variable on XGR price would be the price of Gold itself since the amount of Gold to existing coin ratio remains the same.
Ok, about the idea: Gold is there to back up the entire amount will be existing after POS end, so 40 mill. Buyback program will start only if interest about the coin is low and the price will go under a certain level. Lets say minimum buyback price will be 1000 sat. When price in a major exchange go under that, coin holders can sell their coins directly to me, via an exchange which will be created only for this purpose.
After that, there can be 2 scenarios,
1. interest goes up again, coin price rise over 1000 sat. Then I can sell the coins with a profit, profit will goes to Gold Fund, minimum buyback price will be higher.
2. Interest goes lower and lower, eventually coin dies. Then I will have 40 mill coins. Ex coin holders have their BTC from the buyback program. End of story.
Final thought: I hope that I can maintain this coin and upgrade it in a way that the Buyback program will never trigger, so Gold Fund will be there only for insurance.
P.S.: How I will manage to grow the Gold Fund after I sold the premine? Good question, I have some ideas, but they have to be a secret to get it through. Nothing shady, only normal market strategies.
August 06, 2014, 06:58:26 PM
what you saying makes no sense.
why would coins have to be destroyed? what good would that do other than destroy the ability to keep buying gold?
you buy gold, the coins are resold on the exchange and used to buy even more gold...its really simple to understand
why would coins have to be destroyed? what good would that do other than destroy the ability to keep buying gold?
you buy gold, the coins are resold on the exchange and used to buy even more gold...its really simple to understand
I think he's under the impression that Gold is being bought directly for gold. Its not. Even if it was then still no need to destroy the coin. That would be like destroying fiat currency after you buy gold. Theres no need the receiver of fiat to burn after selling of said gold.
That's not how financial transactions work.
It is simple to understand that XGR would buy more gold... I am just throwing out another idea to avoid the XGR BTC FIAT GOLD loop and the fees and conversion costs which COULD slowly degrade the backing
If the coin is destroyed the main variable on XGR price would be the price of Gold itself since the amount of Gold to existing coin ratio remains the same.
Again that's not how financial transactions work.
August 06, 2014, 06:30:24 PM
what you saying makes no sense.
why would coins have to be destroyed? what good would that do other than destroy the ability to keep buying gold?
you buy gold, the coins are resold on the exchange and used to buy even more gold...its really simple to understand
why would coins have to be destroyed? what good would that do other than destroy the ability to keep buying gold?
you buy gold, the coins are resold on the exchange and used to buy even more gold...its really simple to understand
I think he's under the impression that Gold is being bought directly for gold. Its not. Even if it was then still no need to destroy the coin. That would be like destroying fiat currency after you buy gold. Theres no need the receiver of fiat to burn after selling of said gold.
That's not how financial transactions work.
It is simple to understand that XGR would buy more gold... I am just throwing out another idea to avoid the XGR BTC FIAT GOLD loop and the fees and conversion costs which COULD slowly degrade the backing
If the coin is destroyed the main variable on XGR price would be the price of Gold itself since the amount of Gold to existing coin ratio remains the same.
August 06, 2014, 06:27:12 PM
what you saying makes no sense.
why would coins have to be destroyed? what good would that do other than destroy the ability to keep buying gold?
you buy gold, the coins are resold on the exchange and used to buy even more gold...its really simple to understand
why would coins have to be destroyed? what good would that do other than destroy the ability to keep buying gold?
you buy gold, the coins are resold on the exchange and used to buy even more gold...its really simple to understand
I think he's under the impression that Gold is being bought directly for gold. Its not. Even if it was then still no need to destroy the coin. That would be like destroying fiat currency after you buy gold. Theres no need the receiver of fiat to burn after selling of said gold.
That's not how financial transactions work.
August 06, 2014, 06:19:00 PM
what you saying makes no sense.
why would coins have to be destroyed? what good would that do other than destroy the ability to keep buying gold?
you buy gold, the coins are resold on the exchange and used to buy even more gold...its really simple to understand
why would coins have to be destroyed? what good would that do other than destroy the ability to keep buying gold?
you buy gold, the coins are resold on the exchange and used to buy even more gold...its really simple to understand
August 06, 2014, 06:16:35 PM
In the future if XGR will be tradeable for Gold (or XGR purchased back using Gold funds) would the XGR be destroyed to maintain the same level of gold backing per coin?
When you trade a coin for cash and or gold then the receiver would own the coin. No need to destroy as it is not an end of line transaction.
In this scenario then the gold fund would own the coin and the only way the coin could come out into the wild again would be if more gold came in to replace it.
Or if the coin is destroyed then the gold backing per coin remains the same.
Just curious what the plans are for the coins being sold back to the fund.
they would be resold and used to buy more gold, this is pretty obvious
this would need to be done quickly which is why i asked about destruction possibility
EDIT: or the price of XGR for Gold must change to reflect the backing
Destruction would not be necessary.
August 06, 2014, 06:08:35 PM
In the future if XGR will be tradeable for Gold (or XGR purchased back using Gold funds) would the XGR be destroyed to maintain the same level of gold backing per coin?
When you trade a coin for cash and or gold then the receiver would own the coin. No need to destroy as it is not an end of line transaction.
In this scenario then the gold fund would own the coin and the only way the coin could come out into the wild again would be if more gold came in to replace it.
Or if the coin is destroyed then the gold backing per coin remains the same.
Just curious what the plans are for the coins being sold back to the fund.
they would be resold and used to buy more gold, this is pretty obvious
this would need to be done quickly which is why i asked about destruction possibility
EDIT: or the price of XGR for Gold must change to reflect the backing
August 06, 2014, 06:04:34 PM
In the future if XGR will be tradeable for Gold (or XGR purchased back using Gold funds) would the XGR be destroyed to maintain the same level of gold backing per coin?
When you trade a coin for cash and or gold then the receiver would own the coin. No need to destroy as it is not an end of line transaction.
In this scenario then the gold fund would own the coin and the only way the coin could come out into the wild again would be if more gold came in to replace it.
Or if the coin is destroyed then the gold backing per coin remains the same.
Just curious what the plans are for the coins being sold back to the fund.
The way it works is it goes from XGR to BTC to FIAT to Gold. XGR is sold at a price that someone is willing to buy it at the exchange.
August 06, 2014, 06:04:23 PM
In the future if XGR will be tradeable for Gold (or XGR purchased back using Gold funds) would the XGR be destroyed to maintain the same level of gold backing per coin?
When you trade a coin for cash and or gold then the receiver would own the coin. No need to destroy as it is not an end of line transaction.
In this scenario then the gold fund would own the coin and the only way the coin could come out into the wild again would be if more gold came in to replace it.
Or if the coin is destroyed then the gold backing per coin remains the same.
Just curious what the plans are for the coins being sold back to the fund.
they would be resold and used to buy more gold, this is pretty obvious
August 06, 2014, 06:02:50 PM
Only 500 PoW blocks left 
August 06, 2014, 05:58:39 PM
In the future if XGR will be tradeable for Gold (or XGR purchased back using Gold funds) would the XGR be destroyed to maintain the same level of gold backing per coin?
When you trade a coin for cash and or gold then the receiver would own the coin. No need to destroy as it is not an end of line transaction.
In this scenario then the gold fund would own the coin and the only way the coin could come out into the wild again would be if more gold came in to replace it.
Or if the coin is destroyed then the gold backing per coin remains the same.
Just curious what the plans are for the coins being sold back to the fund.
August 06, 2014, 05:42:54 PM
In the future if XGR will be tradeable for Gold (or XGR purchased back using Gold funds) would the XGR be destroyed to maintain the same level of gold backing per coin?
When you trade a coin for cash and or gold then the receiver would own the coin. No need to destroy as it is not an end of line transaction.
August 06, 2014, 05:40:10 PM
In the future if XGR will be tradeable for Gold (or XGR purchased back using Gold funds) would the XGR be destroyed to maintain the same level of gold backing per coin?
August 06, 2014, 05:28:37 PM
First of all, let me just say, I love this coin, this dev, and this community. We are less than a day till the end of POW!!! My only regret is that I didn't get in sooner.
The coin belongs to Mesterlovesz, he can take it down whichever path he chooses, and because I have faith in him, I will follow. Some of the traits that I find most endearing to him are his patience, a long term outlook(not a get rich quick plan), and an openness to suggestions and ideas. That being said, it's time start thinking about the future. My suggestions here are merely suggestions/ideas to try to get the community involved and thinking. No more, no less.
Value to me is not the monetary value of a item, but rather, ones feelings and attitude toward that item. I also believe when my definition of value is satisfied, it will inevitably lead to a higher monetary value. From my observations there are three things a coin needs to give it value post POW...trust, community, and trust in the community(yes, it sounds redundant, and there's a lot more involved than that, but without getting into micro/macro economics I will use these general ideas to keep it simple). As I said, I have trust in Mesterlovesz, he is the leader of the community, and none of the suggestions are meant to undermine him or his efforts in any way.
Which leads me to the following list. I apologize in advance if some of the items have been suggested already, or if they don't/won't/can't apply to this coin, or, if they flat out just don't make any sense at all. It is merely a list of free flowing thoughts...
Let's start with trust/faith, it is the same thing an economy(or any relationship) needs to be successful, without it, you have nothing. Cryptocurrency is no different. One of the things I've noted in the past with all coins as being a concern, is having a single person with all the control. I am personally okay with this for now, but will eventually create uncertainty and doubt. One possibility could be to setup a board of trustees. Maybe the top 5 or 10 shareholders, where the gold cannot be withdrawn without consent of a certain percentage of the board. I don't have an MBA and I'm not a lawyer so I don't know exactly how this would work, I do know for a fact that it can be done.
On the other side of the withdrawal process, we have the deposit. Transparency is key here. Currently XGR has donation accounts for BTC and XGR as well as a Startjoin account to send your funds to. One idea might be to add links on the goldreserve website that will open a page which shows you a simple rundown of the history of all transactions to/from these accounts as well as the current size of the XGR wallet/funds(from the premine and donations) that will be used to buy future gold. It would also be great if there was a way to skip the donation account transfers completely, and purchase gold for the fund directly through some kind of money/wire transfer.
Let's talk about community now. Admittedly, I am new to the game. I am still trying to wrap my head around the concepts of exchanges, voting lists, social media campaigns, etc.,. From my observations, as far as the exchanges are concerned, it seems like it's the devs/communities that push hard to get their coin listed early that fail, or turn out to be scams. I do use a few different exchanges, but, contrary to my optimistic outlook on life, my gut tells me, every time I sign on to an exchange, that they are trying to rip me off somehow, or manipulate currency to their benefit. I believe in the slow road, not forcing the issue, with time the exchanges will come and they will have a more rational view of XGR, it does not take a rocket surgeon to know that irrational behavior will lead to doubt and uncertainty. As far as voting lists go, I don't place too much importance there. I don't think it hurts to vote for XGR, publicity is publicity, but I also don't think that it is going to add any substantial value to XGR in the long run and could possibly lead to more irrational thinking and behavior in the short term. Lastly, we have social media. We all know and have seen the power of social media. Facebook, Twitter, etc., is the number 1 way to create interest in XGR. To have a community willing to campaign for XGR and spread the word of what XGR is, and why it is so great, will lead to higher interest, which will inevitably lead to higher value.
Finally, trust in the community. Trust in the community is trust in the community to listen, be rational, be open, be active, and to make wise decisions . My hope is to stimulate the brains of those whom actually know more about how all this works(as opposed to my incoherent ramblings) and to create an atmosphere where you are not afraid to throw out your ideas, no matter how crazy they may sound.
JJ
The coin belongs to Mesterlovesz, he can take it down whichever path he chooses, and because I have faith in him, I will follow. Some of the traits that I find most endearing to him are his patience, a long term outlook(not a get rich quick plan), and an openness to suggestions and ideas. That being said, it's time start thinking about the future. My suggestions here are merely suggestions/ideas to try to get the community involved and thinking. No more, no less.
Value to me is not the monetary value of a item, but rather, ones feelings and attitude toward that item. I also believe when my definition of value is satisfied, it will inevitably lead to a higher monetary value. From my observations there are three things a coin needs to give it value post POW...trust, community, and trust in the community(yes, it sounds redundant, and there's a lot more involved than that, but without getting into micro/macro economics I will use these general ideas to keep it simple). As I said, I have trust in Mesterlovesz, he is the leader of the community, and none of the suggestions are meant to undermine him or his efforts in any way.
Which leads me to the following list. I apologize in advance if some of the items have been suggested already, or if they don't/won't/can't apply to this coin, or, if they flat out just don't make any sense at all. It is merely a list of free flowing thoughts...
Let's start with trust/faith, it is the same thing an economy(or any relationship) needs to be successful, without it, you have nothing. Cryptocurrency is no different. One of the things I've noted in the past with all coins as being a concern, is having a single person with all the control. I am personally okay with this for now, but will eventually create uncertainty and doubt. One possibility could be to setup a board of trustees. Maybe the top 5 or 10 shareholders, where the gold cannot be withdrawn without consent of a certain percentage of the board. I don't have an MBA and I'm not a lawyer so I don't know exactly how this would work, I do know for a fact that it can be done.
On the other side of the withdrawal process, we have the deposit. Transparency is key here. Currently XGR has donation accounts for BTC and XGR as well as a Startjoin account to send your funds to. One idea might be to add links on the goldreserve website that will open a page which shows you a simple rundown of the history of all transactions to/from these accounts as well as the current size of the XGR wallet/funds(from the premine and donations) that will be used to buy future gold. It would also be great if there was a way to skip the donation account transfers completely, and purchase gold for the fund directly through some kind of money/wire transfer.
Let's talk about community now. Admittedly, I am new to the game. I am still trying to wrap my head around the concepts of exchanges, voting lists, social media campaigns, etc.,. From my observations, as far as the exchanges are concerned, it seems like it's the devs/communities that push hard to get their coin listed early that fail, or turn out to be scams. I do use a few different exchanges, but, contrary to my optimistic outlook on life, my gut tells me, every time I sign on to an exchange, that they are trying to rip me off somehow, or manipulate currency to their benefit. I believe in the slow road, not forcing the issue, with time the exchanges will come and they will have a more rational view of XGR, it does not take a rocket surgeon to know that irrational behavior will lead to doubt and uncertainty. As far as voting lists go, I don't place too much importance there. I don't think it hurts to vote for XGR, publicity is publicity, but I also don't think that it is going to add any substantial value to XGR in the long run and could possibly lead to more irrational thinking and behavior in the short term. Lastly, we have social media. We all know and have seen the power of social media. Facebook, Twitter, etc., is the number 1 way to create interest in XGR. To have a community willing to campaign for XGR and spread the word of what XGR is, and why it is so great, will lead to higher interest, which will inevitably lead to higher value.
Finally, trust in the community. Trust in the community is trust in the community to listen, be rational, be open, be active, and to make wise decisions . My hope is to stimulate the brains of those whom actually know more about how all this works(as opposed to my incoherent ramblings) and to create an atmosphere where you are not afraid to throw out your ideas, no matter how crazy they may sound.
JJ
August 06, 2014, 02:18:46 PM
I said it earlier already. I have the feeling that most crypto people prefer to believe in empty hot air than to a real backed coin that has something behind it except hot air.
I believe this coin has a lot of potential not only because I own it but it is backed by gold. Our time under the spotlight is around the corner, this is coming from a gold and silver bug
August 06, 2014, 01:11:07 PM
Mesterlovez you could contact https://www.litebit.eu/en/ for direct trading XGR/EUR. I think XGR should be listed there.
August 06, 2014, 01:10:13 PM
It is the nature of the beast, we have a good solid coin here but because everything has really run smoothly this far it may of actually slowed us down because it cost us valuable exposure to the market.
The lack of problems and FUDers kept us off the front page, long term we are better off for it but short term we just were not that exciting
The lack of problems and FUDers kept us off the front page, long term we are better off for it but short term we just were not that exciting
yep... xgr under the radar
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