Topic: Gold Bugs created their own Digital Currency "Independence Coin" - page 2. (Read 1617 times)
This was announced a few weeks ago. And there are hardly any details on your link. Much more info here: http://www.cryptocoinsnews.com/news/new-gold-backed-cryptocurrency-inncoin-allows-mine-gold-free/2014/07/18
So this is effectively e-gold? What about decentralization? Is there any reason this won't be shut down like e-gold?
I don't think this is going to get very far...
I don't think this is going to get very far...
Exactly and E-Gold, which by far the price is always dependent on how much the current price of gold.
Ok then, it is backed by gold. But what's backing gold?
It's not a real cryptocurrency, it's an informal ETF.
People that still think that true cryptocurrencies need backing do not understand how money evolves.
ya.ya.yo!
Gold is backed by scarcity as of now. That basically is it. It's conductivity and other properties aren't bad, but they don't amount to nearly the price gold has. A decentralized currency that's an IOU for gold... I'll pass, thanks.
So this is effectively e-gold? What about decentralization? Is there any reason this won't be shut down like e-gold?
I don't think this is going to get very far...
I don't think this is going to get very far...
Exactly and E-Gold, which by far the price is always dependent on how much the current price of gold.
Ok then, it is backed by gold. But what's backing gold?
It's not a real cryptocurrency, it's an informal ETF.
People that still think that true cryptocurrencies need backing do not understand how money evolves.
ya.ya.yo!
So this is effectively e-gold? What about decentralization? Is there any reason this won't be shut down like e-gold?
I don't think this is going to get very far...
I don't think this is going to get very far...
Exactly and E-Gold, which by far the price is always dependent on how much the current price of gold.
not a scam, just an investor warning
So this is effectively e-gold? What about decentralization? Is there any reason this won't be shut down like e-gold?
I don't think this is going to get very far...
I don't think this is going to get very far...
Exactly and E-Gold, which by far the price is always dependent on how much the current price of gold.
So this is effectively e-gold? What about decentralization? Is there any reason this won't be shut down like e-gold?
I don't think this is going to get very far...
I don't think this is going to get very far...
Quote
This week has seen the emergence of two separate plans to have the best of both worlds. Ripple, a digital payments network that allows people to transact in a range of virtual and traditional currencies, said it had developed a way for people to transact in a digital form of gold. The announcement on Tuesday came on the heels of a company called Anthem Vault saying it had created its own virtual currency backed by gold, known (inevitably) as Independence Coin.
Quote
It’s all the convenience of Bitcoin (to the extent there is any convenience in using Bitcoin) without the Bitcoin risk. All you have to worry about are the massive fluctuations in the price of gold.
Gold significantly not getting its price as high few years back but bitcoin did in a year..
Full details : Gold Bug's Independence Coin
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