Gold back Cryptocurrency eh? i've scouted the forums and posts here, i have yet to see what each coin is worth in gold, and how much gold does the owner have to share out?
Oops, let me read this website..
10 million coins to be mined/ Each coin is docked by 100,000th of a gram 10,000,000X 0.000001 = 10 grams. todays price for that 10 grams: 388.19 USD. TOTAL
If these coins become more value then the 10 grams its "Back" by, then is only a scam
wow, i have more then that from recycling gold off motherboards and a boredom killer..
all i can say is smells like a scam..
Hi. You just didn't read enough of the thread to get the whole story here. I already turned in 200k INN for 2 grams of gold in Anthem's vault, so definitely not a scam. The small amount of coins is due to this being a test run to see if there is enough interest for a larger coin amount in the near future. From what I was told by an Anthem rep when I turned in my INN coins, we will almost certainly see a bigger coin amount and possibly multiple gold, silver, etc. assets for coin backing.
~$80 in gold eh?
now i could be a troll and go "Pic or never happened!"
but alright, you do get 1g gold back for 100K of coins mined, still, there has to ether be more gold added to be worth more, or its not going to go anywhere. the coins cannot have any more value then gold its backed by, if it gets on exchanges and the prices go up, more then 0.0000004USCents per coin, over the price of gold? then what? lest say each coin is worth 0.0000008USCents per coin, that $80 for 1 gram of gold thats worth $40, guess what, i want my $80 worth of gold! gimmie 2grams, braking the 100K coins per 1gram it would be worth 2g for ever 100K coins.
This make the coin Centralised, the person who has hold of the gold, owns 100%(make that 98% less now, since you have 2grams) of the shares of the coins. then what happens when the gold all divided up? what is the point of the hashing? are you going to give me the transaction fees in gold? is there even transaction fees on this blockchain? if there is none, whats the point of mining it after?? is the person who originally started the coin going to pay me? why didn't the creator setup coins to buy, and they are virtual tokens to the gold? Hell, isn't the banks doing that already?
now, hypothetical question: i have a gold bar (10oz), i want coins for it, can i exchange it for these coins?? or do i go else where and get BTC for it?
Can i add in another 100g, making me a 50% share holder on this coin? till people mine my gold up and claim it?(then what for me? what do i get out of it.. hell, what does the owner get out of giving out gold to the miners? are they able to resell the coins back to the public and get gold/money back?)
i hate to kill it on you (if i even damaged your faith in the coin), but i cant wrap my head around the concept of this coin