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Move over Bitcoins...here comes a new digital currancy backed by Gold!

mariner67mariner67 Posts: 2,746 ✭✭✭
in Precious Metals
From Zero Hedge...

http://www.zerohedge.com/news/2013-11-29/e-gold-founder-launches-new-gold-backed-currency

Sorry I no linky!
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Comments

  • OverdateOverdate Posts: 7,008 ✭✭✭✭✭
    Linky

    How about gold bitcoins? This is getting interesting!

    My Adolph A. Weinman signature :)

  • rickoricko Posts: 98,724 ✭✭✭✭✭
    I prefer hard gold, in my possession.... thank you.... Cheers, RickO
  • roob47roob47 Posts: 142 ✭✭✭
    Interesting.......
  • CaptHenwayCaptHenway Posts: 32,153 ✭✭✭✭✭
    Backed by gold until the guy holding the gold disappears........
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • cohodkcohodk Posts: 19,137 ✭✭✭✭✭
    Lots of con-men out there now feeding on the emotions of the fearful.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • EagleEyeEagleEye Posts: 7,677 ✭✭✭✭✭
    Update from Mike Krieger: *Since the publication of this article, I have been contracted by Douglas Jackson and he has informed me that he is not personally launching anything and that he is merely a consultant on this new project. I hope to have more details on all of this in the near future.

    Rick Snow, Eagle Eye Rare Coins, Inc.Check out my new web site:
  • mrpaseomrpaseo Posts: 4,753 ✭✭✭


    << <i>I prefer hard gold, in my possession.... thank you.... Cheers, RickO >>



    This ^^^ but add, ...hard gold and silver, in my.... (Us poo folk can't afford the shinny yellow stuff).
  • mhammermanmhammerman Posts: 3,769 ✭✭✭
    There are a number of efforts at this time to create an alternative international currency. Branson is pushing his, there is bitcoin and there are others attempting to launch as noted in the OP. Seeing all of this activity tells me that there is some kind of strong need for an alternative currency.

    I wonder if the banks have a plan B for people that no longer use gov fiat. And the gov, if they can't tax bitcoin transactions, then they are going to be left out too. It will be interesting to watch what the relationship of gold price is to bitcoin price going forward. Nice thing about fiat and PM is that you can hold it 'em your hand; digital currencies maybe not so much.

    Bitcoin a gold surrogate?
  • KipKip Posts: 852
    Tip toe through the tulips........etc etc
    UCSB Electrical Engineering....... USCG and NASA
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    Bitcoin is good news for PM stackers. It demonstrates an unquenchable appetite for an unmolested alternative to fiat currency. It demonstrates what is possible with gold if the surpressive manipulations are removed. Look for attempts to attack the good news that bitcoin delivers, look for attacks on bitcoin itself to reel in the threat to fiat that it and others like it present. Bitcoin alone is no threat, what it represents and what it demonstrates is a huge threat to fiat. Producers and promoters of fiat currency already see this.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • OverdateOverdate Posts: 7,008 ✭✭✭✭✭


    << <i>Bitcoin is good news for PM stackers. It demonstrates an unquenchable appetite for an unmolested alternative to fiat currency. >>


    Bitcoin (and its clones) may be good news in revealing pent-up demand, but not so good news if digital currencies end up satisfying a significant portion of that demand. Bitcoin is potentially an unmolested alternative to gold and silver also.

    My Adolph A. Weinman signature :)

  • cohodkcohodk Posts: 19,137 ✭✭✭✭✭
    I view bitcoin as an attempt by sone wealthy folks to increase their wealth by feeding on the fears of the fearful rather than a need for an alternative currency. Savvy people are taking advantage of a situation while they gave a chance.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • jmski52jmski52 Posts: 22,862 ✭✭✭✭✭
    Bitcoin (and its clones) may be good news in revealing pent-up demand, but not so good news if digital currencies end up satisfying a significant portion of that demand. Bitcoin is potentially an unmolested alternative to gold and silver also.

    it's not the same at all. If there is a failure to deliver, a successful hacking job or a massive fraud being perpetuated - there is no enforcement authority for bitcoin like there is with fiat.

    Furthermore, gold & silver "are what they are" - but bitcoin and every other type of fiat "are what someone else says they are". As always, there's a big difference between physical assets vs. electronic or paper assets.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • C0INB0YC0INB0Y Posts: 627 ✭✭
    How about Gold backed by Gold?
    I was ‘COINB0Y' with 4812 posts and ‘Expert Collector’ ranking (Joined in 2006).
  • derrybderryb Posts: 36,824 ✭✭✭✭✭


    << <i>I view bitcoin as an attempt by sone wealthy folks to increase their wealth by feeding on the fears of the fearful rather than a need for an alternative currency. Savvy people are taking advantage of a situation while they gave a chance. >>


    Speculators doing what they do best - speculating and blowing a bubble.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • JohnnyCacheJohnnyCache Posts: 1,762 ✭✭✭✭✭
    Here is yet a different twist on the OP premise of gold & Bitcoin fusion


    uk royal mint may issue physical gold-backed bitcoins

    Charles III Album

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  • PokermandudePokermandude Posts: 2,713 ✭✭✭


    << <i>Here is yet a different twist on the OP premise of gold & Bitcoin fusion


    uk royal mint may issue physical gold-backed bitcoins >>



    Seems like another gimmick to sell PMs at a premium. Somewhat like the Canadian $20 for $20 coins containing a 1/4 of of silver.
    http://stores.ebay.ca/Mattscoin - Canadian coins, World Coins, Silver, Gold, Coin lots, Modern Mint Products & Collections
  • mhammermanmhammerman Posts: 3,769 ✭✭✭

    For your consideration... Alternative currencies getting more press
  • BaleyBaley Posts: 22,660 ✭✭✭✭✭
    Just what the world needs, more pump and dump ways to scam the gullible, and in the process get rich quick, launder money, and evade taxes.

    <-- steering far clear of this sort of BS

    Liberty: Parent of Science & Industry

  • EagleEyeEagleEye Posts: 7,677 ✭✭✭✭✭
    Tyler and Cameron Winklevoss own 1% of all bitcoins

    These are the twins who were out-smarted by Mark Zuckerberg in the movie "The Social Network", as well as in real life.

    This either reinforces a belief that bitcoins will multilpy in value or that the price is heavilly controlled. Is there a way to short bitcoins, like you can do with gold? To me that is where the difference lies.
    Rick Snow, Eagle Eye Rare Coins, Inc.Check out my new web site:
  • FullCameoFullCameo Posts: 492


    << <i>Backed by gold until the guy holding the gold disappears........ >>



    No kidding...
  • gdavis70gdavis70 Posts: 256 ✭✭✭
    The Winkelvii made a very public bet and started buying at 12 or so and now have a ton... They are deep into the process of starting an ETF.

    If they manage to get an ETF started it will be interesting to see what the price does... I expect there would be a lot of demand if people could buy say $500 worth of Bitcoin ETF shares without having to go through the process to actually own the bitcoins personally.





    AntiqueBanknotes • National Currency
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    The next one out of the gate is going to be named toolips.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • mkman123mkman123 Posts: 6,849 ✭✭✭✭
    In a shtf, bitcoins will be worthless!!
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  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    BoA Bitcoin Assessment

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

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