GoldCoin Talk

Alternate Currencies => Altcoin Discussion => Topic started by: lumbridge on December 28, 2014, 12:23:06 PM

Title: GoldMoney, INNCoin, GoldCoin - cryptocurrency backed by commodities?
Post by: lumbridge on December 28, 2014, 12:23:06 PM

I'm not clear how these cryptocurrencies are backed by gold - but I am interested in learning more about preparing for the ability to instantly switch between investing in real world commodities, traditional currencies and cryptocurrencies.

Do all the alt coins represent a specific number of nano-grams of gold? 

Title: Re: GoldMoney, INNCoin, GoldCoin - cryptocurrency backed by commodities?
Post by: MicroGuy on December 28, 2014, 03:58:07 PM

Quote from: lumbridge on December 28, 2014, 12:23:06 PM

I'm not clear how these cryptocurrencies are backed by gold - but I am interested in learning more about preparing for the ability to instantly switch between investing in real world commodities, traditional currencies and cryptocurrencies.

Do all the alt coins represent a specific number of nano-grams of gold?

Goldcoin (GLD) is not backed by physical gold, but its coin generation rules were inspired by physical gold's scarcity.

Not sure about the systems in place for the other coins referenced in your post.

Title: Re: GoldMoney, INNCoin, GoldCoin - cryptocurrency backed by commodities?
Post by: CryptoFreedom4Me on December 29, 2014, 07:46:23 AM

I like GoldCoin not being backed by gold. When a crypto currency is backed by a commodity it makes it easy to manipulate.
Having GoldCoin back by its community and followers create a unique investment.