February 17, 2019, 05:49:37 pm

Author Topic: GoldMoney, INNCoin, GoldCoin - cryptocurrency backed by commodities?  (Read 1188 times)

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Offline lumbridge

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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? 

Offline MicroGuy

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Re: GoldMoney, INNCoin, GoldCoin - cryptocurrency backed by commodities?
« Reply #1 on: December 28, 2014, 03:58:07 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.
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Offline CryptoFreedom4Me

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Re: GoldMoney, INNCoin, GoldCoin - cryptocurrency backed by commodities?
« Reply #2 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.   
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