|
Title: The coin that is supposed to take on Bitcoin..... Post by: louise123 on May 11, 2015, 06:19:56 PM So, I just read this article about Hayek, which is supposed to be a coin backed by gold and it will take on Bitcoin.
Quote The coin will "be valued at 1 gram of gold at the day's market price, [and] will serve as a more secure store of value than Bitcoin," according to the press release. It will be called the Hayek, "after the Nobel-winning Austrian economist Friedrich Hayek." Read more: http://www.businessinsider.com/hayek-cryptocurrency-backed-by-gold-2015-5 (http://www.businessinsider.com/hayek-cryptocurrency-backed-by-gold-2015-5) Title: Re: The coin who is supposed to take on Bitcoin..... Post by: futureofbitcoin on May 11, 2015, 06:27:11 PM why does this sound like paycoin...
And shouldn't this be in the altcoin section? Title: Re: The coin who is supposed to take on Bitcoin..... Post by: louise123 on May 11, 2015, 06:41:19 PM I actually wrote on this as one of my articles for a Wallstreet Journal project in a microeconomics course, let me go ahead and link my reply about this. Anthem Blanchard is creating a new digital currency that is like bitcoin that it works through a Proof Of Work method to distribute funds but is backed by gold in a vault, the crypto currency is to be called Hayek coin named after Friedrich Hayek. This coin is to be valued at the start at 1gram a coin and there is no cap on coins ever produced like Bitcoin but limited on how much gold is on earth, the physical gold is to be to converted and exchanged whenever. The CEO thinks this will be a revolution as it is a digitally backed crypto which essentially allows the transfer of gold easily. Now the part that is not in this article that should be noted that this is a centralized exchange that is ran by one company and that company can change the rules whenever unlike bitcoin and that if their Anthem Vault ever gets hacked anyone who has their funds will be stolen and sure while the gold will not be stolen physically they will not be able to differentiate any future funds or funds that are replaced by the stolen meaning they would have to double the amount of physical gold or cancel the project all together. This coin is already down before launch due to it being pegged to the price of gold and it being down. I am a little bit confused. How does this coin work with PoW? Can we mine it? Does really say anything in the article I read. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: Evil Steve on May 11, 2015, 06:44:22 PM So, I just read this article about Hayek, which is supposed to be a coin backed by gold and it will take on Bitcoin. Quote The coin will "be valued at 1 gram of gold at the day's market price, [and] will serve as a more secure store of value than Bitcoin," according to the press release. It will be called the Hayek, "after the Nobel-winning Austrian economist Friedrich Hayek." Read more: http://www.businessinsider.com/hayek-cryptocurrency-backed-by-gold-2015-5 (https://bitcointalk.org/hayek-cryptocurrency-backed-by-gold-2015-5) Yaw. This isn't the first cryptocurrency that was attempted to be backed by gold or some other precious metal so seen it all before. It wont take on bitcoin at all. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: Zangelbert Bingledack on May 11, 2015, 06:47:45 PM Centralized. And mined?
OK, either someone's very confused or they're simply taking advantage of the "blockchain" hype to try to make a quick buck. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: louise123 on May 11, 2015, 06:52:35 PM Centralized. And mined? OK, either someone's very confused or they're simply taking advantage of the "blockchain" hype to try to make a quick buck. I know. It doesn't really make sense. And something tells me that it wont take long until they get hacked. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: gentlemand on May 11, 2015, 06:54:06 PM According to the article it's powered by BTC through counterparty.
How does this differ in any way from e-gold though? Gold tokens sound like a fine idea. They'll always be tied to someone who can be shut down though. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: RodeoX on May 11, 2015, 06:56:44 PM The problem with these backed coins is that they compete with whatever is backing them. For example I could buy one of these coins for about $38.00 or I could buy 1 gram of gold for $38.00.
Gold has a history of value going back thousands of years. Hayeks are brand new and completely untested. There is just no way I would take them over gold. And it is not really quite correct to say they are backed by gold. If I go into the local gold dealer and ask to exchange these for gold they are going to have a good laugh about it. There is also the problem of the issuer. This system starts with a bank vault full of gold. It is the only way to "back" them with gold. So the issuer sells the gold as these coins, but keeps the gold in his vault. It is exactly the same as "paper gold" and just as bad an idea. Bottom line, why have a alt-coin when you could have a gold coin? Title: Re: The coin who is supposed to take on Bitcoin..... Post by: akongsolidin on May 11, 2015, 07:09:24 PM most likely they are spreading fake news so people buy the shitcoin and invest in their project,bitcoin will leader of cryptocurrency forever. Admit it ;)
Title: Re: The coin who is supposed to take on Bitcoin..... Post by: gentlemand on May 11, 2015, 07:14:09 PM These Bitcoin killers are coming so thick and fast I can barely keep up. Looks like I'll have to cash in a big portion of my Paycoins and Leocoins. Another day, another opportunity to make a few million. Boy, life is sweet.
Title: Re: The coin who is supposed to take on Bitcoin..... Post by: oser41eric on May 11, 2015, 07:20:14 PM Being "backed" by something is a flaw, not a feature. Who guarantees the "backing"? What happens when the authorities decide that whoever is doing the "backing" needs to go to jail? What happens when the "backer" disappears? Yes being backed by gold that you do not control and is safely in someone Else's vault is not the greatest of ideas. All I see with this is total hype to pull of a nice big hustle. If the publicity is there it will be a very big one at that. Centralized bitcoin contender hmmmm Title: Re: The coin who is supposed to take on Bitcoin..... Post by: RodeoX on May 11, 2015, 07:24:50 PM Hey guys I just invented the coin that will take on the Hayek!!!
An actual gold coin. Universally backed by 1 gram of gold. ;) http://i.ebayimg.com/00/s/NTAwWDUwMA==/z/3kYAAOSwnDxUgneg/$_14.JPG Title: Re: The coin who is supposed to take on Bitcoin..... Post by: DooMAD on May 11, 2015, 07:27:31 PM This isn't a coin, it's an IOU. IOUs don't even take on some randomly generated scrypt coin, let alone anything with even a remotely established userbase. Nothing to see here. Move along.
Title: Re: The coin who is supposed to take on Bitcoin..... Post by: Amph on May 11, 2015, 07:29:17 PM this is another bitcoin wanna be ,that want to fix, inexistent flaws of the bitcoin system, why they can't just accept bicoin and help make it bigger? because they lost the early adopters train?
all these clone will not put even a dent on bitcoin, they will be forgotten before the next halving, guranteed Title: Re: The coin who is supposed to take on Bitcoin..... Post by: spazzdla on May 11, 2015, 08:03:58 PM Just like the liberty dollar. MERCIA does not allow freedom on this planet, they will come and steal ALL of their gold making the coin worthless.
The idea of backing a crypto with something is a fools errand. It is not possible America will have non of it. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: Xialla on May 11, 2015, 08:06:05 PM ahh another clone, this time with quite strong PR..this will never ends.)
Title: Re: The coin who is supposed to take on Bitcoin..... Post by: LiteCoinGuy on May 11, 2015, 08:06:40 PM The problem with these backed coins is that they compete with whatever is backing them. For example I could buy one of these coins for about $38.00 or I could buy 1 gram of gold for $38.00. Gold has a history of value going back thousands of years. Hayeks are brand new and completely untested. There is just no way I would take them over gold. And it is not really quite correct to say they are backed by gold. If I go into the local gold dealer and ask to exchange these for gold they are going to have a good laugh about it. There is also the problem of the issuer. This system starts with a bank vault full of gold. It is the only way to "back" them with gold. So the issuer sells the gold as these coins, but keeps the gold in his vault. It is exactly the same as "paper gold" and just as bad an idea. Bottom line, why have a alt-coin when you could have a gold coin? please trust me: THIS satoshi is backed by 1 gram of gold! i swear! We store it for you :) ...but please dont try to redeem it ;D ! Title: Re: The coin who is supposed to take on Bitcoin..... Post by: nachoig on May 11, 2015, 11:03:16 PM Another AmberCoin?
https://bitcointalk.org/index.php?topic=944408.0 Title: Re: The coin who is supposed to take on Bitcoin..... Post by: blumangroup on May 11, 2015, 11:20:54 PM Sounds legit doesn't it ??? The thing is many will fall for this and lose more bitcoin we will end up losing more fools from bitcoin. Everyone wants the get rich quick which is not likely to happen while looking for it on every coin/investment that has the hype which most do.
This is is basically a ponzi if they store the gold for you, or I might be wrong but that is my personal opinion. I buy gold chips you store them it isn't until other fools buy gold chips that I will have a high chance of getting my gold chips and if everyone goes at the same time to get their gold the truth will set you free. Craaaasshhhh I have a feeling this won't end up well. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: ebliever on May 12, 2015, 12:05:19 AM I actually wrote on this as one of my articles for a Wallstreet Journal project in a microeconomics course, let me go ahead and link my reply about this. Anthem Blanchard is creating a new digital currency that is like bitcoin that it works through a Proof Of Work method to distribute funds but is backed by gold in a vault, the crypto currency is to be called Hayek coin named after Friedrich Hayek. This coin is to be valued at the start at 1gram a coin and there is no cap on coins ever produced like Bitcoin but limited on how much gold is on earth, the physical gold is to be to converted and exchanged whenever. The CEO thinks this will be a revolution as it is a digitally backed crypto which essentially allows the transfer of gold easily. Now the part that is not in this article that should be noted that this is a centralized exchange that is ran by one company and that company can change the rules whenever unlike bitcoin and that if their Anthem Vault ever gets hacked anyone who has their funds will be stolen and sure while the gold will not be stolen physically they will not be able to differentiate any future funds or funds that are replaced by the stolen meaning they would have to double the amount of physical gold or cancel the project all together. This coin is already down before launch due to it being pegged to the price of gold and it being down. So you have to trust a centralized exchange that is operating without even the accountability of an elected government. This is even worse than fiat. If I were a gambling man I'd guess this is a scammer's project and that there's no evidence Blanchard is an authentic disciple of Hayek. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: thebenjamincode on May 12, 2015, 12:21:36 AM well as far as i am concerned, there is something alike if im not wrong. there is bitgold on where you could buy gold using bitcoin :D
Title: Re: The coin who is supposed to take on Bitcoin..... Post by: bitwarrior on May 12, 2015, 12:35:07 AM I doubt this coin will ever get successful and replace bitcoin. Its just too centralized a scheme and who would guarantee that the issuer or backer will not disappear in the long run.
Title: Re: The coin who is supposed to take on Bitcoin..... Post by: RoomBot on May 12, 2015, 12:43:02 AM Check out HOPE Gold Coin, the first altcoin backed by real gold, while ecologically preserving their historic mine.
They will be producing an epic worldwide concert for charity late this summer, if all goes well. It will be held in several cities & simulcast worldwide. Now that's intrinsic value, LOL. If you're charity-minded, some proceeds from their $10 coins go to charities. Donate the coin directly to any charity & you multiply its charitable value. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: gentlemand on May 12, 2015, 12:45:13 AM Looks like all the other gold related alts will eventually earn themselves a wee mention on here. The fact that no one has heard of any of them might make for a minor hint.
Title: Re: The coin who is supposed to take on Bitcoin..... Post by: PenguinFire on May 12, 2015, 12:48:09 AM Check out HOPE Gold Coin, the first altcoin backed by real gold, while ecologically preserving their historic mine. They will be producing an epic worldwide concert for charity late this summer, if all goes well. It will be held in several cities & simulcast worldwide. Now that's intrinsic value, LOL. If you're charity-minded, some proceeds from their $10 coins go to charities. Donate the coin directly to any charity & you multiply its charitable value. So how do the backers and creators of this hope coin profit from their new currency? I have never read about an alternative coin starter that wasn't in it for the money. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: Bit_Happy on May 12, 2015, 12:48:19 AM Being "backed" by something is a flaw, not a feature. Who guarantees the "backing"? What happens when the authorities decide that whoever is doing the "backing" needs to go to jail? What happens when the "backer" disappears? Exactly, when the storage vaults get raided the Gov't makes millions and the "backer" gets thrown in jail, just like the Liberty Dollar guy about 7 or 8 years ago. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: louise123 on May 12, 2015, 06:25:23 AM Being "backed" by something is a flaw, not a feature. Who guarantees the "backing"? What happens when the authorities decide that whoever is doing the "backing" needs to go to jail? What happens when the "backer" disappears? Exactly, when the storage vaults get raided the Gov't makes millions and the "backer" gets thrown in jail, just like the Liberty Dollar guy about 7 or 8 years ago. I didn't know about that guy until now. Just read the story. God help you Americans as you are constantly been f*cked and depressed by criminals. And I am not talking about the criminals you see in the "streets", I am talking about the ones in suits running your country. To anyone else that doesn't know about the Liberty Dollar guy: http://www.nytimes.com/2012/10/25/us/liberty-dollar-creator-awaits-his-fate-behind-bars.html?_r=0 (http://www.nytimes.com/2012/10/25/us/liberty-dollar-creator-awaits-his-fate-behind-bars.html?_r=0) Seriously, counterfeiting and conspiracy? Because he made gold and silver coins? I am guessing all these guys that make physical crypto coins should be extremely worried right now ::) ::) ::) Title: Re: The coin who is supposed to take on Bitcoin..... Post by: gentlemand on May 12, 2015, 09:11:05 AM I am guessing all these guys that make physical crypto coins should be extremely worried right now ::) ::) ::) They already are. The biggest of them all, Casascius, was shut down for being an unregistered money transmitter. http://www.coindesk.com/us-regulators-bitcoin-mint-casascius-shut/ There are still a few doing it but if they got big enough they'd feel the heat too. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: turvarya on May 12, 2015, 09:33:01 AM You know, you are getting old, when you see the same story twice in a slightly different context.
I saw at least one alt-coin, that, as far as I remember, sounded the same, than this one. I wonder, what happend to it. Most likely the founders ran with their clients money. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: inBitweTrust on May 12, 2015, 09:37:17 AM This has been done before by liberty dollar and egold. One shouldn't trust a central issuer and holder as they become a liability. In the previous cases state governments end up attacking these competing currencies and stealing the gold.
Title: Re: The coin who is supposed to take on Bitcoin..... Post by: unamis76 on May 12, 2015, 09:51:43 AM ... hasn't yet been invented :)
Such coin with publicity and visibility will result in a quick "pump and dump" style coin like many we see in the altcoin section. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: louise123 on May 12, 2015, 09:55:30 AM You know, you are getting old, when you see the same story twice in a slightly different context. I saw at least one alt-coin, that, as far as I remember, sounded the same, than this one. I wonder, what happend to it. Most likely the founders ran with their clients money. There is an alt-coin named HayekCoin from back in 2013 I think. Don't know what happened to it. Title: Re: The coin who is supposed to take on Bitcoin..... Post by: NeuroticFish on May 12, 2015, 10:01:18 AM There was once Midas Coin.
Mined in a centralized multipool, backed by gold, all the great stuff. It sounded very good. I had the "honor" to translate its OP. It actually sounded too good. It was a cheap scam. So, yeah, LOL @ "take Bitcoin" ;D You better check (and recheck (and recheck...)) the background (better than the job Coins Source did with Midas coin) of the devs, just for sure.... Title: Re: The coin that is supposed to take on Bitcoin..... Post by: Q7 on May 12, 2015, 11:33:19 AM So, I just read this article about Hayek, which is supposed to be a coin backed by gold and it will take on Bitcoin. Quote The coin will "be valued at 1 gram of gold at the day's market price, [and] will serve as a more secure store of value than Bitcoin," according to the press release. It will be called the Hayek, "after the Nobel-winning Austrian economist Friedrich Hayek." Read more: http://www.businessinsider.com/hayek-cryptocurrency-backed-by-gold-2015-5 (http://www.businessinsider.com/hayek-cryptocurrency-backed-by-gold-2015-5) You really believe in that? Who is going to ensure it sticks to the value against gold? For it to happen there must be a central authority to control the issuance or else operating on pow system won't work because it needs to follow market price. So you can try to imagine or ask yourself, can you trust somebody that tells you it will? Title: Re: The coin that is supposed to take on Bitcoin..... Post by: bryant.coleman on May 12, 2015, 11:43:01 AM I first started collecting Bitcoins in 2012. Ever since (more than three years now), I am hearing about various shitcoins being designed to replace the original. Personally, I have studied dozens of them. And I found none of them superior to the original (Bitcoin). All of them had some defects or disadvantages. The case with this particular shitcoin is no different. Why we should have a gold-backed coin, when it is possible to buy gold in the physical form?
Title: Re: The coin that is supposed to take on Bitcoin..... Post by: louise123 on May 12, 2015, 11:52:37 AM I first started collecting Bitcoins in 2012. Ever since (more than three years now), I am hearing about various shitcoins being designed to replace the original. Personally, I have studied dozens of them. And I found none of them superior to the original (Bitcoin). All of them had some defects or disadvantages. The case with this particular shitcoin is no different. Why we should have a gold-backed coin, when it is possible to buy gold in the physical form? Hmm, OK. I have to say that I am a strong supporter of Bitcoin too. However, you cannot say that Bitcoin is superior and that all other coins have some defects or disadvantages. One can say the same about Bitcoin, because Bitcoin too has some disadvantages and to be honest the only thing that makes Bitcoin No. 1 right now, IMO, is the fact that it was the first coin to come out. If LiteCoin came out first, would you still say Bitcoin is superior? I doubt it. Now, back to our subject. Having a gold backed coin is a good thing IF (and only IF) it was decentralized. That however might not be possible (could be wrong) since somebody (a central authority maybe) has to verify that the coin that person A owns truly is backed by X grams of gold. Having a gold backed currency in whatever form is the way things should be, it is how it used to be before Nixon (if I am not mistaken) decided to fuck everything up (because he was told to do so). That is why fiat is nothing but worthless paper. Title: Re: The coin that is supposed to take on Bitcoin..... Post by: johnyj on May 12, 2015, 11:52:56 AM The word "backed by" is a typical psychological trick. In fact you can't redeem USD for anything other than USD from the government even it is "backed by the full faith and credit of US government". People never need to redeem anything with USD, they just need merchant acceptance
Similarly, even if the currency is backed by gold, it means in principle you can redeem gold for that currency, but once the currency is widely accepted in circulation, people seldom need to redeem gold, since the currency is much more convenient to use than gold. Only during a panic and doubt of the currency's value (hyperinflation), some people will try to redeem gold, but then central bank can easily stop the redeem responsibility like in 1971 So the word "backed by" is very similar to insurance, just an empty promise to give users confidence to hold and use their currency Title: Re: The coin who is supposed to take on Bitcoin..... Post by: RoomBot on May 13, 2015, 01:34:59 AM Check out HOPE Gold Coin, the first altcoin backed by real gold, while ecologically preserving their historic mine. They will be producing an epic worldwide concert for charity late this summer, if all goes well. It will be held in several cities & simulcast worldwide. Now that's intrinsic value, LOL. If you're charity-minded, some proceeds from their $10 coins go to charities. Donate the coin directly to any charity & you multiply its charitable value. So how do the backers and creators of this hope coin profit from their new currency? I have never read about an alternative coin starter that wasn't in it for the money. Good question. IDK a whole lot more, which is why I recommended anyone interested to "check them out." HOPE Gold Coin has generously sponsored many BTC Conferences. I like their team. I'm looking forward to the Festival of HOPE, if they pull it off late this summer. Title: Re: The coin that is supposed to take on Bitcoin..... Post by: ticoti on May 13, 2015, 01:38:00 AM It's clear that no coin is ever going to take on bitcoin, it will be bitcoin or none
Title: Re: The coin that is supposed to take on Bitcoin..... Post by: Gyfts on May 13, 2015, 02:17:42 AM Why would it take over Bitcoin when it's centralized? Here it's back by physical gold when Bitcoin is backed up by miners. The fact they compare it to Bitcoin is actually pretty funny. It's just another pointless altcoin that puts a new spin to build hype and hopefully pull in users. Probably the only benefit is its definite value.
Title: Re: The coin who is supposed to take on Bitcoin..... Post by: photon_coin on May 13, 2015, 02:22:20 AM the bitcoin killers lol
cocaine is a hell of a drug These Bitcoin killers are coming so thick and fast I can barely keep up. Looks like I'll have to cash in a big portion of my Paycoins and Leocoins. Another day, another opportunity to make a few million. Boy, life is sweet. Title: Re: The coin that is supposed to take on Bitcoin..... Post by: Beliathon on May 13, 2015, 02:23:08 AM Quote The coin will "be valued at 1 gram of gold at the day's market price... ROFL that's all I needed to know to not take this seriously. You don't progress civilization by tying your new technology to the ancient past.Also doesn't this belong in the altcoin subforum? Title: Re: The coin that is supposed to take on Bitcoin..... Post by: MicroGuy on May 13, 2015, 02:49:21 AM So, I just read this article about Hayek, which is supposed to be a coin backed by gold and it will take on Bitcoin. All altcoins are built and designed to take on Bitcoin. If not, they're setting their goals and aspirations way too low. imo Take Litecoin for example, its goal is to hang on to the #2 spot and that's one of the reasons it will fail. Imagine if Michael Jordan had set out to become the second best basketball player ever. Title: Re: The coin that is supposed to take on Bitcoin..... Post by: rokkyroad on May 13, 2015, 02:56:07 AM Yawn.
Another day. Another scam. |
