Bitcoin Forum

I remember he came across an article a few months ago, which said that the Islamic State wanted to create it own currency which will be in gold.
Apparently, if they really create their own currency, currencies of other countries may be affected.
That is true?

I think it is impossible. Gold is a precious metal gold .and today is much different from the paper money in the real world. gold prices continue to affect and if the gold is used as a means of payment I guess it might not happen. gold and total capacity is currently unable to supply the needs of the world.

Perhaps maybe they should look into creating a cryptocurrency coin lol :D

Gold coin is not possible these days, may be they are only talking about their own currency backed by gold they hold or like that. But to be true, i haven't heard about this before, any link to the source of this info?

islamic state?do you mean ISIS?or other country like middle easy country?
than you should give us some source or link to that article,nowdays almost impossible to create gold coin,we know gold have stable price and if they create gold coin,they should put two price in one thing.

Yes, I speak about ISIS.
I have three articles in French speaking of that:
http://www.challenges.fr/monde/moyen-orient/20150901.CHA8892/pourquoi-l-etat-islamique-frappe-sa-propre-monnaie-en-or.html
http://www.lesechos.fr/18/11/2015/lesechos.fr/021488799359_l-etat-islamique-bat-sa-monnaie.htm
http://www.europe1.fr/international/pourquoi-l-organisation-de-l-etat-islamique-lance-sa-propre-monnaie-2289729
They say they have already launched it.

It is entirely possible for them to make their own currency based off of precious metals, especially considering their lack of connection with the rest of the world, and as such, less market influence on their economy. This makes PM coins a potential economic system for them.

As for the Islamic State affecting other countries' currencies by them making their own, it's highly unlikely anyone will want the IS coins aside from for their gold value, and so the only thing affect should be the PM market. The only way such a currency would affect the world would be if the world recognizes them as a legitimate entity.

I agree its not possible for any country to have currency in gold its supply is not enough to cover all this and price is also very high in my view better they create a crypto currency for them or adopt bitcoin its could be very help full for them

It costs very high but they are stealing everything anyway so it isn't a problem for them
Create a crypto? Who can use it? Do people under their control have an Internet connection? (they barely have a food and a little of freedom)

yes they want and they are rich and will be rich for ever.. and islamic states always best than all of gold making system.. so they will do it .. !

They might be able to mint their own currency if they took over a government.  Anything else, it would just be a medal (as in numismatics).  They certainly could create their own cryptocurrency, though it would be a failure outside their own shitty organization.  Most altcoins are complete failures, and being attached to ISIS would be a death sentence.

So,if this really happen and Islamic State create gold coins,then what will happen to worl economic situation?will imf take down the situation?and finnaly,what effect for our lovely crypto,bitcoin??

not sure the goldcoin they mean is kind of cryptocurrency or it's literally a coin made from gold,otherwise they can buy gold from elsewhere with their oil,because as i know ISIS rather aiming an area which have oil miner than a poor area

they'd be pretty freaking dumb to create their own currency as not one single person outside it is gonna give it any value at all. what are they gonna do, post their gold coins abroad to get goods in? why bother minting and naming it? simply post the raw gold and save a few bucks.

And how do they obtain the gold in the first place? i haven't heard of too many gold mines in that part of the world. guess you need to use those dirty kafir dollars to get ahold of it. i do agree with their desire to destroy the satanic financial system. shame they're not nicer people.

people even outside of Islamic state would rather be paid with gold coin than with paper,they can simply make a jewelry from the coin if they don't want to use it,and with paper maybe you can make a jewelry with paper or you can call it origami

wow, unbelievable! how can they launch it?
I think it's not that easy to make gold currency, but it's not too surprising because they get supply from a great country.

Everything is going digital.  Even you, you're gonna be digitized and monetized. 

Are you talking about Isis? As long as they are stay away from Bitcoin I will be happy.

It is not possible. Islamic State needs thousands of tonnes of gold to replace all the fiat money in the areas which they control. According to news reports, they are in the possession of around 300 tonnes of gold, which was looted from the Mosul Central Bank. But I am afraid that it is not enough to completely replace the Iraqi Dinar or the Syrian Pound.

it may happen, in a rich country that has its own gold mine. But even so, it certainly remains with a limited amount, because of the precious metals of a kind that is still small. and if it is true in the production of many, surely it will affect the value of the entire price of gold in the world.

I think this is just a myth, although one day the Islamic state will make its own coin in the Golden Shape then I think it will not affect the financial and .

If the Islamic state actually researched a gold coin then this proves that the organization is starting to want to enter the crypto market and they certainly do not have a good intention in this matter. I think this is a matter worth considering of relevant authorities and organizations around the world, because in this instance The Islamic State is really a big problem that affects the whole world. gender.

Islamic state is not recognized by other countries, it's terrorist state and I don't think the coin they make could succeed and have some influence. The only thing it could be used is for funding terrorism.
Anyway even if they do so which I doubt this coins will not influence the economy.

And what it is exactly impossible about creating such a coin, the only issue I have with that is that out of the two precious metals silver was the one that was traded the most for its lower value, now you need to understand that there were coins of many sizes, right now there are coins that are 1/10 of an Oz so you can create coins with a very low denomination with silver.

Don't think it will have much of an effect considering their caliphate is pretty small now and they have lost the majority of their income sources. Also, no one outside their territory will accept it as a currency.