Bitcoin Forum

New gold-backed cryptocurrency allows you to mine gold for free...The creator, AnthemVault, hopes for everyone to eventually become their own central bank, backed by various precious metals attached to cryptocurrencies.

http://www.cryptocoinsnews.com/news/new-gold-backed-cryptocurrency-inncoin-allows-mine-gold-free/2014/07/18


Thoughts?

I said well over half a year ago that this would become popular, and im still sure it will be. People/Countries/Organizations/Banks can buy 1-1000kg of gold, divide it into 100-100,000 units and use it as a currency/store of value. This is the future :)

Let me start off by first saying that I really have a favorable impression of Anthem Vault as they are really tight w/ one of our local conservative talk hosts around here who's also a surgeon that worked on my dad's shoulder a few years back. They are marketing this as a promotional effort but I never knew Anthem was into cryptos. As an advertiser on our local conservative powerhouse station, he gets a couple segments from time to time to talk about his business so I imagine we'll start to hear him add this crypto promo to his schtick going forward. I like their concept and believe it could broaden a lot of peoples' interest in cryptos as most of these metals people want a store of value against fiat, not something that is as volatile in their minds. And yes, I know, the metals have been volatile and also manipulated.

Apparently the example of E-gold was lost on some people.

Also, GoldMoney (http://www.forbes.com/sites/nathanlewis/2014/05/22/goldmoney-is-the-answer-do-you-know-the-question/).

Egold was centralized...not sure about goldmoney. Anthem is doing all of this in a decentralized open-sourced fashion.

But they have to store the metals somewhere.

Right..It's apparently stored in a Brinks vault in Salt Lake City. Mr. Anthem told me that legally, none of the gold or crypto is an asset of Anthem Vault. Not sure the specifics, but that's what he said.