Well you could say that about bonds too.. but their value clearly fluctuates with risk free interest rates.

Sentiment to crypto in general is probably a more significant driver of price though.

Nothing makes me believe more in a project more, than that they keep their word.

Even though we haven't seen the product in use yet, at every step these guys have delivered - which really is all you can ask for at this point.

85K wow, it's blowing up a bit isn't it?

I suppose freebies will do that - but damn it's effective.. take note all those other referral programmes where they'd be calling people scammers by now (cough LBRY).

Like paypal did,  just let it rip and gradually reduce the referral benefit. It will pay for itself in the end.

The ICO boom is coming up with some interesting ideas - some will fail, some will stick.

This one at least seems to be practical.

LBRY coin (LBC)

Part of the LBRY project

Useful application, decentralised content sharing and payment system

can trade for BTC on poloniex

Must join waiting list for access (and 2.5 + 30 coins), but going open beta in July

You gotta wait for an invite first. How quickly you move up the waiting list depends on how many you refer and the time waiting on the list.
 
I think people were saying it might be a 4 day wait?

Anyway, I just sat there with 0 referrals and checked the other day and was eligible.

Once you are signed up there are simple tasks like uploading something that easily get you 30 LBRY (currently worth about $25 USD)

My link!

https://lbry.io/get?r=u0YWV

pudg - what is most concerning to me is that they can recall balances to their own accounts on a whim.  This was demonstrated with referral balances - which were equal with existing balances (settled for 6 months+) until they were not.

They don't need your explicit permission to fiddle with your balance - just their interpretation of the ever-changing terms. And even if their interpretation ends up being wrong - the gold is still gone.

This makes a mockery of claims that your gold is segregated and protected in case of malfeasance/bankruptcy/fraud. Especially if bitgold does not want it to be (e.g. they could settle you with cash).

Segregated perhaps in the sense that my right and left hand are separate, but I always have complete control over what they do...

Maybe you are actually giving them a free call option over your gold? If gold went parabolic could they resist doing so?

The only thing these guys had going for them was the referral program..

Many scam like behaviours to me:

Lucrative viral marketing campaign they had no intention of honouring (takes back money after being cleared for many months).
Lot of promises of safety, but no proof in law (as seen above - they can just take it).
Hard to get money in and out for most of the world.
Willing to change terms retrospectively when it suits them (and never to their own cost).

And finally - shitting on people that helped them out in their referral program is pretty nasty.

If you want gold, there are many cheaper and less risky ways.