today's msn money article

I cannot tell if this article is good or bad for crypto.

Quote from: Minerjoe on April 02, 2015, 04:15:12 PM

I cannot tell if this article is good or bad for crypto.

I'm going with bad, since they like to explain how there are thousands of shitcoins.

what an absolute rubbish article. 'tired of bitcoin' people are tired of altcoins.
nowadays quite a few articles published lack quality. this article is one of them.

looks like msn money was off by a day for their april fools joke Grin

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Anthem Vault plans to launch a gold-backed crypto-coin in May.

I want to see his stupid face when he finds out Bitcoin is backed by pure mathematics and does not need gold.

*Yawn*

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Anthem Vault plans to launch a gold-backed crypto-coin in May. The bet is that the coin—which is redeemable for 1 gram of gold at the market price—will be a big hit with investors who are tired of bitcoin's wild ways.

Only until the backing entity hits financial difficulties (doesn't generate enough profit, some exceptional losses, hacking, insufficient network etc), which statistically is very likely. And when that happens bitcoin will look like a poster-boy for stability compared to their new crypto.

Also, it's not really that revolutionary. You can already use bitreserve.org, transact with BTC for convenience whenever needed but keep your holdings in either BTC/USD/Gold/Silver+other metals, whichever you feel is best.

Yea another journalist on crack. Roll Eyes

They want something physical to back Crypto currencies or they simply do not believe that it can exist. Grin

How complicated can it be? {It's a electronic distributed online ledger} .....The irony is, the editor do not understand the technology too, and allow such dribble to be posted.

You have to laugh at this shite. Grin

this has been an obvious route to undoubtedly countless ppl. seems like someone that just can't accept the "lack of intrinsic value." in a century with 3d printed skyscrapers and quasi-immortality i'm not so sure that replication technology won't render gold to history book/industrial material status.

Quote from: Mellnik on April 02, 2015, 07:02:59 PM

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Anthem Vault plans to launch a gold-backed crypto-coin in May.

I want to see his stupid face when he finds out Bitcoin is backed by pure mathematics and does not need gold.

I think that not many people will agree with you here. After all for gold you can buy food and exchange it for literally everything else. And mathematics... well, it is pure abstraction for most people.
As you can see volatility of bitcoin and other altcoins backed purely by laws of mathematics. I think that these words are on point here: "How do you know the cryptocurrency's value is really there? What happens if something goes wrong? Can it be sold or redeemed?" "The value of these cryptocurrencies is only as good as what backs them." Mathematics is not enough.

Quote from: Hazir on April 02, 2015, 08:58:37 PM

...I think that these words are on point here: "How do you know the cryptocurrency's value is really there? What happens if something goes wrong? Can it be sold or redeemed?" "The value of these cryptocurrencies is only as good as what backs them." Mathematics is not enough.

Let me try this the other way around:

How do you know the gold's value is really there?

Yes, the gold is backed by gold, but its value is not guaranteed. Only small % of the value is due to demand for gold because of its unique properties (and this can change pretty quickly if new technology is developed). Rest of the value is created by belief that gold is 'valuable'.

While it sounds like a great idea, few questions lingers in mind. Who is going to control the amount of coin generated and to ensure that it will always have enough gold to back the crypto money in circulation? If that is the case, then there will be a need for central authority, so the question next is what is going to happen to the decentralization part.

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Van Cleef said the redeemable gold concept only works if investors can trust the provider to actually back up their promise

Even that was highlighted in the article itself. Well, let's just see how it goes.

Quote from: brokenchair on April 02, 2015, 04:12:16 PM

They still don't get what btc is backed by.......enjoy Grin

And you get it?
Then please tell me what it is.
Please don't tell me that it's network of miners - in 2009 there were only handful of them.

PS Correct answer is: "First tell me what backs dollar/euro/any other fiat currency?" :p

Quote from: pozmu on April 04, 2015, 04:11:54 PM

Quote from: brokenchair on April 02, 2015, 04:12:16 PM

They still don't get what btc is backed by.......enjoy Grin

Bitcoin is backed by usage. When it is used, it is useful, it has value.