2013-11-28 Financial Times E-gold founder backs new Bitcoin rival

[qwerty555]

http://www.ft.com/intl/cms/s/0/f7488616-561a-11e3-96f5-00144feabdc0.html#axzz2mANMEctA

Gold backed crypto in the planning stages

[Mike Christ]

Paywall

[Carlton Banks]

Seriously, what is the point.

• What is the point of this story?
• What is the point of in backing cryptographic money with gold?

It's like an automatic weapon with built-in slingshot for when you run out of bullets. Just pack more bullets, if you think the other guy might have an automatic weapon too.

[qwerty555]

Another similar from zero hedge if Paywall is a problem

http://www.zerohedge.com/news/2013-11-29/e-gold-founder-launches-new-gold-backed-currency

[Carlton Banks]

Where's the Financial Times article about the transaction types and features that CAN'T BE DONE WITHOUT USING CRYPTOCURRENCY?

What sort of financial journalism is this, FT? "The Alderney Bitcoin Standard" ? "Gold backed Bitcoin rival from E-Gold" ? I don't know how can these people take themselves seriously with this nonsense.

[Gabi]

Nonsense, the point of a cryptocurrency is that if you have it, you have to trust no one. Not having some worthless bits and hoping that someone will give you the promised gold for it

[beetcoin]

in order to be a rival, you'd need to be formidable. whatever the hell that currency is called, it's not even close. in fact, i consider litecoin more of a rival to bitcoin at the moment.

[zerodrama]

Update from Mike Krieger:  *Since the publication of this article, I have been contracted by Douglas Jackson and he has informed me that he is not personally launching anything and that he is merely a consultant on this new project. I hope to have more details on all of this in the near future.

YAWN. NEXT.

[Spaceman_Spiff]

Voorhees put it nicely in a recent interview:  "backing" is a liability that requires trust.  You don't want that.
Color me unimpressed.

[501]

So it's basically fiat.

[oakpacific]

Wait for the government to come in and kick their ass.

[Pente]

in order to be a rival, you'd need to be formidable. whatever the hell that currency is called, it's not even close. in fact, i consider litecoin more of a rival to bitcoin at the moment.

+1

[TraderTimm]

Anyone who considers Litecoin to be a rival to anything else is clearly high or drunk.

Litecoin, the "special" coin that used Scrypt as their battle cry to defend against that nasty technology-development treadmill in mining, is now embracing ASIC because they are a bunch of lying bastards.

Also, the trading patterns in Litecoin mirror a bunch of stocks on the "pink sheets", you know, the ones that are worth jack and shit, but there are a few dedicated person(s) using them as a pump-and-dump vehicle (and even naming a private group after that, in a stunning admission).

If you trade Litecoin and make money, good for you, just don't expect this has-been to have any staying power.

[laowai80]

Anyone who considers Litecoin to be a rival to anything else is clearly high or drunk.

Litecoin, the "special" coin that used Scrypt as their battle cry to defend against that nasty technology-development treadmill in mining, is now embracing ASIC because they are a bunch of lying bastards.

Also, the trading patterns in Litecoin mirror a bunch of stocks on the "pink sheets", you know, the ones that are worth jack and shit, but there are a few dedicated person(s) using them as a pump-and-dump vehicle (and even naming a private group after that, in a stunning admission).

If you trade Litecoin and make money, good for you, just don't expect this has-been to have any staying power.

You're so wrong.

Well, I agree with one thing you said, that we shouldn't expect the staying power of Litecoin, but that's equally true for Bitcoin as well. Most things in life are transitory, they even say the sun has a limited life span, so go figure