The coin that is supposed to take on Bitcoin.....

[louise123]

So, I just read this article about Hayek, which is supposed to be a coin backed by gold and it will take on Bitcoin.

The coin will "be valued at 1 gram of gold at the day's market price, [and] will serve as a more secure store of value than Bitcoin," according to the press release. It will be called the Hayek, "after the Nobel-winning Austrian economist Friedrich Hayek."

Read more: http://www.businessinsider.com/hayek-cryptocurrency-backed-by-gold-2015-5

[futureofbitcoin]

why does this sound like paycoin...

And shouldn't this be in the altcoin section?

[louise123]

I actually wrote on this as one of my articles for a Wallstreet Journal project in a microeconomics course, let me go ahead and link my reply about this.

Anthem Blanchard is creating a new digital currency that is like bitcoin that it works through a Proof Of Work method to distribute funds but is backed by gold in a vault, the crypto currency is to be called Hayek coin named after Friedrich Hayek. This coin is to be valued at the start at 1gram a coin and there is no cap on coins ever produced like Bitcoin but limited on how much gold is on earth, the physical gold is to be to converted and exchanged whenever. The CEO thinks this will be a revolution as it is a digitally backed crypto which essentially allows the transfer of gold easily. Now the part that is not in this article that should be noted that this is a centralized exchange that is ran by one company and that company can change the rules whenever unlike bitcoin and that if their Anthem Vault ever gets hacked anyone who has their funds will be stolen and sure while the gold will not be stolen physically they will not be able to differentiate any future funds or funds that are replaced by the stolen meaning they would have to double the amount of physical gold or cancel the project all together. This coin is already down before launch due to it being pegged to the price of gold and it being down.

I am a little bit confused.
How does this coin work with PoW?
Can we mine it?
Does really say anything in the article I read.

[Evil Steve]

So, I just read this article about Hayek, which is supposed to be a coin backed by gold and it will take on Bitcoin.

The coin will "be valued at 1 gram of gold at the day's market price, [and] will serve as a more secure store of value than Bitcoin," according to the press release. It will be called the Hayek, "after the Nobel-winning Austrian economist Friedrich Hayek."

Read more: http://www.businessinsider.com/hayek-cryptocurrency-backed-by-gold-2015-5

Yaw. This isn't the first cryptocurrency that was attempted to be backed by gold or some other precious metal so seen it all before. It wont take on bitcoin at all.

[Zangelbert Bingledack]

Centralized. And mined?

OK, either someone's very confused or they're simply taking advantage of the "blockchain" hype to try to make a quick buck.

[louise123]

Centralized. And mined?

OK, either someone's very confused or they're simply taking advantage of the "blockchain" hype to try to make a quick buck.

I know. It doesn't really make sense.
And something tells me that it wont take long until they get hacked.

[gentlemand]

According to the article it's powered by BTC through counterparty.

How does this differ in any way from e-gold though?

Gold tokens sound like a fine idea. They'll always be tied to someone who can be shut down though.

[RodeoX]

The problem with these backed coins is that they compete with whatever is backing them. For example I could buy one of these coins for about $38.00 or I could buy 1 gram of gold for $38.00.

Gold has a history of value going back thousands of years. Hayeks are brand new and completely untested. There is just no way I would take them over gold. And it is not really quite correct to say they are backed by gold. If I go into the local gold dealer and ask to exchange these for gold they are going to have a good laugh about it.

There is also the problem of the issuer. This system starts with a bank vault full of gold. It is the only way to "back" them with gold. So the issuer sells the gold as these coins, but keeps the gold in his vault. It is exactly the same as "paper gold" and just as bad an idea. Bottom line, why have a alt-coin when you could have a gold coin?  

[akongsolidin]

most likely they are spreading fake news so people buy the shitcoin and invest in their project,bitcoin will leader of cryptocurrency forever. Admit it

[gentlemand]

These Bitcoin killers are coming so thick and fast I can barely keep up. Looks like I'll have to cash in a big portion of my Paycoins and Leocoins. Another day, another opportunity to make a few million. Boy, life is sweet.

[oser41eric]

Being "backed" by something is a flaw, not a feature. Who guarantees the "backing"? What happens when the authorities decide that whoever is doing the "backing" needs to go to jail? What happens when the "backer" disappears?

Yes being backed by gold that you do not control and is safely in someone Else's vault is not the greatest of ideas. All I see with this is total hype to pull of a nice big hustle. If the publicity is there it will be a very big one at that. Centralized bitcoin contender hmmmm

[RodeoX]

Hey guys I just invented the coin that will take on the Hayek!!!

An actual gold coin. Universally backed by 1 gram of gold. 

[DooMAD]

This isn't a coin, it's an IOU.  IOUs don't even take on some randomly generated scrypt coin, let alone anything with even a remotely established userbase.  Nothing to see here.  Move along.

[Amph]

this is another bitcoin wanna be ,that want to fix, inexistent flaws of the bitcoin system, why they can't just accept bicoin and help make it bigger? because they lost the early adopters train?

all these clone will not put even a dent on bitcoin, they will be forgotten before the next halving, guranteed

[spazzdla]

Just like the liberty dollar. MERCIA does not allow freedom on this planet, they will come and steal ALL of their gold making the coin worthless.

The idea of backing a crypto with something is a fools errand.  It is not possible America will have non of it.

[Xialla]

ahh another clone, this time with quite strong PR..this will never ends.)

[LiteCoinGuy]

The problem with these backed coins is that they compete with whatever is backing them. For example I could buy one of these coins for about $38.00 or I could buy 1 gram of gold for $38.00.

Gold has a history of value going back thousands of years. Hayeks are brand new and completely untested. There is just no way I would take them over gold. And it is not really quite correct to say they are backed by gold. If I go into the local gold dealer and ask to exchange these for gold they are going to have a good laugh about it.

There is also the problem of the issuer. This system starts with a bank vault full of gold. It is the only way to "back" them with gold. So the issuer sells the gold as these coins, but keeps the gold in his vault. It is exactly the same as "paper gold" and just as bad an idea. Bottom line, why have a alt-coin when you could have a gold coin?  

please trust me: THIS satoshi is backed by 1 gram of gold! i swear! We store it for you  



...but please dont try to redeem it   !

[nachoig]

Another AmberCoin?
https://bitcointalk.org/index.php?topic=944408.0

[blumangroup]

Sounds legit doesn't it  The thing is many will fall for this and lose more bitcoin we will end up losing more fools from bitcoin. Everyone wants the get rich quick which is not likely to happen while looking for it on every coin/investment that has the hype which most do.

This is is basically a ponzi if they store the gold for you, or I might be wrong but that is my personal opinion. I buy gold chips you store them it isn't until other fools buy gold chips that I will have a high chance of getting my gold chips and if everyone goes at the same time to get their gold the truth will set you free.

Craaaasshhhh I have a feeling this won't end up well.

[ebliever]

I actually wrote on this as one of my articles for a Wallstreet Journal project in a microeconomics course, let me go ahead and link my reply about this.

Anthem Blanchard is creating a new digital currency that is like bitcoin that it works through a Proof Of Work method to distribute funds but is backed by gold in a vault, the crypto currency is to be called Hayek coin named after Friedrich Hayek. This coin is to be valued at the start at 1gram a coin and there is no cap on coins ever produced like Bitcoin but limited on how much gold is on earth, the physical gold is to be to converted and exchanged whenever. The CEO thinks this will be a revolution as it is a digitally backed crypto which essentially allows the transfer of gold easily. Now the part that is not in this article that should be noted that this is a centralized exchange that is ran by one company and that company can change the rules whenever unlike bitcoin and that if their Anthem Vault ever gets hacked anyone who has their funds will be stolen and sure while the gold will not be stolen physically they will not be able to differentiate any future funds or funds that are replaced by the stolen meaning they would have to double the amount of physical gold or cancel the project all together. This coin is already down before launch due to it being pegged to the price of gold and it being down.

So you have to trust a centralized exchange that is operating without even the accountability of an elected government. This is even worse than fiat. If I were a gambling man I'd guess this is a scammer's project and that there's no evidence Blanchard is an authentic disciple of Hayek.