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

[thebenjamincode]

well as far as i am concerned, there is something alike if im not wrong. there is bitgold on where you could buy gold using bitcoin

[bitwarrior]

I doubt this coin will ever get successful and replace bitcoin. Its just too centralized a scheme and who would guarantee that the issuer or backer will not disappear in the long run.

[RoomBot]

Check out HOPE Gold Coin, the first altcoin backed by real gold, while ecologically preserving their historic mine.

They will be producing an epic worldwide concert for charity late this summer, if all goes well.

It will be held in several cities & simulcast worldwide.

Now that's intrinsic value, LOL.  

If you're charity-minded, some proceeds from their $10 coins go to charities.

Donate the coin directly to any charity & you multiply its charitable value.

[gentlemand]

Looks like all the other gold related alts will eventually earn themselves a wee mention on here. The fact that no one has heard of any of them might make for a minor hint.

[PenguinFire]

Check out HOPE Gold Coin, the first altcoin backed by real gold, while ecologically preserving their historic mine.

They will be producing an epic worldwide concert for charity late this summer, if all goes well.

It will be held in several cities & simulcast worldwide.

Now that's intrinsic value, LOL.  

If you're charity-minded, some proceeds from their $10 coins go to charities.

Donate the coin directly to any charity & you multiply its charitable value.

So how do the backers and creators of this hope coin profit from their new currency?  I have never read about an alternative coin starter that wasn't in it for the money. 

[Bit_Happy]

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?

Exactly, when the storage vaults get raided the Gov't makes millions and the "backer" gets thrown in jail, just like the Liberty Dollar guy about 7 or 8 years ago.

[louise123]

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?

Exactly, when the storage vaults get raided the Gov't makes millions and the "backer" gets thrown in jail, just like the Liberty Dollar guy about 7 or 8 years ago.

I didn't know about that guy until now.
Just read the story.

God help you Americans as you are constantly been f*cked and depressed by criminals.
And I am not talking about the criminals you see in the "streets", I am talking about the ones in suits running your country.

To anyone else that doesn't know about the Liberty Dollar guy: http://www.nytimes.com/2012/10/25/us/liberty-dollar-creator-awaits-his-fate-behind-bars.html?_r=0

Seriously, counterfeiting  and conspiracy?
Because he made gold and silver coins?

I am guessing all these guys that make physical crypto coins should be extremely worried right now 

[gentlemand]

I am guessing all these guys that make physical crypto coins should be extremely worried right now 

They already are. The biggest of them all, Casascius, was shut down for being an unregistered money transmitter.

http://www.coindesk.com/us-regulators-bitcoin-mint-casascius-shut/

There are still a few doing it but if they got big enough they'd feel the heat too.

[turvarya]

You know, you are getting old, when you see the same story twice in a slightly different context.
I saw at least one alt-coin, that, as far as I remember, sounded the same, than this one.
I wonder, what happend to it. Most likely the founders ran with their clients money.

[inBitweTrust]

This has been done before by liberty dollar and egold. One shouldn't trust a central issuer and holder as they become a liability. In the previous cases state governments end up attacking these competing currencies and stealing the gold.

[unamis76]

... hasn't yet been invented

Such coin with publicity and visibility will result in a quick "pump and dump" style coin like many we see in the altcoin section.

[louise123]

You know, you are getting old, when you see the same story twice in a slightly different context.
I saw at least one alt-coin, that, as far as I remember, sounded the same, than this one.
I wonder, what happend to it. Most likely the founders ran with their clients money.

There is an alt-coin named HayekCoin from back in 2013 I think.
Don't know what happened to it.

[NeuroticFish]

There was once Midas Coin.
Mined in a centralized multipool, backed by gold, all the great stuff. It sounded very good.
I had the "honor" to translate its OP.


It actually sounded too good. It was a cheap scam.


So, yeah, LOL @ "take Bitcoin"  
You better check (and recheck (and recheck...)) the background (better than the job Coins Source did with Midas coin) of the devs, just for sure....

[Q7]

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

You really believe in that? Who is going to ensure it sticks to the value against gold? For it to happen there must be a central authority to control the issuance or else operating on pow system won't work because it needs to follow market price. So you can try to imagine or ask yourself, can you trust somebody that tells you it will?

[bryant.coleman]

I first started collecting Bitcoins in 2012. Ever since (more than three years now), I am hearing about various shitcoins being designed to replace the original. Personally, I have studied dozens of them. And I found none of them superior to the original (Bitcoin). All of them had some defects or disadvantages. The case with this particular shitcoin is no different. Why we should have a gold-backed coin, when it is possible to buy gold in the physical form?

[louise123]

I first started collecting Bitcoins in 2012. Ever since (more than three years now), I am hearing about various shitcoins being designed to replace the original. Personally, I have studied dozens of them. And I found none of them superior to the original (Bitcoin). All of them had some defects or disadvantages. The case with this particular shitcoin is no different. Why we should have a gold-backed coin, when it is possible to buy gold in the physical form?

Hmm, OK.
I have to say that I am a strong supporter of Bitcoin too.
However, you cannot say that Bitcoin is superior and that all other coins have some defects or disadvantages.
One can say the same about Bitcoin, because Bitcoin too has some disadvantages and to be honest the only thing that makes Bitcoin No. 1 right now, IMO, is the fact that it was the first coin to come out.

If LiteCoin came out first, would you still say Bitcoin is superior?
I doubt it.

Now, back to our subject.
Having a gold backed coin is a good thing IF (and only IF) it was decentralized.
That however might not be possible (could be wrong) since somebody (a central authority maybe) has to verify that the coin that person A owns truly is backed by X grams of gold.

Having a gold backed currency in whatever form is the way things should be, it is how it used to be before Nixon (if I am not mistaken) decided to fuck everything up (because he was told to do so).
That is why fiat is nothing but worthless paper.

[johnyj]

The word "backed by" is a typical psychological trick. In fact you can't redeem USD for anything other than USD from the government even it is "backed by the full faith and credit of US government". People never need to redeem anything with USD, they just need merchant acceptance

Similarly, even if the currency is backed by gold, it means in principle you can redeem gold for that currency, but once the currency is widely accepted in circulation, people seldom need to redeem gold, since the currency is much more convenient to use than gold. Only during a panic and doubt of the currency's value (hyperinflation), some people will try to redeem gold, but then central bank can easily stop the redeem responsibility like in 1971

So the word "backed by" is very similar to insurance, just an empty promise to give users confidence to hold and use their currency

[RoomBot]

Check out HOPE Gold Coin, the first altcoin backed by real gold, while ecologically preserving their historic mine.

They will be producing an epic worldwide concert for charity late this summer, if all goes well.

It will be held in several cities & simulcast worldwide.

Now that's intrinsic value, LOL.  

If you're charity-minded, some proceeds from their $10 coins go to charities.

Donate the coin directly to any charity & you multiply its charitable value.

So how do the backers and creators of this hope coin profit from their new currency?  I have never read about an alternative coin starter that wasn't in it for the money. 

Good question.  IDK a whole lot more, which is why I recommended anyone interested to "check them out."  HOPE Gold Coin has generously sponsored many BTC Conferences.  I like their team.  I'm looking forward to the Festival of HOPE, if they pull it off late this summer.

[ticoti]

It's clear that no coin is ever going to take on bitcoin, it will be bitcoin or none

[Gyfts]

Why would it take over Bitcoin when it's centralized? Here it's back by physical gold when Bitcoin is backed up by miners. The fact they compare it to Bitcoin is actually pretty funny. It's just another pointless altcoin that puts a new spin to build hype and hopefully pull in users. Probably the only benefit is its definite value.