What about creating a new altcoin based on 10 ounces of gold, held on live-tv

[NationOwnedCCNow]

Let's say I put 10 ounces of gold inside a glassed vault and put a webcam on it sending its Picture live on the altcoins FrontPage.

10 ounces of gold = ca 13,000 USD

0 premined and starts With a 0.0USD Worth. How long would it take for Bitcoin community to dig in on this seemingly free gold and buy the price up to 13,000 USD? And, would it stop there?

[NationOwnedCCNow]

This idea needs a bump.


Brainstorm this peeps, it could become a winner

[madmartyk]

YOu would need X-11 or something other than plain scrypt.  The ASICs would have a field day with this.

[brokedummy]

I don't get it. We would be mining an alt coin that is redeemable for the gold? Why would anybody give their gold for this project?

[NationOwnedCCNow]

1,

YOu would need X-11 or something other than plain scrypt.  The ASICs would have a field day with this.

Please explain for a nab what X-11 and ASICs is.

I don't get it. We would be mining an alt coin that is redeemable for the gold? Why would anybody give their gold for this project?

The gold would act as a bottom price. Say you pre-mine 10% and hold it for yourself to sell off while People are buying in raising the value Equal to the gold. And then it would, most definately, og Beyond the actual Worth of the gold. It's like a double Investment/Security.

[V8x8d]

In theory the market capitalisation should track the value of the 10 ounces of gold. Sounds stable in theory, however mining would not be an option. A pre-mine sold to investors at the market value of 10 ounces of gold would work, however the value is too little to be a viable currency and could you trust the Dev?

Fiat was viable before the 1970's when it was secured by Gold and QE was low. I keep as little money as possible in Fiat (doomed to fail).