[ANN][MNA] Minacoin | 100% POS | 100% Premined

[Walter Rothbard]

Is this the new gold backed altcoin that is in the news today?  If so - why not spell that out in the announcement?

A gold or commodity-backed cryptocurrency would certainly be an interesting innovation.  But what I would like to see is something like colored coins where arbitrary entities can issue coins on the blockchain which that entity pledges to redeem for a unit of metal - then all those issued currencies can float in value relative to each other and relative to the market's trust in the issuing authority's promise to redeem.

My understanding is there are two solid gold bars backing this currency, and I doubt those are going to be divided up for redemption.  If this currency isn't truly redeemable for gold I'm not sure it can really be called "backed" by gold.  Still reading, though, so maybe I don't understand it all, yet.

[1714756505]

1714756505

[Walter Rothbard]

Needs a more responsive website.

[dmpotter]

How would it work without miners?

[mindact]

Needs a more responsive website.

yes we need more details

[dancupid]

OK, I get it - it's satire.

You've just proven that it's impossible to create a backed cryptocurrency.

"The initial price of each coin is equivalent to 1mg of gold in our vaults."

As soon as 1 coin is worth more or less than this, we immediately know that 'backing' is impossible for any cryptocurrency.

[brian_nguyen]

When will you plan to sell the gold? 

[Walter Rothbard]

Finally got to the website.

What is required to redeem the Minacoin for gold?

The gold will be held in trust and not redeemable.

So long, folks - this is not really backed by gold.  If I own an ounce of silver and 1000 Zimbabwean dollars, and sell you a Zimbabwean dollar, the Zimbabwean dollar is not "backed" by the silver that I own.  You might just as well claim that Bitcoin is backed by some other guy's gold in a vault - this backing is just as valid as the gold backing Minacoin is claiming.

[Walter Rothbard]

Myth #2: A single point of failure is created by the fact that it is not decentralized.

Minacoin is peer to peer, and it can be stored offline, traded without an exchange, and transported on paper. The lack of decentralization allows us to work closely with regulator to ensure the gold is secure and consumers are protected.

This does not make sense -citing a perceived advantage of centralization doesn't make this disadvantage a myth.

[Phinnaeus Gage]

Myth #2: A single point of failure is created by the fact that it is not decentralized.

Minacoin is peer to peer, and it can be stored offline, traded without an exchange, and transported on paper. The lack of decentralization allows us to work closely with regulator to ensure the gold is secure and consumers are protected.

This does not make sense -citing a perceived advantage of centralization doesn't make this disadvantage a myth.

IT'S NOT A MYTH!!! I'm the one that sold them the two 400-ounce bars of gold. I even have the receipt - laying around here somewhere - where I sold enough barn wood to purchase the gold.

FYI, they weren't bars of gold, but...



Minacoin is fun, buy right now, don't walk - run!

[uiiiii888]

So interseting,I even don't know what you want to do

[TinyBBC]

You're kidding, no introduction, just send a post

[lcharles123]

The first stable crypto? http://www.ahametals.com/bullion-new-gold-backed-bitcoin/

[boenxia]

we need more info about minacoin

[ripplebtc]

Counterparty Digital Asset company DigitalTangibleTrust makes Business Insider's Article:

"10 Most Promising Startups Building Stuff with Blockchain Technology"

http://www.businessinsider.com/10-most-promising-blockchain-companies-2014-5

— DigitalTangibleTrust aims to be a liquidity provider and marketing partner for hard assets that are difficult to monetize, but can be easily digitized into cryptocurrencies and then traded on any centralized or peer-to-peer exchange. Whether you are buying digital gold bullion from the United Kingdom or digital mineral rights in Texas, led by a cryptofinance and experienced marketing team in San Francisco, they are trying to push the edge of blockchain innovation building an investment portfolio that will consist of coins it has issued as ownership rights to these unique assets.  Since its humble beginnings in early 2014, in a short month they have thousands of hard assets in custody and appear determined to digitize all things.


DigitalTangibleTrust
http://www.digitaltangibletrust.com/

Trade 1/10 Troy Oz goldcoins on Poloniex
https://poloniex.com/exchange/btc_gold

FAQ
http://www.digitaltangibletrust.com/faq/

Product and Service Updates April 29, 2014
Our mission is to digitize all valuable assets into the Counterparty platform and to build a trustless, yet reputable service that delivers unmatched ability to access asset markets, globally.

BitcoinTangibleTrust changes to DigitalTangibleTrust
We've changed our name and our website. We are now Digital Tangible Trust and we have soft-launched our updated website today. You may visit our new site at http://www.digitaltangibletrust.com.

For those who don't know us, we currently have digitized over $17,000 in precious metals assets on Counterparty in just 1 month.

we still have much work to do to help explain and educate the market about our value proposition. Thanks for the feedback from Matt Y and led_cd for the directions. We have more to come!


New Product: Netagio's Gold Bullion Coin
We now accept Gold Bullion purchases of 100g Swiss Gold into Counterparty Gold Bullion Coins with Netagio. You may read more about our partnership with Netagio here: http://www.digitaltangibletrust.com/blog/


The DigitalTangibleTrust Team
We are powered by XCP!
Cross Posted to Counterparty Forums: https://forums.counterparty.co/index.php/topic,203.0.html

[kololo]

what's meaning, how to distribute ?

I want to ask the same question too.

[suntek]

There are more? For example, how distributed?

[wisnon]

How to participate?

[goxed]

it might become a classic P&D

[steyast012]

100％Premined???

[lihaidong198871]

I do not know what the dev is saying~