[2014-07-09] Have Brock Pierce and Realcoin copied Coinaaa?

[ganabb]

http://www.cryptocoinsnews.com/news/brock-pierce-realcoin-copied-coinaaa/2014/07/09

Realcoin will not be its own self-serving cryptocurrency. It will be based on the Bitcoin blockchain with help from the Mastercoin project. Coinaaa is its own cryptocurrency based on the Bitcoin protocol but managed by Coinaaa AS (our company in Norway). Coinaaa has a centralized blockchain making it impossible to attack (or mine). This gives us full control over Coinaaa, and we can implement any changes that we want if we have to, (because of e.g. new laws or technological problems), while our users will not be affected.

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[TraderTimm]

"RealCoin" will be 'backed' by the US Dollar.

That my friends, is so fucking ironic I can't even fully articulate how goddamned stupid it is. Pairing a cryptocoin with an actively debased fiat vehicle that is losing its status on the world stage is so fucking dumb, I wonder how high they were when they came up with the idea.

[LiteCoinGuy]

realcoin = dead coin.




@TraderTimm


thx 

[cr1776]

"stable and secure currency with little to no volatility"

Stable?  How is a currency that is continually losing value "stable"?  Anything backed by fiat is not stable when fiat is actively debased.

Second, sure, if I price a banana in bananas, then I can always buy one banana for one banana and it gives perfectly zero volatility.  They have no volatility in Krone terms because it is priced in Krone.  Ditto for Realcoin except in dollars.

Combining fiat currency with crypocurrency is the height of stupidity, you get the worst of both worlds.

[Coinaaa]

"stable and secure currency with little to no volatility"

Stable?  How is a currency that is continually losing value "stable"?  Anything backed by fiat is not stable when fiat is actively debased.

Second, sure, if I price a banana in bananas, then I can always buy one banana for one banana and it gives perfectly zero volatility.  They have no volatility in Krone terms because it is priced in Krone.  Ditto for Realcoin except in dollars.

Combining fiat currency with crypocurrency is the height of stupidity, you get the worst of both worlds.

Have you read our information at Coinaaa.com? Coinaaa is a non-inflationary currency. Not sure where you get your info from. It does not lose value, the nominal value will increase over time, the real value will most likely stay the same. https://coinaaa.com/

[FeedbackLoop]

Is this really press of an alt ANN?

[Stephen Gornick]

Is this really press of an alt ANN?

Yes.  About the only reason this would be even remotely related to Bitcoin to justify its inclusion here is that Brock Pierce is a Bitcoin Foundation board member.

Further discussion for this announcement probably should go here:

Brock Pierce launches "Realcoin" a dollar-backed coin that competes with Bitcoin
 - http://bitcointalk.org/index.php?topic=683521.0

[DooMAD]

So on top of the generally stupid ideas of it being:

a) centralised and
b) pegged to the value of fiat

it's also

c) managed by the least reputable member of the Bitcoin Foundation and if it backfires will likely tarnish Bitcoin's reputation.


Ugh.  Sounds more like a derivative than a currency anyway.  I would say to avoid it, but I'm more inclined to say attack it and kill it with fire.  Don't let people be duped into buying into this crap.

[CoinMode]

So on top of the generally stupid ideas of it being:

a) centralised and
b) pegged to the value of fiat

it's also

c) managed by the least reputable member of the Bitcoin Foundation and if it backfires will likely tarnish Bitcoin's reputation.


Ugh.  Sounds more like a derivative than a currency anyway.  I would say to avoid it, but I'm more inclined to say attack it and kill it with fire.  Don't let people be duped into buying into this crap.

I say let it burn. Hopefully this all blows up in their smug faces and we can be rid of the Bitcoin Foundation and all of the corporate elites that have infiltrated them.

[Lethn]

"stable and secure currency with little to no volatility"

Stable?  How is a currency that is continually losing value "stable"?  Anything backed by fiat is not stable when fiat is actively debased.

Second, sure, if I price a banana in bananas, then I can always buy one banana for one banana and it gives perfectly zero volatility.  They have no volatility in Krone terms because it is priced in Krone.  Ditto for Realcoin except in dollars.

Combining fiat currency with crypocurrency is the height of stupidity, you get the worst of both worlds.

Have you read our information at Coinaaa.com? Coinaaa is a non-inflationary currency. Not sure where you get your info from. It does not lose value, the nominal value will increase over time, the real value will most likely stay the same. https://coinaaa.com/

Have you listened to yourself? You can't artificially increase 'value' or price over time unless you're controlling the whole market and fixing prices, prices are affected by the the amount of money in circulation and the total supply of money, you sound suspiciously like a neo-keynesian economist and you're overcomplicating something that is actually pretty simple.

I'm also not about to trust a coin developer that hasn't listed the total supply of coins and how many dollars will be flooding the market, it all stinks of a con and so does the coin being promoted on this thread.

[cr1776]

"stable and secure currency with little to no volatility"

Stable?  How is a currency that is continually losing value "stable"?  Anything backed by fiat is not stable when fiat is actively debased.

Second, sure, if I price a banana in bananas, then I can always buy one banana for one banana and it gives perfectly zero volatility.  They have no volatility in Krone terms because it is priced in Krone.  Ditto for Realcoin except in dollars.

Combining fiat currency with crypocurrency is the height of stupidity, you get the worst of both worlds.

Have you read our information at Coinaaa.com? Coinaaa is a non-inflationary currency. Not sure where you get your info from. It does not lose value, the nominal value will increase over time, the real value will most likely stay the same. https://coinaaa.com/

I got the information from the press release (which shouldn't be in this section anyway since it is not "notable" by any stretch) where it says "currently backed in NOK (Norwegian Krone)".  That states that it backed by fiat currency.  Have you read your own press release?  Most disturbing of all is the part where it says "This gives us full control over Coinaaa, and we can implement any changes that we want if we have to".

Talk about a major fail:  You have it backed by fiat, but claim it is not inflationary;  You have a company that has "full control over Coinaaa" which means the only stability is based on someone's word, not even an elected official, but some random person, not math and the protocol like bitcoin.

[justusranvier]

Coinaaa has a centralized blockchain making it impossible to attack (or mine).

Have you listened to yourself? You can't artificially increase 'value' or price over time unless you're controlling the whole market and fixing prices, prices are affected by the the amount of money in circulation and the total supply of money, you sound suspiciously like a neo-keynesian economist and you're overcomplicating something that is actually pretty simple.

I'm also not about to trust a coin developer that hasn't listed the total supply of coins and how many dollars will be flooding the market, it all stinks of a con and so does the coin being promoted on this thread.

If you take the Realcoin people at their word, what they are actually trying to create is not a currency - it's a bank. You have an institution that accepts deposits as a custodian, and issues promissory notes which can trade as a medium of exchange and redeemed on demand for the underlying asset.

The price of the notes is the price underlying assets combined with a discount which accounts for default risk, combined with a convenience premium which accounts for the improved liquidity of the notes compared to the assets (which might be 0% or negative).

[ThomasCrowne]

Realcoin seem's like a Real-Bad investment too me!

For so many reasons!

[311]

IT's just another get rich quick gimmick alt coin at the end of the day. Don't really like or trust this Brock Pierce guy either.

[LiteCoinGuy]

worst. idea. ever.

Yes, let's take out the principle of being "Trustless" Now we have to trust that somebody is actually backing it with dollars.. Because - you know, Trust - has proven so reliable with the national currencies. (Sarcastic).
And let's take out the part of crypto currencies that requires centralization - and tie it to the centralized Federal Reserve, because who needs all the "Peer to peer" prinicple about no centralization that can go corrupt.?
And let's forget about the principle of limited quantity that won't be hyper-inflated? Because we all have so much faith in the dollar not being over printed and tens off billions of new dollars just appearing each month. This is just the start. Why did people even bother shifting to a currencies with true principles if they are just going to reintroduce the same crap people don't want to use the dollar anymore?

Sounds like somebody is having a hard time shifting their paradigm.

You know what would be great? Let's get horses to pull our cars? YES! *sarcastic again*.