New gold-backed cryptocurrency INNcoin allows you to mine gold for free

[HzE]

GoldReserve (XGR) is the first gold backed crypto that has succeeded.. Ive been mining that for a while. This seems very sketchy, since there is no info or anything =o

[bradfrogger]

I figured that out

check getmininginfo in console and you will see that generate is set to FALSE

just close the wallet and add -gen after the target
i.e.
"D:\Program Files (x86)\Anthem Vault\INNcoin\inncoin-qt.exe" -gen


If anyone hasn't done this you won't generate coins

check getmininginfo in console and you will see that generate is set to true

You can also start mining from within the console by typing the following:

setgenerate true

I am guessing that the generate coins doesn't need to be set.  I have mined 850 coins so far (most of them using the CPU mining on the 17th-18th) and converted over to GPU mining on the 19th.   I was getting 95k hash with CPU (i5 Sandy Bridge) and now I'm at 1880k with GPU (Nvidia GTX660).   The 50 coin block appears in my transaction log as soon as one is found with ccminer.  It takes over 100 additional blocks to be found on the blockchain before it matures and is added to the balance.

I only modified the .conf file as follows:

server=1
rpcuser=inncoin (this could probably be changed, I left it default)
rpcpassword=xxxxx (use your password, I'm guessing the default one was autogenerated)
rpcport=9332
rpcconnect=127.0.0.1

I changed server from 0 to 1 to allow RPC login.  added a port and local address.

I utilize ccminer v1.2 with the following batch file
ccminer.exe --algo=x11 -o http://127.0.0.1:9332 -u inncoin -p (your rpc password)

"[2014-07-22 14:53:01] GPU #0: GeForce GTX 660, 1883 khash/s"

Either way, it takes about $0.24 in energy (plus your GPU is out of commision during mining) to earn around $0.05 in inncoin (on today's gold price) per day.  This will keep going up if more people jump on the GPU mining bandwagon.   Only good for those who want to lose money, which I'm doing at the moment for fun. 

My energy calcs is based on 100watts of energy used at $0.10/KWH or roughly $0.24 per day.  Based on a set value of 100 grams of gold (~$4100) for 10 million coins, a block of 50 coins is valued around $0.02.   That means I have paid ~$0.75 in the last 3 days to mine $0.12 worth of inncoin/gold.   

It is only a matter of time before gold does another high climb, raising that dollar value per gram.   :-)

I would not want to discourage anyone from mining INNcoin or investing in gold, but at least for the short-term, gold is likely to substantially drop in value soon. The price fix mechanism is being removed. For several years the value of gold has been intentionally manipulated up to "false" values.

Wrong.. it is silver that is having the price fixing removed. And do not think for a minute that a "new" price fixing method is not already lined up.  Nothing will change, IMO.

[bradfrogger]

GoldReserve (XGR) is the first gold backed crypto that has succeeded.. Ive been mining that for a while. This seems very sketchy, since there is no info or anything =o

Sketchy?  Anthem website has info, so why would you bash?  Oh.. just hoping to promote XGR I guess.

[Coingrab]

GoldReserve (XGR) is the first gold backed crypto that has succeeded.. Ive been mining that for a while. This seems very sketchy, since there is no info or anything =o

I've mined it. Its a great coin. Dev is on daily and really is building up the gold fund he has set up. Is inn coin a copy of it?

[M1SHO]

GoldReserve (XGR) is the first gold backed crypto that has succeeded.. Ive been mining that for a while. This seems very sketchy, since there is no info or anything =o

Inncoin have Anthem Vault behind it  - real and trusted gold trader . What have XGR   -  some dev , promising good stuff ? 

[lordxar]

I would not want to discourage anyone from mining INNcoin or investing in gold, but at least for the short-term, gold is likely to substantially drop in value soon. The price fix mechanism is being removed. For several years the value of gold has been intentionally manipulated up to "false" values.

Gold and silver have been manipulated.  And the fixing mechanism isn't being removed for any of them.   And the values have been manipulated to stay low not high in order to protect the USD.     Look up naked shorts.

It's only a matter of time before the USD bubble bursts.  While most other currencies are tied to the USD and will also crash, gold and silver will still remain a free market based storage of wealth.  It just may not be as liquid as some would hope, though with AnthemVaults exchange methods it may be somewhat liquid if the entire system doesn't come crashing down. 

Inncoin could disappear just as easily as the USD, as it's still only a currency (an exchange mechanism).  There is currently no contract, no guarantee that the crypto currency is legally backed by gold.  I don't think a court of law will require them to pay me in gold if I want to exchange my current coins (The whole $2 worth I have managed to mine).   But if AnthemVault gets serious and really wants to push the use of the inncoin, they will need to purchase the mined coins for use.  At this time I don't think anyone is willing to sell the coins they mined at the current rate of 0.0224 / 50 coins.  Thus causing them to require it to be backed by additional gold.  If they decide to drop the inncoin and move on to another coin/new block chain that would be bad marketing on their part.   It's a gamble.

Happy mining!

[M1SHO]

I would not want to discourage anyone from mining INNcoin or investing in gold, but at least for the short-term, gold is likely to substantially drop in value soon. The price fix mechanism is being removed. For several years the value of gold has been intentionally manipulated up to "false" values.

Gold and silver have been manipulated.  And the fixing mechanism isn't being removed for any of them.   And the values have been manipulated to stay low not high in order to protect the USD.     Look up naked shorts.

It's only a matter of time before the USD bubble bursts.  While most other currencies are tied to the USD and will also crash, gold and silver will still remain a free market based storage of wealth.  It just may not be as liquid as some would hope, though with AnthemVaults exchange methods it may be somewhat liquid if the entire system doesn't come crashing down. 

Inncoin could disappear just as easily as the USD, as it's still only a currency (an exchange mechanism).  There is currently no contract, no guarantee that the crypto currency is legally backed by gold.  I don't think a court of law will require them to pay me in gold if I want to exchange my current coins (The whole $2 worth I have managed to mine).   But if AnthemVault gets serious and really wants to push the use of the inncoin, they will need to purchase the mined coins for use.  At this time I don't think anyone is willing to sell the coins they mined at the current rate of 0.0224 / 50 coins.  Thus causing them to require it to be backed by additional gold.  If they decide to drop the inncoin and move on to another coin/new block chain that would be bad marketing on their part.   It's a gamble.

Happy mining!

Most other currencies are not so tied to the USD anymore.......Euro is against USD , Russia /together with China/  , going against it ....... Gold and silver have their history , and don't need some fake governments behind it  - why it is called "gold reserve" ??   - http://en.wikipedia.org/wiki/Gold_reserve

[lordxar]

I would not want to discourage anyone from mining INNcoin or investing in gold, but at least for the short-term, gold is likely to substantially drop in value soon. The price fix mechanism is being removed. For several years the value of gold has been intentionally manipulated up to "false" values.

Gold and silver have been manipulated.  And the fixing mechanism isn't being removed for any of them.   And the values have been manipulated to stay low not high in order to protect the USD.     Look up naked shorts.

It's only a matter of time before the USD bubble bursts.  While most other currencies are tied to the USD and will also crash, gold and silver will still remain a free market based storage of wealth.  It just may not be as liquid as some would hope, though with AnthemVaults exchange methods it may be somewhat liquid if the entire system doesn't come crashing down. 

Inncoin could disappear just as easily as the USD, as it's still only a currency (an exchange mechanism).  There is currently no contract, no guarantee that the crypto currency is legally backed by gold.  I don't think a court of law will require them to pay me in gold if I want to exchange my current coins (The whole $2 worth I have managed to mine).   But if AnthemVault gets serious and really wants to push the use of the inncoin, they will need to purchase the mined coins for use.  At this time I don't think anyone is willing to sell the coins they mined at the current rate of 0.0224 / 50 coins.  Thus causing them to require it to be backed by additional gold.  If they decide to drop the inncoin and move on to another coin/new block chain that would be bad marketing on their part.   It's a gamble.

Happy mining!

Most other currencies are not so tied to the USD anymore.......Euro is against USD , Russia /together with China/  , going against it ....... Gold and silver have their history , and don't need some fake governments behind it  - why it is called "gold reserve" ??   - http://en.wikipedia.org/wiki/Gold_reserve

The federal reserve banking system of the US has more control over euro and other currencies than most know.   Here is a list of countries with foreign exchange reserves (excluding gold).  Most of these reserves are tightly held to the USD as the primary reserve.
http://en.wikipedia.org/wiki/List_of_countries_by_foreign-exchange_reserves_%28excluding_gold%29

When the Chinese currency is doomed due to the private debt in China.  While the government has money in the bank, the country's debt as a whole is near or over 200% of their GDP.   

The USD is coming to and end though as Russia and others start moving more towards China as the new reserve currency.  I just don't see it lasting as long as the USD did due to the extremely high debt based economy of China.  Or at least as long as everyone stops holding USD as the primary method of exchange and allow multiple currencies for major commodities.

It's hard to know what fiat to store, so gold and silver remain the best storage of wealth IMHO.

[lordxar]

]Most other currencies are not so tied to the USD anymore.......Euro is against USD , Russia /together with China/  , going against it ....... Gold and silver have their history , and don't need some fake governments behind it  - why it is called "gold reserve" ??   - http://en.wikipedia.org/wiki/Gold_reserve

I forgot to add that some of the gold reserves are possibly over inflated.  The US gold reserves are believed to be no where near the stated amount, while China has been purchasing tons of gold to build up their reserves.   Another reason why the Chinese currency will probably surpass the US currency in the near future.  Though I doubt the elites that are the major shareholders of the private US federal reserve will allow it to happen for too long.   Long enough for them to make money and steal the gold prior to causing a crash of the Chinese monetary takeover.   Not many places left that actually create wealth based on manufacture of goods, at least China has that going for them.  But the growth of the Chinese middle class and not many children to support the aging population, I don't see it lasting very long anyways.

[coins_and_coins]

I spoke with somebody at Anthem Vault and got some info. He wasn't a dev, just a spokesperson I think. I was told they've had articles in 13 different languages written about INNcoin, people calling up asking how they can sell their Bitcoin for a gold-backed cryptocurrency, etc, and that the response has been great. He went on to say that this coin is more of a promotional coin, like others suggested, and that they will eventually release a new coin that is backed by much, much more gold, and their goal is to eventually have ATMs around the world where you can convert your coins to...(not sure). They are working on setting up their own pool for this coin, but it won't be ready for a few weeks or so. They think there is a giant mining rig using an estimated $7k of electricity per day, mining 21% of all INNcoin at this time... but they will only support their wallet and pool... and this is why they haven't released the github. They said the ledger has already been released.

http://4thjulycoin.com/

Does that mean we should wait for the new coin backed by large amounts of Gold, or is there a chance that this coin can gain value exponentially greater than the gold backing it?

[M1SHO]

I spoke with somebody at Anthem Vault and got some info. He wasn't a dev, just a spokesperson I think. I was told they've had articles in 13 different languages written about INNcoin, people calling up asking how they can sell their Bitcoin for a gold-backed cryptocurrency, etc, and that the response has been great. He went on to say that this coin is more of a promotional coin, like others suggested, and that they will eventually release a new coin that is backed by much, much more gold, and their goal is to eventually have ATMs around the world where you can convert your coins to...(not sure). They are working on setting up their own pool for this coin, but it won't be ready for a few weeks or so. They think there is a giant mining rig using an estimated $7k of electricity per day, mining 21% of all INNcoin at this time... but they will only support their wallet and pool... and this is why they haven't released the github. They said the ledger has already been released.

http://4thjulycoin.com/

Does that mean we should wait for the new coin backed by large amounts of Gold, or is there a chance that this coin can gain value exponentially greater than the gold backing it?

Mate - there is a pool  and noone is hiding it  :  inn.hash.sx  . It is our teams pool we made ourselves , and we bring it to the community a week or more ago.......!
It is not "giant one" - current pool speed is 290 mh/s  @ 7.44 difficulty -  it is nothing for a X11 algo. Everyone is welcome to mine on it - there is not even a fee 

[turbominer]

lol yeah a giant mining rig.. haha.. there is one pool and probably a few other lonely miners out there.. at least come mine at the pool we're mining at. You can see that "giant mining rig there" 

[BBmodBB]

spots 2.0 lol

is this coin legit...my kitco connects brought it to my attention! =) thanks bro

[bradfrogger]

]Most other currencies are not so tied to the USD anymore.......Euro is against USD , Russia /together with China/  , going against it ....... Gold and silver have their history , and don't need some fake governments behind it  - why it is called "gold reserve" ??   - http://en.wikipedia.org/wiki/Gold_reserve

I forgot to add that some of the gold reserves are possibly over inflated.  The US gold reserves are believed to be no where near the stated amount, while China has been purchasing tons of gold to build up their reserves.   Another reason why the Chinese currency will probably surpass the US currency in the near future.  Though I doubt the elites that are the major shareholders of the private US federal reserve will allow it to happen for too long.   Long enough for them to make money and steal the gold prior to causing a crash of the Chinese monetary takeover.   Not many places left that actually create wealth based on manufacture of goods, at least China has that going for them.  But the growth of the Chinese middle class and not many children to support the aging population, I don't see it lasting very long anyways.

You are very well informed, and I have been arming myself with the same knowledge.

[michael_phelps]

WTS  5000 INN  for 0.15 BTC

PM me with offers/counter-offers !!

[rogerdonkey]

what is this?

[hbheiner]

                                                               
                                                             INNcoin POOL  : inn.hash.sx  


There is stil no linux wallet released from Anthem Vault , so there must be some frontend messages on the pool as : We are investingating issues in the backend. Your shares and hashrate are safe and we will fix things ASAP, and other small visual mistakes , but it is functional 100%.Net hash and pool hash also didn't show proper , but that is all we can do for now only with windows wallet.Feel free to try it.

                 Credit           Debit_AP
All Time   475.03959555   353.36925749

   Blocks   Coins Generated
   13         624

whats wrong?

[M1SHO]

hbheiner  you have some problem sending your coins to your wallet?

[M1SHO]

what is this?

This is first crypto-coin backed by Gold , by a  real Gold-Trader : https://www.anthemvault.com/
Maybe you say the ammount is small , but...hey....is there any oter coin baked with 1 @ least ?

Algorithm   : X11
Total Coins : 10.000.000 INN
Block Time : 120 sec. - block reward change every 21,900 blocks , following this schedule:50,48,45,42,40,39,37   etc.

Other useful  links :

BlockChain Explorer : http://107.170.16.129:42750/chain/INNcoin
Site : http://4thjulycoin.com/
Pool : http://inn.hash.sx/
 

[hbheiner]

hbheiner  you have some problem sending your coins to your wallet?

no, i know how send coins into a wallet...

why i can´t see my balance on the anthemvaultsite?
how much gold i have with this coins... or something...

why are stats so different?