Gold Bugs created their own Digital Currency "Independence Coin"

[inBitweTrust]

I never said bitcoin needs backing. I'm saying that I think that bitcoin will coexist along with other cryptocurrencies backed by precious metals. Because people are most likely going to prefer having a physcial asset backing their currency, if given a choice.

Yes, and I'm suggesting that digital currencies backed by commodities are foolish. Invest in gold and BTC separately. Attaching a commodity like gold to a digital currency suggests you don't quit understand what makes Bitcoin so valuable.

 As soon as you back a digital currency with a commodity you are introducing counter-party risk which Bitcoin has proven to be unneeded. The only thing that should be backing a digital currency is the resource that supports the protocol like an ASIC with POW or a harddrive and network connection in POR. Anything else is superfluous and doesn't add value but introduces risk.

Additionally, gold would be better off used for what its actually good at: a conductor and heat reflector, than what it is obsolete at: a currency.

[aztecminer]

So this is effectively e-gold? What about decentralization? Is there any reason this won't be shut down like e-gold?
I don't think this is going to get very far...

Exactly and E-Gold, which by far the price is always dependent on how much the current price of gold.

Ok then, it is backed by gold. But what's backing gold?

It's not a real cryptocurrency, it's an informal ETF.

People that still think that true cryptocurrencies need backing do not understand how money evolves.

ya.ya.yo!

Gold is backed by scarcity as of now. That basically is it. It's conductivity and other properties aren't bad, but they don't amount to nearly the price gold has. A decentralized currency that's an IOU for gold... I'll pass, thanks.

well if we could mine their crypto-currency and exchange it back to them for real gold then that would be GREEEEEAAAAT! hhahhahha .

[DjPxH]

This looks pretty crappy. From what I can tell and take from the comments around here this basically really is e-gold 2.0. Hence, it will be shut down for the same reasons e-gold got shut down. No one has any reason to actually buy this. As a store of wealth, Gold is much more secure (This is a COMPANY, for crying out loud, they could go bust) And apart from that it's just another centralized payment system. Boring.

[peeveepee]

Sound like another currency backed by gold.

The scheme eventually turn into a fractional reserve system.

[inBitweTrust]

Those losers at ahametals.com immediately deleted all my posts. Looks like they want to merely sell their services by spamming their articles and aren't interested in understanding bitcoin or having a honest conversation. They just lost a reader and buyer.(Many people who buy bitcoin also buy gold)

[taylortyler]

Those losers at ahametals.com immediately deleted all my posts. Looks like they want to merely sell their services by spamming their articles and aren't interested in understanding bitcoin or having a honest conversation. They just lost a reader and buyer.(Many people who buy bitcoin also buy gold)

Yea...and it's not even their article. The whole thing was copied from somewhere else, as are most of their posts on here. Dude should be banned from posting.

[LiteCoinGuy]

egold 2.0

good luck.