NoFiatCoin | XNF A digital currency backed by gold

Huge surprise to see this happening to bitcoin. Where do you see its price at the end of the year?

 

And why exactly would you post this twice when your first post which is nearly identical is still visible?

Seems to me like you have some motive for promoting this crypto.

And by the way, when you state that it's "backed by precious metals", you also conveniently left out this one important fact.

"At the time of this writing, NoFiatCoin has the equivalent of $16,540 in precious metals with 17 gold coins on stock and 166 silver coins."

Pretty much has scam written all over it..

 

How long do you think it would survive though. Are we talking about really MINNING the coins?? How would you make it?

 

Didn't really get a good grade on economics exams, but why would backing a crypto with gold be good for the crypto exactly?
Crypto's aren't protected by laws, agencies and other stuff like major banks are.

What tells you the owners didn't make up the story about backing by gold and just having a regular crypto?

 

And how reliable is this bullion you speak of?
Personally never heard of it, so I wouln't ever invest BTC in a coin like that.

 

So what you're saying is this currency's value is derived from some unregulated company/person claiming to have a certain amount of precious metals. They promise they'll let you cash in the coins for some bullion. This goes against everything crypto is supposed to protect against. You need to trust that the creators will actually follow through on their promise, while they have plenty of incentive not to.

 

What are you on about?

Exactly my point.

 

Also, having this coin is like having gold, but worst.
If this coin existed, people would mine it and get their free gold/silver because there is 0 incentive to keep the coin.

Fiat ftw.

 

?..
Everybody who owns any (alt)coin is in it for profit.
Why would this one not have any incentive?

 

Having NoFiatCoin-XNF is NOT like having bullion because only 1/3rd of XNF can be redeemed and that too its not compulsory. People can still exchange it for XRP, BTC, USD. I see a great level of flexibility on part of XNF.

 

There is a huge incentive in mining, but no incentive for keeping the coin or buying it,
The way you do profit with such a coin is, you mine it and you sell it. Keeping it makes no profit since the price always drops.

 

No, mining is not a cup of tea for everyone and majority don't even cover up costs incur in mining. Secondly, to mine coins, for example bitcoin, you need to invest heavily, at least a few thousand $$ with no certainty to mine enough coins to make it profitable.

As for keeping a digital currency for profit, Yes it can be said to many over priced currencies which are already in their peak but investing in a relatively new digital currency like NoFiatCoin-XNF makes sense because its not over priced yet (@ around $6/XNF). Hope you get the point?

 

Incentive to mine? There is no mining. It's 100% pre-released to NoFiat, all 25,000,000. Just like Ripple's XRP. Except, Ripple devs decided to give away a good portion of coins to their community and abroad. XRP is fully for-profit and in it for themselves it seems.

There is zero incentive to use this coin other than to trade it for bullion and coins. Which is utterly useless.

That's as if you were saying, "I want to convert my USD to Euro, then exchange it for equivalent value in bullion." And exactly why was that necessary?

 

Read up on the coin before posting please..
This doesn't make sense to this altcoin in any way.

 

Like to make a correction here- This is not a coin which can be mined since its a pre mined coin

But seriously it would be great if we could mine it like bitcoin and then exchange it for gold which would be like gold mining lol

 

And you just proved why it is so dangerous. You can't have something controlled by both the market and an individual/entity. There is nothing preventing this 'company' from say releasing 1,000,000 coins and completely devauling your holdings. They can artificially inflate the coins and then you're just screwed.

 

First of all I disagree with anyone who say the value of any digital currency will be determined by the company. Value is always determined by the market and only by the market.

Secondly, remember by devaluing the currency, the company will the one which would be the biggest loser. Why would a company do any such thing (releasing 1,000,000 coins) which would kill its own currency!

Success of any company will depend of the success of its own coin.

Ripple is a centralized currency running since few years, did they do anything which devalued their currency or for that matter any single centralized authority?

 

I feel the creators of this coin would be smiling seeing a free fall in bitcoin's prices and troubles stared mounting for decentralized currencies as whole.