XNF; A digital currency backed by gold?

[digitalpro]

Dogecoin is getting settled which until a few months back was considered as spam.

 

[iBitcoin]

Source? I would like to read more about it. Pretty cool.

 

[iBitcoin]

So what is the price of it right now?

 

[hardsome]

It is very secure as its traded on Ripple.

I came across it while browsing the net. Website of the company is-http://www.nofiatcoin.com/

As per the website, currently its being traded @$6.59

Yeah it looks exciting and is backed by bullion.

Its price for today is $6.45 , I see price movement is something very stable unlike high fluctuating bitcoin prices.

 

[Cas]

Its price for today is $6.45 , I see price movement is something very stable unlike high fluctuating bitcoin prices.

Say that again in a few weeks when it's dropped like a brick because the owners are 99% sure using this coin as a scamcoin.

 

[Emperor Nero]

Say that again in a few weeks when it's dropped like a brick because the owners are 99% sure using this coin as a scamcoin.

I agree with this. How is a decentralized currency going to be backed by gold? That defeats the purpose of a cryptocurrency. You might as well just buy BTC using gold.

 

[Xenophis]

I'll kindly list the reasons as to why XNF is bullshit digitalpro, since you still don't understand.

First off.

- 25,000,000 XNF are released to SOLEY NoFiat (completely centralizing the entire operation, first from the centralized Ripple Network, THEN from the centralized NoFiat company that is the sole entity for distributing the majority stake of XNF.) So your entire holdings for XNF are going to be determined by a singular group of people, who already own all the pre-mined coins in existence.

Secondly.

- They say at least 1/3rd of XNF is backed by PM's at any given time, except that's a complete lie? 25,000,000 x $6 USD = $150,000,000 market cap and yet on their NoFiat website (scroll all the way to the bottom of the page), they actually publicly display the amount of bullion they currently have in stock. It's $40,000 USD worth. How is that a secure currency? (Laughable at most, really? That's only about 30 oz of gold. My father's jewelry store can buy out the entire stock of XNF's bullion and what would XNF be worth then?)

They would need to currently have over 1,250 kg worth ($50M USD worth of gold at current prices) of .999 purity gold bullion to assert their backing as even SOMEWHAT legitimate.

And thirdly.

- Also, there already exists sites such as Amagi Metals that have been around for a very long time that accept BTC for sales of PM. Much more reputable. Much more in stock than XNF would have. Just as quick and easy to exchange (actually, probably a lot faster) as XNF to bullion, without the hassle of uncertainty.

Now answer me this question? What prevents NoFiat from issuing XNF to folks buying into it from the Ripple system, when they don't actually have the amount of coins and bullion to redeem them all? You do understand it's actually rather difficult (an understatement at the very least) to acquire millions of dollars of ACTUAL weighted precious metals right?

All in all, I'm basically saying this is a scam. I've already put questionable doubt into your minds with the points I mentioned in this post, and that alone should turn most people off from this ridiculous joke.

 

[Cas]

I'll kindly list the reasons as to why XNF is bullshit digitalpro, since you still don't understand.

First off.

- ALL 25,000,000 XNF are pre-mined (completely centralizing the entire operation, first from the centralized Ripple Network, THEN from the centralized NoFiat company that is the sole entity for distributing the majority stake of XNF.) So your entire holdings for XNF are going to be determined by a singular group of people, who already own all the pre-mined coins in existence.

Secondly.

- They say at least 1/3rd of XNF is backed by PM's at any given time, except that's a complete lie? 25,000,000 x $6 USD = $150,000,000 market cap and yet on their NoFiat website (scroll all the way to the bottom of the page), they actually publicly display the amount of bullion they currently have in stock. It's $40,000 USD worth. How is that a secure currency? (Laughable at most, really? That's only about 30 oz of gold. My father's jewelry store can buy out the entire stock of XNF's bullion and what would XNF be worth then?)

They would need to currently have over 1,250 kg worth ($50M USD worth of gold at current prices) of .999 purity gold bullion to assert their backing as even SOMEWHAT legitimate.

And thirdly.

- Also, there already exists sites such as Amagi Metals that have been around for a very long time that accept BTC for sales of PM. Much more reputable. Much more in stock than XNF would have. Just as quick and easy to exchange (actually, probably a lot faster) as XNF to bullion, without the hassle of uncertainty.

Now answer me this question? What prevents NoFiat from issuing XNF to folks buying into it from the Ripple system, when they don't actually have the amount of coins and bullion to redeem them all? You do understand it's actually rather difficult (an understatement at the very least) to acquire millions of dollars of ACTUAL weighted precious metals right?

All in all, I'm basically saying this is a scam. I've already put questionable doubt into your minds with the points I mentioned in this post, and that alone should turn most people off from this ridiculous joke.

Thanks for this.
Explains everything people need to know about this scamcoin.

 

[Xenophis]

Thanks for taking time to write up! However, I don't agree with most of your arguments because-

First off

Please take a look at the website which says only 25,000 coins are released but your writing is giving an impression that 25,000,000 XNF are released. Too much exaggeration or you simply did not looked around properly!

Why you think a digital currency can in the market only if its a replica of bitcoin/ decentralized? Why cannot a centralized network such as Ripple, XNF can exist and contribute?

Secondly.

Look, Its only 25,000 XNF which are released into the market and that does not mean they all are sold (Am I correct?) and still NoFiatCoin is a new company and I have seen their bullion reserves are increasing i.e. going up from around $25,000 worth last week to $40,000 worth this week. Please don't jump on to write anything to confuse people before you double check the facts.

And thirdly,

You are only proving NoFiatCoin business model works by citing an example of BTC exchange to gold already happening. So you agree and believe such a centralized model works!

Please check your facts before you posts. It just not right to believe that a centralized system like Ripple or XNF cannot work whereas people trading on ripple are having a great time, At least they don't fear of losing their wealth to some hackers!!!

Interesting. I never knew 25,000 looked like 25,000,000. I guess I was wrong. :huh: And I'm not talking about the current volume of coins released. There is NO mining for XNF, so who essentially controls the supply of XNF? NoFiat themselves. Which again, returns to the problems I mentioned before about trusting your XNF balance to a singular entity when they may or may not have the bullion to cover it. And 50,000 coins released now x $6 is still $300,000. They only have $40,000 in assets. They can't even hold 1/3 of their total coinage in bullion at THAT low an amount? Come on now.

And to your third point, how exactly did I prove it? People exchange USD/EURO/RMB/BTC/all types of currency for PM's. I basically disproved the need for XNF if anything. You don't need a dedicated scamcoin to do that for you.

 

[Emperor Nero]

I am still wondering why you would want to centralize a type of currency that basis itself on being decentralized.

 

[Cas]

I am still wondering why you would want to centralize a type of currency that basis itself on being decentralized.

General acceptance and trust I bet.
Followed by the cashout of the creators.

 

[khapoli]

Interesting. I never knew 25,000 looked like 25,000,000. I guess I was wrong. :huh: And I'm not talking about the current volume of coins released. There is NO mining for XNF, so who essentially controls the supply of XNF? NoFiat themselves. Which again, returns to the problems I mentioned before about trusting your XNF balance to a singular entity when they may or may not have the bullion to cover it. And 50,000 coins released now x $6 is still $300,000. They only have $40,000 in assets. They can't even hold 1/3 of their total coinage in bullion at THAT low an amount? Come on now.

And to your third point, how exactly did I prove it? People exchange USD/EURO/RMB/BTC/all types of currency for PM's. I basically disproved the need for XNF if anything. You don't need a dedicated scamcoin to do that for you.

Please allow me to come in between you two warriors!

Honestly speaking it were you who wrongly put the total number of XNF released to 25,000,000 (25,000,000 XNF are released to SOLEY NoFiat, Please look at your previous post) which is incorrect.

Another point which i believe it not required to discuss about this coin XNF is the central authority which release them. I mean its all understand that being a centralized system, nofiatcoin would be the authority to release the XNF and do people have any choice to complain about it? Just like in case of XRP released by ripple. However, Its up to us to buy it or not.

Am I correct?

 

[khapoli]

Hey one more thing I would like to mention about number of XNF released and total bullion reserves, just came in my mind....

What does it mean if 50,000 XNF are released in the market, Does it mean that they all are bought up by people or that means they are up for grab and all are not bought by people?

 

[Xenophis]

General acceptance and trust I bet.
Followed by the cashout of the creators.

Heh, but that's the thing. Most people don't trust centralized features due to the potential of abusing their powers.

That's why a lot of people are still skeptical of Ripple, even though it's been around for a while. Ripple themselves even acknowledge the fact that they are a for-profit company.

But the cash-out will always come, without fail. Someone always loses money, and it's generally the sheep that follow, not the developers.

 

[khapoli]

Heh, but that's the thing. Most people don't trust centralized features due to the potential of abusing their powers.

That's why a lot of people are still skeptical of Ripple, even though it's been around for a while. Ripple themselves even acknowledge the fact that they are a for-profit company.

But the cash-out will always come, without fail. Someone always loses money, and it's generally the sheep that follow, not the developers.

Rules about ripple transaction charges which are almost non are pretty clear. I don't see people losing money in ripple!!

 

[nodnarbusn]

Lol at LITERALLY premined "altcoins".

Thanks for taking time to write up! However, I don't agree with most of your arguments because-

First off

Please take a look at the website which says only 25,000 coins are released but your writing is giving an impression that 25,000,000 XNF are released. Too much exaggeration or you simply did not looked around properly!

Why you think a digital currency can in the market only if its a replica of bitcoin/ decentralized? Why cannot a centralized network such as Ripple, XNF can exist and contribute?

Secondly.

Look, Its only 25,000 XNF which are released into the market and that does not mean they all are sold (Am I correct?) and still NoFiatCoin is a new company and I have seen their bullion reserves are increasing i.e. going up from around $25,000 worth last week to $40,000 worth this week. Please don't jump on to write anything to confuse people before you double check the facts.

And thirdly,

You are only proving NoFiatCoin business model works by citing an example of BTC exchange to gold already happening. So you agree and believe such a centralized model works!

Please check your facts before you posts. It just not right to believe that a centralized system like Ripple or XNF cannot work whereas people trading on ripple are having a great time, At least they don't fear of losing their wealth to some hackers!!!

Advertise your scam elsewhere guy. No ones buying your "look what I found" blatant ad bullshit.

 

[Emperor Nero]

If a digital currency is backed by anything like bullion or something, There have to some central authority to handle things.

In fact there is already XRP, a centralized system is working well.

People should not expect every other coin to be like bitcoin or decentralized.

Centralized or decentralized, most important is if a particular system fits in with market demand or not.

A centralized system where you don't know who, where, or what is in control of your money is a scary prospect. It really defeats the purpose of digital currency being secure. You're argument is that it should fit the market, but the reason BTC and other coins like it have sky rocketed (to the moon!) is because of the decentralized structure and safety. Also if you look XRP is only within the Ripple network, meaning that outside of the Ripple network that the currency has little to no value. XRP is more or less used as an intermediary in the Ripple market. The owners can't just cash it out like they can the coin you're trying to back.

 

[Cas]

First you talked about security issue with XNF or a centralized currency and later accepted that centralized system and XRP is a secure currency and then you moved on to talking about the valuation of XRP! Are you confused? lol

Anyways, As you have already answered that a centralized currency could be a secured one like XRP, I am not going to talk about security of XNF-NoFiatCoin...as centralized model can be worked excellently and we already have an example. Having said that, Nobody considers Bitcoins as secured and safe because they are very much prone to cyber attacks and more than 50% bitcoins holders lose their bitcoins to hackers. I am not even talking about the price volatility and future price of bitcoins.

Secondly, XRP is an established currency and holders of it are really having a great time. I mean why you talk about something OUTSIDE. Why you need to go outside when you are already getting the best deal. There is no question about value of XRP. XNF-NoFiatCoin value was about $2 a piece couple of weeks back and now its trading over $6 a piece, works on Ripple and backed by actual bullion.

The arguments you are putting forward are genuine but something not tenable

Explain to me how a decentralized currency is safer to use when it's centralized but not protected by major corporations or laws for that matter?

 

[TJOC]

No Ceyptocurrency can ever be labeled as 100% safe, who's to say the rate at which it is valued at for gold doesn't drop someday? Now your 1 coin isn't worth $100, but $1 each.

 

[Cas]

Before I answer, Could you please tell me if using a decentralized currency like bitcoin is 100% safe?

Or can you assure me that if bitcoin price will not topple to $100 in a year?

I'm not adressing safety of bitcoin, nor does that matter in this case.
Can I assure you the btc prices don't topple? No ofcourse not, nor does that matter in this case.

You claim this crypto is secure, yet that's not true at all.
Crypto's and bitcoins are not based by law nor major company so nothing can be trusted 100%.

So tell me why would we trust this currency over a normal bitcoin? or litecoin or any other crypto.