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Liberty RISING! The First Gold Backed Crypto-Currency Has Been Launched! (BenSwann.Com)

Liberty RISING!! The First Gold Backed Crypto-Currency Has Been Launched! (BenSwann.Com)

Friends,

I can not be more excited about the innovation that is happening in the digital currency world. As you may now, I am a big supporter of Bitcoin and the freedom that it gives to people who want to trade without governments intervening in the process. The digital currency keeps gaining more popularity as it is now worth 6 times more than it was a year ago and the entrepreneurs that are putting their time into the crypto-currency industry just keep on impressing those that are investing in the market.

One of the most impressive innovations that I am aware was just released by an entrepreneur named Anthem Blanchard. Anthem is son of the late Jim Blanchard who was one of the greatest champions of liberty and sound money. Anthem’s father probably made his biggest impact in the gold industry when he created the National Committee to Legalize Gold and then led the effort to fly a “Legalize Gold” banner over President Nixon’s 1973 inauguration. The work of Jim Blanchard proved to work as Gerald Ford in 1974 signed a bill that restored the right of Americans to own gold for the first time since the United States Gold Reserve Act was passed in 1934.

Following in his father’s footsteps, Anthem is building a way for people to trade without using Federal Reserve notes. Not only that, Anthem is providing a way for people who desire to trade with a digital currency that is backed by gold. The Reuters article released yesterday explains Anthem’s launch of INNCoins and how 10 million INNCoins will eventually be backed by 100 grams of gold.

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Ben Franklin just rolled over

Ben Franklin just rolled over freaking laughing in his grave.

Gold is old and dead. Nobody uses it anymore.

The printing press creates money, because gold is too limited and scarce to supply a society full of unlimited potential.

That was the case over 200 years ago, and applies more than ever today.

Never be afraid to ask simple questions.

10,000,000 coins backed by 100 GRAMS of Gold?

Wow! Each coin is worth $0.00042, eventually.

How Much is 100 Grams of Gold Worth Calculator

http://howmuchisgoldworth.net/how-much-is-100-grams-of-gold-...

SPOILER: $4228

That will back 10 million coins!

Each coin therefore is backed by $.0004228 in gold!

A first! Liberty Rising!

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Liberty Rising??? How?

Pretending that a new crypto currency of 10 million coins is "backed" by just 100 grams of gold?

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I couldn't find the Ben Swan angle

does he support this "first"?

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Sure, let's back an unlimited

Sure, let's back an unlimited digital currency with a very limited metal.

That is what I would call a bad business model.

Never be afraid to ask simple questions.

Fractional Reserve Gold at its Worst

Fractional Reserve Gold at its Worst
100 grams of gold to back 10 million coins!

Sound money? LOL this is a disgrace

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Any one with an ounce of gold or few ounces of silver..

Any one with an ounce of gold or few ounces of silver..

TAKE NOTICE

You too can issue and back a crypto currency and issue a press release and pay a web site to cover your story.

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deacon's picture

sounds nice and all,

But what i'd really like to know is,can I then loan that same out 9 times over what I own, then require all loans to be paid back with gold or silver?
d

If we deny truth before your very eyes,then the rest of what we have to say,is of little consequence

9x???

How about over 1000x?

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This is pathetic that any one even covered this

Anthem "backs" ten million coins with just 100 grams of gold.
What's next? Got four silver eagles- issue a "backed" crypto currency and limit its "issuance" to just 3 million coins?

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are we getting trolled by this Anthem guy?

Because I think we are getting trolled.

limited utility

"If you can't touch it you don't own it."

Whether carrying complex algorithms, or remotely backed by specie, o-line currency has great utility, ON LINE. Actual gold and silver coin has greater durability OFF LINE. Probably a variety of options is best, depending on where you find your market.

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A Crypto-Currency can't be

A Crypto-Currency can't be backed by anything because it is decentralized. That's the whole point, decentralization. Someone has to hold the gold if it's backed by gold, that would defeat the purpose.

Crypto-Currencies are good because they are decentralized.
Precious metals are good because of intrinsic value.
They will both serve different purposes.

electronic currency is vulnerable to EMP

... in a split-second flash the entirety of e-currency could be rendered worthless. Poof trillions of "coins" vanish. EMP can be from Sol or from an advanced earth-fool weapon. Either way it's fleeting at best compared to physical holdings ( easily identified by advanced scanner tech ) ...

Whatever happened to E Gold?
Whatever happened to Liberty Dollar?

The Secret Government IS banksters so please be wary y'all

Correct, However....

There are solutions in the works.

For example, the AuroraCoin in Iceland has the best chance to survive a EMP or CME crisis. That is because electricity is cheep in Iceland and with a little effort the AuroraCoin network could be "hardened" to survive such a scenario.

Auroracoin is a litecoin-based digital currency, 50% of which is pre-mined. This is where it gets interesting: the pre-mined coins were distributed to the entire populace of Iceland back on the 25th March. Each one of the country’s 330,000 citizens received 31.8 AuroraCoins.

Personally, I keep my Coin in cold storage, so as long at the network goes back up, I have not fear of loss use to EMP or CME.

==============
unSpy.info

lol, when will they ever learn

It'll end in tears...

See also:
E-gold

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
#standwithrand

Awesome

A crypto currency backed by gold would have my support. Hope it works out.

It's not "backed" - 100 grams of gold back the entire series!

From The official press release

The INNCoin is an open-source cryptocurrency, meaning that any person can download and look at the source code behind the coin, which is similar to bitcoin. However, the coin has some unique attributes setting it apart from bitcoin. For example, there will only be a total of 10 million INNCoin in this series. All coins will be fully mined within 1 year, meaning all 10 million INNCoins will be in circulation and/or ownership by July of 2015. The entire series of MGC's are backed by 100 grams of gold stored at Anthem Vault, providing a base value to all cryptocoins from the first moment the coins are "mined."

http://www.marketwatch.com/story/independence-coin-is-first-...

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The US is not a safe place to store gold.

The company's gold vault is in Salt Lake City. If the IRS merely alleges that someone is using INNcoins for "money laundering," they're likely to grab the entire contents of the vault. And goodbye to your savings.

Recommended reading: The Most Dangerous Superstition, http://www.amazon.com/Most-Dangerous-Superstition-Larken-Ros...

LOL good bye 100 grams

I still don't get it other than publicity

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Sorry guys, but the headline

Sorry guys, but the headline is not true in my opinion. What about E-gold? it was around in the 90's. This will likely end the same way. Also I don't think this is really a news article, it looks like another one of the many sponsored ads that Ben has been sending out through his email service. That's why I am longer a subscriber.

PS: You don't own it unless you hold it.

TwelveOhOne's picture

Yeah but try making a post about not being a subscriber,

And the downvoting will commence. Or, I'm just acerbic...

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No, you are right, and that's

No, you are right, and that's why I have not made such a post.
:)

TwelveOhOne's picture

Thanks! Um, I think...

Which part was right? :)

I love you. I'm sorry. Please forgive me. Thank you.
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egold was the real deal

at its peak it was bigger than bitcoin is today in terms of number of users.
This anthem thing smacks of cashin

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A crypto currency 'backed by gold'

Defeats the point of crypto currencies. If you're using a commodity to back it up, all you need is a ledger system like e-gold. Plus, how do you determine value? If demand for the currency drives the price to, let's say, 200 USD, it certainly exceeds a gram of gold and is not directly convertible, making the 'backing' a pointless gimmick.

10 million coins backed by just 100 grams of gold

someone explain?

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Profoundly weird, hm?

I'm assuming that's a typo and each INNcoin will be backed by 100 grams. But that would be weird too, because where the hell will they get 30 million ounces of gold??

Recommended reading: The Most Dangerous Superstition, http://www.amazon.com/Most-Dangerous-Superstition-Larken-Ros...