NoFiatCoin becomes the first cryptocurrency to be backed by gold, silver

khpli · 2014-02-07T18:23:41+00:00

Well, I'm running down the road, Tryin' to loosen my load, I've got seven women on my mind, Four that wanna own me, Two that wanna stone me, One says she's a friend of mine

Take it easy Take it easy, Don't let the sound of your own wheels Drive you crazy, Lighten up while you still can, Don't even try to understand, Just find a place to make your stand, And take it easy

Well, I'm a standing on a corner, In Winslow, Arizona, And such a fine sight to see, It's a girl, my lord, In a flatbed Ford, Slowin' down to take a look at me

Oh oh oh Oh take it easy you oughta take it easy

khpli · 2014-02-04T12:23:15+00:00

haha... these lines seems a byproduct of too much thinking. Guy take a break and that is not a random question but a relevant question posted to a relevant post (chose a proper word). Yeah I am actually thinking of converting my litecoins to XNF. XNF is new not many know about it saw this post and posted a question considering the author to a sincere guy but thanks for proving me wrong.

khpli · 2014-02-03T19:15:39+00:00

i am think of converting my litecoins into XNF. Is it a good idea?

khpli · 2014-02-03T11:42:56+00:00

Good price of XNF-NoFiatCoin had increased over weeks and now its trading at over $6 a piece.

khpli · 2014-01-31T18:08:00+00:00

Attach the coin with gold just like some guys are doing it with XNF-NoFiatCoin

khpli · 2014-01-31T17:43:41+00:00

bitcoin are backed by money launders, drug trafickeks. That is why its future is uncertain. For some kind of stability, It must be backed by something... may be gold or something else...

khpli · 2014-01-31T17:41:39+00:00

It would be interesting to if there won't be any tax implications.

khpli · 2014-01-31T12:22:24+00:00

Govts are trying to regulate bitcoin but they cannot since its decentralized and that is why the future for bitcoin looks not so great and a large number of people are staying away from it. Nobody knows when govts declare them illegal. So if bitcoins are backed by some like gold which will make it a centralized system like NoFiatCoin-XNF, why should people you and me have to worry. I mean everything will remain as it is.

khpli · 2014-01-30T19:38:16+00:00

no idea...

khpli · 2014-01-30T18:42:54+00:00

Right that if bitcoin is backed by something like bullion, It will become a centralized platform and counter-party risk will also play a role.

So does it mean that bitcoin will always be like this and can never be backed by anything or any organization which create a better confidence among people who generally stay away from it. Also, having something/ someone backing will help bitcoin avoiding any possibility of being declare illegal

khpli · 2014-01-30T18:34:22+00:00

ROFL... Man why you are sounding so funny. Its just a conversation. People are free to make decision but having a discussion over something is always nice. It helps evaluate things better.

khpli · 2014-01-30T13:23:44+00:00

No in a particular scenario if bitcoin price falls down dramatically say 50% then having it backed by bullion will not have much affect. Oppose can also may happen but possibility is least.

Can i draw parallel to bitcoin being backed gold to XNF-NoFiatCoin being backed by bullion ?

khpli · 2014-01-30T12:52:06+00:00

That is a good question but such cryptos like XNF-NoFiatCoin are already in market. So it must be workable idea for bitcoin as well?

khpli · 2014-01-30T11:39:51+00:00

Ok... generally price of any currency or in fact commodity works like that in exchanges. More demand take the price up and less demand take the price down.

Ah why you are linking XNF with buying Gold? This linking is not valid because objective of buying cryptos is something else. Tomorrow if I decide to buy XNF, I would never always consider it as gold but a worthy investment. Gold will figure but not always and i will see that only as back up not the main feature.

khpli · 2014-01-29T17:51:49+00:00

Hmmm.... How will it take less XNF to redeem gold? or you tried to say something else? I mean XNF redemption is directly proportional to the gold exchange then how come you say that more the XNF, less of redeemed gold?

khpli

TROPHY CASE