RE:RE:RE:This bothers meSignman,
Pax gold is the largest gold backed crypto at $650 million (but appears to be really closer to $500 milion according to coinbase), my bad. Backed by one oz of Au.
Trades VERY tight with Au. You know why it trades very tight with Au? Cuz the creators did NOT issue themselves 90% of the coins, with no cash or tangible consideration in return, when they launched the coin. I dont understand how Cunningham thinks they can issue themselves 90% of the coins and thing someone will buy the other 10%?
I wonder if the AMK board read the White Paper?
BigValuehunter wrote: Signman,
I hear you. The White Paper is mostly cut and paste including a list of gold back crypto/tokens already out there which are listed. Most are quite small. I think the biggest is Tether Gold at $460 milion market cap (for those that dont know, Tethe is the USD backed cryto - masive), Cunningham kind of blows them all off as boring. I wonder why??
ANy concerns about the Token I had were fully validated by the fact that of the 1 Billion tokens being issued, 900 million went to Cunningham Mining and CUnningham Natural Resources with the remaining 100 million tokens up for sale at .60/token. It makes no sense. How could anyone read that white paper and even put $1 into the token?
As mentioned, lots of freebies being doled out to various participants. So there is a motivation to sucker others imo. But I think it will be on a tiny scael.
The White Paper might be the straw that forces me to sell tomorrow and switch into TUD.
Thanks
Signman wrote: Ford, I posted this on CEO recently related to your thoughts here :
If is goes through .. it goes through and I get paid from Cunningham. I am in the wait camp though. But I just can't shake the feeling I get from this "tokenization" that it goes against the very reason I became a stacker in the first place. It's the same feeling when I see bitcoin constantly using a gold coin with a B on it as a representation of what it is.. I laugh inside saying "yeah it is not .. stop appropriating the value and beauty of Au. to mask they fact crypto is nothing you can hold." My feeling is this new "idea" far more is used to legitimize the crypto world than the benefit from the mining industry gains from adopting a crypto.
I could get on board IF the actual proof of work is done on the Au to back the coins value. Meaning the gold was extracted / processed / dorried and then secured somewhere to provide the actual value to said coin. So create a gold back alternative crypto currency . More gold processed means more tokens available to buy. What Cunningham is doing (I believe) with their placer claim is they are giving value to the coin for the dirt they believe has "potential" value ... but not proven value. IMO the mining work must be done to create the value of the coin Side note I also chuckle at the crypo world calling their "coin" creation "Mining." It seems they are really trying ride the coat tails of that which has been "money" for a very long time ! Au doesn't need to adopt a term like blockchain to legitimize itself. I understand that maybe its good to bring a younger audience to this space as you say. Which is good. My hope is they buy an actual gold Buffalo or Maple leaf 1oz coin and learn what us stackers understand. This is super cool to hold onto vs looking at a string of computer characters. I mean it's pretty F'ing cool to feel like a pirate ;)