Quote from: TheOrient Team on May 01, 2014, 08:54:29 AM

Quote from: TheMightyX on May 01, 2014, 08:38:29 AM

Quote

Anyone who suggest bitcoin should be backed by a "real" asset like gold is gravely misunderstanding the situation.
Backing injects counterparty risk, because a specific person or entity must be obligated to fulfill the backing.
Backing requires a backer.
Bitcoin does not need backing, because it is a digital commodity that is valuable itself. It is valuable in large part because it carries no physical burdens or constraints.
It is this lack of physical backing that allow sit to move anywhere instantly at near zero cost.

-Erik Voorhees, bitcoin conference 2013

Thought you might like a shred of intelligence sprinkled onto your crap dinner.
This is a step backwards in evolution. The gold will be secured under the developers name (as it legally has to, it cannot be registered to Mr.Anonymous).
There is nothing stopping him from running off with all the gold whenever he pleases.

Guys, I understand you want to protect yourself in the event your investments become worthless, I do.
I've taken quite a few losses on coins myself.
But this is not the way forward.

We understand your point. The gold backing has an interesting property for all who owns Orient: The value of Orient will be hedged to a certain level. Market manipulators cant drop the value at their convenience, because in the worst case scenario you can still receive the value of the Gold backing and that value will always stand against the market forces. We also will provide pictures of the Gold account on Bullionvault.com.
We think the best Method is to try us.

You have not addressed the security concerns of trusting you with everyones gold.

Should we really adopt a currency and allow it to flourish when one person controls the keys to the entire vault?