Quote from: coiner5 on July 21, 2014, 05:12:17 AM

Quote

InnCoin was developed by Newnote and is backed by 100 grams of physical gold

100 grams = ~$4,200

For an entire currency. With mining spread out over 12 months. I'm not going to do the calculations but the cost of electricity probably exceeds the worth of the coins, or at least makes them barely profitable.

Anyone that started mining this just because it mentions gold needs to rethink their evaluation process. Or you know, actually start having an evaluation process.

For the most part, it simply appears to be a promotional effort by the gold dealer. You earn a little bit of free gold that hopefully you come to them to exchange for USD, and even more hopefully leave the gold on deposit with them, and even more hopefully buy more gold from them.