Quote from: M1SHO on August 06, 2014, 12:13:28 AM

Quote from: lordxar on August 05, 2014, 11:52:31 PM

Quote from: dlm1130 on August 04, 2014, 03:32:49 AM

I would not want to discourage anyone from mining INNcoin or investing in gold, but at least for the short-term, gold is likely to substantially drop in value soon. The price fix mechanism is being removed. For several years the value of gold has been intentionally manipulated up to "false" values.

Gold and silver have been manipulated. And the fixing mechanism isn't being removed for any of them. And the values have been manipulated to stay low not high in order to protect the USD. Look up naked shorts.

It's only a matter of time before the USD bubble bursts. While most other currencies are tied to the USD and will also crash, gold and silver will still remain a free market based storage of wealth. It just may not be as liquid as some would hope, though with AnthemVaults exchange methods it may be somewhat liquid if the entire system doesn't come crashing down.

Inncoin could disappear just as easily as the USD, as it's still only a currency (an exchange mechanism). There is currently no contract, no guarantee that the crypto currency is legally backed by gold. I don't think a court of law will require them to pay me in gold if I want to exchange my current coins (The whole $2 worth I have managed to mine). But if AnthemVault gets serious and really wants to push the use of the inncoin, they will need to purchase the mined coins for use. At this time I don't think anyone is willing to sell the coins they mined at the current rate of 0.0224 / 50 coins. Thus causing them to require it to be backed by additional gold. If they decide to drop the inncoin and move on to another coin/new block chain that would be bad marketing on their part. It's a gamble.

Happy mining!

Most other currencies are not so tied to the USD anymore.......Euro is against USD , Russia /together with China/ , going against it ....... Gold and silver have their history , and don't need some fake governments behind it - why it is called "gold reserve" ?? - http://en.wikipedia.org/wiki/Gold_reserve

The federal reserve banking system of the US has more control over euro and other currencies than most know. Here is a list of countries with foreign exchange reserves (excluding gold). Most of these reserves are tightly held to the USD as the primary reserve.
http://en.wikipedia.org/wiki/List_of_countries_by_foreign-exchange_reserves_%28excluding_gold%29

When the Chinese currency is doomed due to the private debt in China. While the government has money in the bank, the country's debt as a whole is near or over 200% of their GDP.

The USD is coming to and end though as Russia and others start moving more towards China as the new reserve currency. I just don't see it lasting as long as the USD did due to the extremely high debt based economy of China. Or at least as long as everyone stops holding USD as the primary method of exchange and allow multiple currencies for major commodities.

It's hard to know what fiat to store, so gold and silver remain the best storage of wealth IMHO.