I am not going to go back and forth on this. you don't have to like the idea, i am cool with that. but you dont understand the premine and you don't understand the how the coins are given out or how the silver is aquired. and by your p.s comment i can see you have nothing better to do than than spend time trolling. haters gonna hate bro. If you had thought of it , it would have been awesome. But .. you didn't.
Lol, how can YOU determine your coin is worth 2.86 with a 120 million cap? that would be over 340 millions $ market cap total worth..
This market is a free economy, and the value of a coin is determined at which rate are people willing to buy it for not because you say its 2.86$..
And as for the backing, it's backed by WHAT exactly? What wealth is being possessed to transpose it to a currency in order for it to be "backed"?
You do not know how this works ? he will sell 113 million coins for 323 million dollars on Bittrex and buy silver with it to back up the bagholders.
One thing is worrying me though, Richie might decide to keep the 323 million dollars and close shop and flee.