Of course the coin is backed by 1/3rd. I asked the question 'who said so' to the guy who said something like that- "Being backed by bullion would imply that for every X number of coins trading there is a fixed amount of bullion in reserves ready to be exchanged at a moments notice. That is not the case" My answer that who said so was in response to above question
Aah ok so it's not bullion backed. Glad we cleared that up And it can only be redeemed for BTC, pms, XRP and USD etc on one site using that system. So unlike BTC, LTC etc there is a huge counterparty risk as you are locked into only one option for trading. Nothing you have said so far gives any reason for this crypto to be any better than any other, In fact there are several big warnings for not using it, not the least is being locked into Ripple as the only means of using these coins. And fwiw it's a huge PITA to get cash into Ripple to start with. If the in/out of currency with Ripple was easier, maybe this would be worth considering. ATM, imo, it's not.
You talk about risks associated with centralized coin like XNF and compare it with bitcoin etc. but then you don't talk about risks associated with bitcoin types of coins. So basically you hinting that its okay for decentralized currencies to be risky as you trust computers and hackers and threats from governments but you will not trust a centralized currency. lol. did you realize how stupid this sounds? FYI XNF is backed by gold unlike what you proclaimed and felt good within.
Not what I said at all and you know that. What I was saying was that, if you exclude the pretence of being backed by bullion, since you've made it clear that it is not, the only real difference is that the coin you are advocating is limited to only one platform whereas all other forms of digital currency are able to be traded in multiple markets. In my view those multiple markets lessen the risk as a failure of one does not mean the end of that currency. QED Mt Gox The failure of Ripple however does mean the end of NoFiatCoin. And even if the 1/3 backing of gold/silver is enough to justify the claim of bullion backed, there is still the risk that you are tied to that developer always maintaining that, and doing what they say they will. You are again tied to one party and if they fail, well so long sucker. As for government intervention, hackers et al, they exist in the same threat level with NoFiatCoin as with any crypto currency so injecting them into your argument is specious.
