NoFiatCoin: bullion-backed?; trades on Ripple

Offers to buy/sell items in exchange for Ripple payment. Offers to get initial XRP (ripples).

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Re: NoFiatoin Launch and Coin Competition (350XNF 1th price)

Postby banana » Thu Jan 09, 2014 2:01 am

singpolyma wrote:
ripple-Erik wrote:Where can we find the XNF to gold / silver value for trade-ins? I can't find this on your website.


More importantly, what is the amount of gold / silver you get for 1 XNF ?


Yea.
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Re: NoFiatCoin: bullion-backed; trades on Ripple

Postby NoFiatCoin » Thu Jan 09, 2014 2:44 am

EDITED: Got troll-kicked - from the mountain - will try climbing later.
Last edited by NoFiatCoin on Tue Jan 14, 2014 10:55 pm, edited 1 time in total.
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Re: NoFiatCoin: bullion-backed; trades on Ripple

Postby mikem1234 » Thu Jan 09, 2014 5:12 am

Aburgboy wrote:Just checked the bottom of the site and it was updated today. The numbers of their silver coins went up. I think there should be a better itemised way to show it. I mean it is good now everyone can see what they have, but easier to catch - maybe also updating what was added to the stock.



NoFiatCoin measures gold and silver in USD rather than ounces?
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Re: NoFiatCoin: bullion-backed; trades on Ripple

Postby mikem1234 » Thu Jan 09, 2014 5:25 am

NoFiatCoin wrote:or example: if you want to redeem 50 XNF coins for 1 Silver coin that we hold in stock - we mail you the silver coin, but since your XNF were already in circulation; we trade it again for more silver coins and resupply our stock.


Yes, I gathered that much from the start. It's called Ponzi, by the way.
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Re: NoFiatCoin: bullion-backed; trades on Ripple

Postby epsilon » Thu Jan 09, 2014 6:56 am

Zilian wrote:
I think you fellas need to rtfm.


I did read the f**** manual. There is not enough data on their website for me to trust them, my choice. But I dont call scam either ;) And i'm interested!

:) I meant the Ripple manual. Coins in this exchange aren't like "traditional" altcoins, they're just instant "money from nothing" IOUs.

There are gateways for metals, but they're not exactly public. One public Gateway is the DYM gateway (physical silver dimes). If you're interested in metals you could search this forum.


mikem1234 wrote:Yes, I gathered that much from the start. It's called Ponzi, by the way.

Yep. Betting on bullion prices forever rising while having very few physical withdrawals as a hedge to play the fractional reserve game is bad enough, but consolidating investor's physical bullion into pure smoke and pretending everyone is somehow making a profit is just insane.
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Re: NoFiatCoin: bullion-backed; trades on Ripple

Postby freequant » Thu Jan 09, 2014 9:26 am

NoFiatCoin wrote: the relationship we have with wholesale dealers, mints and very soon, also mines.


NoFiatCoin wrote:We are in the final process of incorporating our own precious metals dealership in order to acquire bullion at even greater bargains.


Will you also have an agreement with Virgin Galactic? That would be nice to be able to pay for a space trip with XNF once we are all rich.
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Re: NoFiatCoin: bullion-backed; trades on Ripple

Postby Netrunner » Thu Jan 09, 2014 10:14 am

The ratio of 'backed by bullion' is floating. Today it's 22%.

So if there is a bank run and the underlying bullion is fully redeemed, value becomes effective 0 for the majority of XNF holders?
Bullion backing does not seem to decrease the risk of holding this virtual currency?

Also, it's not a cryptographic coin, its indeed an IOU, something like virtually printed paper money?

There are also claims to act like a central bank authority:
* adding gold/silver at unpredefined times and at unpredefined ratio's
* countering bank-runs by buying more bullion yourself (is there enough funds for that?)
* adding IOU's at unpredefined times
* removing IOU's out of the system??

I like the fact that, if implemented well, it can contribute to the Ripple ecosystem and its growth.

So please convince us.
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Re: NoFiatCoin: bullion-backed; trades on Ripple

Postby pigeons » Fri Jan 10, 2014 3:22 am

I took a look at this a few times, and I wish NoFiatCoin would just do the math for me, since its his fund. I also have some questions about when fiats will be issued to float more XNF or buy more bullion.

The website says how many EUR and USD worth of gold and silver holdings you have.
The stock holdings page says how many coins and what types and weights you have.

Please can you put how many ounces of gold and how many ounces of silver you have, on the front page, next to the EUR and USD values so I don't have to add them all up myself?

How many NoFiatCoins are there?
Right now, there are 50,000 XNF. This number will change as we acquire more bullion and or the price value goes up.


At what intervals of increased (gold? silver?) bullion holdings will you increase the float? At what interval of increased (USD? EUR?) "fiat" values will you increase the float?

What ratio of gold/silver are you going to hold? If you choose to change this ratio, how far in advance will you inform people?

It is unclear if you are offering
1 XNF = (5.7 XAU + 272.82 XAG) / 50,000
or
1 XNF = 12,174 EUR / 50,000 or whatever the EUR price was yesterday? or last week?
or
1 XNF = 16,540 USD/ 50000
or none of these.

How many NoFiatCoins will there ever be?
The total supply will never exceed more than 25 million, but this number will be reached slowly as the value of the XNF will increase, so will our bullion stock.


25 million XNF will represent (be backed by?) how many ounces of gold and how many ounces of silver?

What is the real and current value of your current bullion stock?
€10,000 | $13,580 This number will change as the price of bullion fluctuates and as our stock increases - it will never decrease.


The EUR/USD numbers or "the real and current value" will never decrease (heh)? Or your stock will never decrease from 5.7 XAU + 272.82 XAG ?

Do you spell all this out in a contract?
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Nofiatcoin Advertising 8 Marketing Roles!?

Postby rippleinvestor » Fri Jan 10, 2014 7:03 pm

Count 'em folks!

http://www.nofiatcoin.com/jobs.html

Seem a little excessive? Surely only need 2 or 3?

Gives me confidence they want to get organised...

...also worries me that they're putting all these jobs on the net to look professional but really have no clue.

Also wonder why haven't they revealed who's on the team?

Hopefully I am just being too suspicious? Perhapa this mystery team is going to do very well for investors?
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Re: Nofiatcoin Advertising 8 Marketing Roles!?

Postby freequant » Fri Jan 10, 2014 7:15 pm

rippleinvestor wrote:Seem a little excessive? Surely only need 2 or 3?

Look, you can't know that kind of things when you are just 16.
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