Andrew Maguire, British commodities trader and whistleblower, has been announcing via Twitter and interviews of a game changing gold and silver backed crypto called BullionCoin. Have any of you followed this? And if so, does it look promising or just a bunch of hot air?
Per the website BullionCoin is:
- BullionCoin is the currency the world has been waiting for - a digital asset using Blockchain technology to create a currency that is 100% precious metal backed.
- BullionCoins are "purchased into existence" by anyone anywhere using the BullionCoin App.
- BullionCoin creates a recurring yield to the creator of each coin with each transaction it is used for - for life. The creator will receive daily earnings via the downloadable App.
- BullionCoin will be traded by Asset Managers, Financial Institutions and individuals alike.
Unlike other popular digital currencies, BullionCoin will not be mined. BullionCoins are effectively "purchased into existence." This minting process works in the ratio:
1 gram of gold = 1 BullionCoin.
50 grams of silver = 1 BullionCoin.
All physical gold and silver will be fully allocated.
Link: https://andrewmaguiregoldtrading.com/bullioncoin
He posted on Twitter: "BullionCoin launch August 15th 2017 timed to coincide with 46th anniversary of Nixon closing the 1971Gold Window"
Link: https://twitter.com/andrewmaguire1/status/895918325817110528
That sounds like a pretty good deal. 1 g of 24 karat gold is about $42. It's a great way for gold owners to earn a small return without having to sell their gold. What happens when the owner of the cryptocurrencies wants the physical cold? Theoretically this could increase the amount of gold teen traded around the world.
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Here's my new business plan, I'm going to use LAtoken to monetize the equity in my house. Then I'm going to take that money and purchase gold. Then I'm going to borrow against a gold to make bullioncoins, then trade the coins for bitcoin. The borrow against the value of my bitcoin coins and invest into NEO.
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Interesting!
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Great post
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