Has anyone heard about this? Is it legit? Comments?
I read about AOCS when I looked at the Lakota Bank. I didn’t know it was tied to this.
This, is super interesting. Thanks for posting it.
Check these out. That’s a very pretty coin.
This looks like a huge fraud. They are selling coins at face value, so if you want to buy a 13$ worth single ounze of silver, you will have to buy their coins that they sell at 50$. They promise that the merchants accept them at their face value from what I understand, but what happens when they decide not to do it anymore? Yes thats right, all of your money is going to come crashing back down to earth right to its bullion value, making you loose 37$ per coin. They state there wont be inflation with their money, well, thats because they pre-inflated the money by an initial 450%. In reality, inflation is bound to happen because they can make a huge profit by increasing the money supply. This whole thing is a huge scam by design, it will crash before the dollar does. Or, if the commodity prices deflates versus global currency, whatch everyone trow these coins down the toilet (the system only works if commodities increase in price, but no one knows what will happen).
Yeah, unfortunately this seems very likely. I had my head too high in the clouds with this one.
That’s how a free market currency would work. The value of coin has to have more value than the weight of the metal in the coin otherwise there would be no incentive to mint the coins and ensure their quality while in circulation. The coin is worth more than the value of the metal in it for the same reason that jewlry is worth more. The shape it is in gives it another use and therefore increases the value of the product.
By buying these coins your investing in the coins. I agree that it’s probably going to crash. Lowing the markup would make the investment a lower risk and therefore encourage people to purchase the coins. In a free marketplace of currency, the currency with the lowest markup over the value of the metal in the coins would be most preferred by the market and be put into the highest use.
I would think this is doomed to fail for two main reasons. First the government monopoly on the money supply with dollars is too strong. As long as taxes have to be paid and the government is only accepting payment in dollars every single person and business will be forced to use dollars for at least a portion of their transactions.
Secondly, If the coins are issued in dollar denominations then they have all of the inherent problems of the dollar. In order to truly break free from the flawed dollar things would have to be priced in some new currency and a floating exchange rate between a new sound currency and the dollar would have to be established. Thus stores would have to price their items in this new currency or be willing to convert your sound money into dollars at the store in order for you to make your purchases in dollars. I don’t see either of those things happening soon.
I think the only route to sound money runs through a national retailer with significant market power. Someone like Walmart would have to create their own currency because only they have the market power to instantaneously create a demand for their new currency by making it the only denomination accepted for purchases in their stores. It will take the the “Walbucks” or “Toyotayen” mentioned here for private sound money to every be able to compete with dollars.