Saturday, November 30, 2013

How To Create Your Very Own Crypto-Currency, For Free

Reuven Cohen writes:
When looking at the various crypto-currencies that have emerged over the last few months, most, if not all of them have had one thing in common. They are essentially cloned versions of Bitcoin. My question isn’t how to clone Bitcoin but rather how can you go about creating a completely new virtual currency. One that is based on varied asset backings. The currency could be like a Bitcoin, based on an algorithm or based upon more traditional assets like US dollars, gold, or even a basket of mixed existing asset types.
As it turns out, there is a free open source project that aims to do exactly this. Called Open-Transactions or OT, the project itself is a transaction processor in the cypherpunk tradition.
File under: madness and wake me when gold and silver metal alternatives can be created for free.


  1. "If everything is money, then nothing is money." - gpond

  2. The beautiful thing is that these currencies are voluntary and no one is forcing you to use them. OT can be a great add-on to the Bitcoin Protocol offering 100% anonymity but it may not be needed due to the other anonymizing tools that have been developed. It's good to know that the technology is there in case we need it though. Ignore Bitcoin and it's related technologies at your peril.

  3. and you think this game is not being played with gold?

    Bright spotlight needs to be shone on how the platinum price is determined

    Despite the major undersupply of platinum and strong upcoming demand, platinum prices remain at levels that leave many South African mines under water.

    Exactly how the price of platinum is determined – particularly in futures markets – needs to come under scrutiny.

    A futures market record sent to Mining Weekly points to negligible near-term trading but hectic futures trading.

    Thousands of contracts – representing multiples of annual supply – are being traded backwards and forwards, several months out from now.

    Will these trades be accompanied by the delivery of physical platinum metal?

    One observer questions whether, in the absence of physical delivery, these trades can really be classified as trades at all.

    It is alleged that the current registered, available-for-sale, physical volume of platinum on the Nymex is miniscule – something like 1/160th of annual demand.

    If so, is a tiny volume of physical metal supporting the global platinum price – at virtually no cost to the controlling bankers?

    Are the futures markets dominating the physical markets, rather than the other way round?

    Does this mean that futures markets can basically set the price at any level?