> > They have. They made a proud, high-faluting claim of being 150% backed.
> > Then they described what they actually meant when they said 150% backed;
> > 50% paper fiat cash, 50% paper gold certificates, 50% gold. Which means
> > they aren't 100% backed by hard gold.
>
> More to the point: they have no way to redeem anything. Without
> redemption "backing" is utterly meaningless.
Very true. Even if they claimed to match circulation 100% by hard
un-allocated metal, without a redemption policy they are not a gold backed
currency. Until OSGold implements a redemption procedure, they will be a
EGC "Ether Gold Currency".
Viking Coder
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