US gold deal launches first gold backed digital currency

Under the heading of the more things change the more they stay the same we see today's news on the so called "inncoin" where each digital unit will be backed by 100 grams of physical gold.  Either that or all 10 million inncoins will be backed by just 100 grams of gold.  It's difficult to tell from the article.  Neither approach makes any sense and so I am very skeptical that this is just another con game like bitcon, I mean bitcoin.  If each unit is worth 100 grams of gold, that is more than 3 ozt each meaning that the minimum resolution is several thousand dollars.  Not bloody likely.  On the other hand, if 10 million coins are all backed by a piddling 100 grams of gold then why even bother?  $3 or $4 k worth of real gold backing 10 million digital units is a joke.

My main comment stems from this article which states:
"The INNCoin is an open-source cryptocurrency, meaning that any person can download and look at the source code behind the coin, which is similar to bitcoin.  However, the coin has some unique attributes setting it apart from bitcoin.  For example, there will only be a total of 10 million INNCoin in this series.  All coins will be fully mined within 1 year, meaning all 10 million INNCoins will be in circulation and/or ownership by July of 2015.  The entire series of MGC's are backed by 100 grams of gold stored at Anthem Vault, providing a base value to all cryptocoins from the first moment the coins are "mined.""

So, it is basically bitcon but with some marketing crap tying it to a few ozt of gold.  If it were anything more then end user "mining" of it would not be allowed.  The digital currency would have immediate instantiation and value because of being backed by gold.  Nobody would trade real gold to someone just because they run algos on their computer in the background all day long.  That does not produce any economic value.

I am constantly amazed at how much of our economy is just useless scam after useless scam after useless scam.  Why don't these fucking people do something productive with their time.