Market News: Metals-Backed Cybercoin Halts Sales

cryptocurrency coins, bitcoin
Written by Mike Hammer

Last year, several new cryptocoins emerged on the scene promising to right a major fault with the cryptos: the sense that they aren’t backed by anything.  Other than the good looks and dashing charm of their creators, of course. Cryptocoins appeared that claimed they were backed by gold, silver, and a few other precious metals.  Then along came the Meltdown of 2018 — a virtual meltdown, with cyber coins disappearing as fast as a magician’s rabbit.

The price crash that started in Dec 2017 halted a lot of new coin introductions and led some investors (nee speculators) to look for “safe” ‘coins. Tiberius’ TCOIN was one of those, claiming it was backed by precious metals. So, in theory, it would publish the underlying portfolio of the coin and investors would value it more than other cryptos, right?  Well, the story may still play out like that, but for now, Tiberius has halted sales of the coin “to refund 1 million USD” to its investors, according to published sources. Because credit card fees are too high. For some reason that just doesn’t sound right, and this move probably doesn’t bode well for Tiberius.

You can read more about it in today’s featured article. Then let us know whether you think cryptocurrencies have a future or if they’re just another flash in the pan.

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About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as a continuing theme. Mike graduated with a business degree, then worked with Macy's. After Macy's he spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined a well-known financial planning firm as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where he worked first for a small manufacturing consulting company, then a major university. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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