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 continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

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 keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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