



Amidst all the excitement about the possibility of digital currencies like Bitcoin taking on the banksters and providing a genuine alternative to the broken economic model which has caused so much damage, a new international start up recently announced the launch of the ‘NoFiatCoin‘ – a new ‘alt coin’ backed by gold.

Whilst the main user-base for Bitcoin seems to be geeks, early adopters, and people with computers powerful enough to ‘mine’ coins, NoFiatCoin is aimed squarely at people whose eyes are open to the panapoly of problems caused by fiat currency and the constant issuing of new money created out of thin air and backed only by debts which we are all expected to pick up the bill for. The team behind this new start-up are trying to create a genuine, stable alternative to fiat money which has the power to play a part in the impending financial revolution.

In keeping with the idealistic underpinnings of this new digital currency, NoFiatCoin has chosen to base their coin on the Ripple Protocol.

The Ripple Protocol, and Decentralized Peer to Peer Banking

You may have heard of peer to peer banking before, but the Ripple protocol is taking it to the next level. When the phrase was first coined, peer to peer banking refered to the ‘crowdfunding’ of loans. This means that rather than approaching a bank for a loan, a person could post their requiest to a website which would perform a credit check and then submit the request to a community of investors. Investors could then choose to fund part or all of the loan. Often many investors would put in a small part each, to spread their risks. This also means that you can invest any amount, however small, to fund part of a loan request and profit from the interest. You can also choose how much interest you want to charge.

But banking is about way more than just loans. That’s where ripple comes in. The ripple protocol is decentralized like Bitcoin, running on many different computers. But its not just a digital currency like Bitcoin, it is a whole new way of conducting financial transactions. Ripple aims to empower regular users to create a whole new peer to peer banking system not under the control of the fat cat banksters, conducting currency exchanges and transfers, making and receiving payments and more. We need a banking system – that much is certain, but we need one that acts in the interests of the people and not the elite banksters and their friends in government. Ripple offers the opportunity to build one, and for ordinary users to profit by offering financial services such as currency exchanges or providing liquidity or taking advantage of arbitrage through an ordinary personal account.

The implications of this shift from central banking controlled by a very small group of people who control the global economy to decentralized banking owned and controlled by the people is truly profound.

Real Value

Building on this revolutionary protocol, the idea behind NoFiatCoin is to provide a currency which can be used to do anything that you would do with a regular currency or another digital currency like Bitcoin, but backed by something of real value. Whilst Bitcoin is not backed by anything and only has the value people choose to place on it, and fiat money is backed by something of negative value – debt that we have to pay off to the central banksters – NoFiatCoin is backed by gold held in vaults around the world, and can be redeemed for real gold or silver by its users!

Support NoFiatCoin and help beat the banksters! Check out their site here: http://www.nofiatcoin.com/