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Market News: Metals-Backed Cybercoin Halts Sales | The Mesh Report

Market News: Metals-Backed Cybercoin Halts Sales

Mike Hammer October 10, 2018 Comments Off on Market News: Metals-Backed Cybercoin Halts Sales

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.

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