Exactly one year ago, a bitcoin was worth roughly $101. In November, it was worth $1,100. Today, it’s worth $432. That zigzagging price chart is why the digital currency is often criticized for not being a "stable store of value." You have no idea what it will be worth tomorrow.
Melvin Ng, who ran the now-shuttered LibertyBit bitcoin exchange, and David Gallo, a data-center operator who took up bitcoin mining, are hoping to fix that problem with a new cryptocurrrency called Minacoin. Minacoin is based on the bitcoin protocol, which means it relies on a network of programmers to authenticate transactions and prevent double-spending. But unlike bitcoin, it’s backed by gold.
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