Gold backed Coin / Token

[Yomose 3704]

On 11/26/2020 at 3:21 PM, JanBomCrypto said:

But to be honest, I still find it difficult to believe some coins are backed by gold

There are many cryptocurrencies that are backed by gold but some can truly be shady, that is why we need to make proper research before starting to invest in such project. The ideology is simple and follow the gold price as easy. It is a very good alternative than to invest on physical gold directly. 

[Sykkuno 2887]

It will be some that are scam projects and I've found many of them claiming to even have the deeds to gold mines in Latin america. It is obvious that there is no need to create a cryptocurrency and if something like that was true it would be not made in a scam way as these projects did. But we can't say everything is a scam we have to look for red flags and move away when we do.

[Fixfin 2569]

I don't know a lot about these projects and don't understand why we would need a gold backed coin but it can be something that would move according to the price of gold then and in this case if it is not a scam we can invest in gold without having to hold the gold. But this supposedly the team is buying the gold we ask.

[Mella 3680]

I am not know of anything as you were say my dear but it is not make me surprise with everything we have as there are many thousand cryptocurrencies around us so some maybe claiming they are backed by gold. In this case you are ask about generally so we ca not know if they are scam or not.

[annayks 2314]

I remember some that were proven to be scams but there is also Tether gold that is remarkable to know they made a token backed by gold. Some more I haven't looked a lot and can be good attempts so we don't need to dismiss everything as a scam without having evidence.

[zhoutong 2188]

Which coins are these friend and why should we invest in a gold backed coin and not buy gold instead. I don't trust many of the crypto projects and wouldn't trust something like that either.

[Michar1 1693]

I believe that there are projects that are backed by gold, although there are still projects that try to leverage themselves, for example it would be like other currencies such as bitcoincash, bitcoinblack etc, they seek that people feel attracted by the fact that it bears the name of bitcoin only that they add an extra name, even if it can benefit you but also look like another scam.

[Onden 2098]

I think such a project is a scam, until now I have not found any gold backed coins or tokens listed on any exchange. Most of the new projects cannot last long in the market, because there may be quite a strong competition between coins.

[cryptovlek 2597]

I don't know how this will be helping. The price of these tokens will move probably according to gold. Why not buy gold then and why buy some token that could be problematic too and disappear all of the sudden after the devs sell all their supply.

[percare 3192]

I don't care a lot for gold backed tokens but it is not a bad idea. It gives in the form of token access to ownership of gold. Although it will be very hard to find a real project that does that. Maybe if there is something that has proven the gold reserves then I will try to own some.

Edited December 2, 2020 by percare

[yonkii 3205]

I don't know a lot about these coins but the way they were presented in this post it sounds scary and I wouldn't want to get scammed by fake gold coins. It is interesting as an idea and I would support it if there was something to convince us that these projects are real. But it will take a giant leap of faith from me to believe anyone.

[bogdanoff 3173]

I keep reading sometimes about gold backed tokens but I don't think they are real. Most of them would be scams and there is no guarantee they just won't sell the gold if they have any and also sell tokens in the market and make the price go to bottom.

[AL SHAIMON 1293]

Crypto-currencies are a computer generated coins. Basically they are based on algorithm. There are no physical existence of those coins. So this question is completely valueless. There are no connection between gold coins and real gold. 

[Ezabell 457]

There are a lot of scammers now. And the inscription on the site does not say anything. Gold backed coin means coin, whose value is the same as price of gold

[Lx-Lana 153]

Most currencies that are supported by gold usually face the same challenge as other weightcoins rise and fall, I think I have coins that say there is gold backed, which means there will be gold mining work.

[Whited35 15285]

Myself, I do not trust such random cryptocurrencies from the projects which claim they pegged the value of their cryptocurrencies to the one gram of pure gold. I have seen some projects promoting in that way but later I found almost all such projects have already made the scam exit so it can be their strategies to grab the attentions of the investors. 

[chambers 58]

6 hours ago, Whited35 said:

Myself, I do not trust such random cryptocurrencies from the projects which claim they pegged the value of their cryptocurrencies to the one gram of pure gold. I have seen some projects promoting in that way but later I found almost all such projects have already made the scam exit so it can be their strategies to grab the attentions of the investors. 

Nowadays, innovators tends to go extra miles just to promote their brands and these is presently being witnessed even within the cryptocurrencies atmosphere, 

Unless theirs an authentic audit of such claim its better to desist and not to invest in projects that claim to be backed by such rare resources like Gold

[Dang3r 103]

Projects backed by physical effects or raw materials are something relatively new in the market, however it is possible, they offer greater security for investors who receive part of the support when buying a certain amount of tokens or coins, this business model is mainly focused in stablecoins like USDT, DAI or USDC.

[huesca123 946]

If I remember correctly, there were 2 or 3 very serious gold backed coin projects / coin / token. Its not a scam or at least the serious projects werent a scam. I dont know if there any gold or silver backed currencies left in the world. Up until 1973, the US Dollar was a gold backed currency. Meaning that the government could only print as much money as they had gold to back up every dollar printed. Up until then, you could exchange a US Dollar or whatever dollar domination for its equilivante value in gold. My president Nixon removed the US dollar gold backed standard. Thanks to the insistence of the bankers mafia.

 

A crypto currency backed by gold is a great idea, if anybody gets their act together to do it properly.

[GanBin 705]

On 1/7/2021 at 3:46 PM, Sas55 said:

It is a legit project but is being saturated by my scammers that is why you are seeing a lot of them in the system, therefore I thorough research is required before embarking on that project 

@Sas55 You will only need to follow the legit ones, like the paxos gold is legit. There are some with very low marketcap and some can be scam, these are the ones I can not follow. But I will prefer to trade gold than trading gold backed cryptocurrencies. 

[wisesaba 49]

There are lot of gold backed up tokens currently out there... But I can bodly tell you some of them are nothing but a scam

[Obliv0n 333]

It is possible to support a cryptocurrency or tokens, with gold as well as stable currencies are backed with fiat currency, it is the same concept only that it is applied in another way, therefore it is not a scam, as long as everything is clear and the developers are reliable.

[merlina54 14]

As far as I know, gold could have been derived from a meteor shower caused by the collision of neutron stars, millions of years ago ... As you know throughout history, man has tried to create gold but never it has been successful. .. I tell you all this so that you can see that on earth we have a LIMITED quantity of gold, also taking into account that the price of gold is stable, I do not see how a currency of this type could work (we are also going to take into account the market volatility), unless it functions as a stable currency such as: Theter (USDT) whose price fluctuates little, always staying in the range of 1 dollar (USD).

 

If my thinking is wrong, please, someone who knows more about the subject guide me.

[Anastasiaa 27]

The idea of a Gold backed crypto currency will be very well accepted , The physical Gold commands some prestige and value and a coin backed by it will definitely be of the same attribute

[Froshk 1828]

Gold is the most valuable asset in the world in terms of market capitalisation and the overall value of gold cannot be used to back any cryptocurrencies unless if it's going to be a stable coin.