Gold backed Coin / Token

[cryptosix 1643]

I am seeing few of the projects are coming with the sentence of Gold backed token, Is this is a scam or what? The gold price doesn't meets to the price of Crypto as we already know, then how does these projects fool people telling the coin is backed by pure gold.

What are your thoughts on such projects backed, stable, dependent, on Gold.

[crypto1 62]

If you be able to share these Gold backed token project, if these project are not scam and legitimate then they can perform great in crypto world. 

[cryptosix 1643]

22 hours ago, Silvinator said:

The Gold being one of the most attractive assets for investors is taken many times for scams like those indicated in the post. However, there are companies that work directly with the purchase and sale of gold and that are beginning to approach the world of cryptocurrencies. It would be excellent if any of them did manage to take out their token and be backed by gold.

I also seeing that they are calling backed by a gold company, but from my view they are totally scams, however some are telling they can convert their coin into Bitcoin or Ethereum immediately.

I don't think they are buying Gold from the investors money to develop their company because they already donate money to the bounty people.

21 hours ago, Aminul Islam said:

I heard about this before but don't know which coins are backed by gold. If this is really happen then stay watching those coins they can give a good profit if you invested before.

They are still under the process of ICO, but 2 more programs come up again with new things. Ill try to see if I can invest something with them.

[teminalibug 309]

I think that is another advantage of crypto, this coin gives up opportunity to invest in the gold without b buying the actual gold.

[sportlopez9000 232]

There are a ton of gold backed tokens and coins right now. There are too many of these and some will die out. There is TOO MANY going on right now. I'm sure most of them will not work out. This gold altcoin space is so crowded that it is hurting eachother. For example, prepare yourself for a long list of almost all current working gold coins: 

Quote

ekon (ekg), golden currency (PGCT), goldfinx (GiX), goldvein (CVT), AgAu, Airgead, Cryonium (CRYO), DRCG coin, EAU-coin (GELT), golden nugget (GNTO), guardian gold (GGT),karatcoin (KCG), kinesis (KAU), troygold (GOLD),arumcoin (AU), blocknote (BNO), blockstock (BSO), cash telex (CTLX), DARICO (DEC), digital gold (GOLD), DigixGlobal (DGX, DGD), Egold (EGD), Globcoin (GLX),  GOLDFUND (GFUN), GOLDMINT (MNTP), GramGoldCOIN (GGC), hellogold (HGT), Jinbi (JNB), Karatgold (KBC), Karatcoin bank (KCB), maya preferred 223 (MAPR), onegram (OGC), orocrypt (OGC), PAX gold (PAXG), pecunio (PGX), puregold (PGT), midas touch gold (TMTG), TPX Gold (TPX),  XAURUM (Xaur), Aurus (AWG), FLASHMONI (OZT), goldcrypto (AUX),  GOLDMA (GMA), GOldstandard (AUS), secured gold coins (SGC), xgold coin (XGC), anthem gold (AGLD), goldbase (ABG), bullionblock, counos, dignity (DIG), dinardirham, doradoccoin, egypt cryptocoin (EGY), futuregold, gcoin, GODcoin (GOD), goldchain trugold, goldgramcoin, gold.io, goldlinks, goldusa, londoncoin, meld, novem (NNN), olegacy, quantum gold (QTG), quintric, tiberius coin (TCX), tokenoro (ORO), tpxgold (TPX), truegoldcoin (TGC), txgold, usdvault, valueunits (VUS), x8currency (x8c), zengold (ZGC), auric.

.. see this is too much. Think about how much time you would have to take to research that these token companies are not frauds. You are better off just investing in bitcoin.

Edited December 16, 2019 by sportlopez9000

[Pearls Before Swine 815]

I wouldn't invest any money in any altcoin that purports to be backed by gold, because you have no idea if that's actually true.  In addition a coin like that would by necessity be centralized, since someone would have to hold the gold that's backing the coin.

 

But all of that aside, there's just no need for any cryptocurrency to be backed by anything.  Bitcoin isn't, and it's very popular and functions very well as money.  So these gold backed crypto projects are just BS in my opinion.  All of them, no exceptions.

[Delgboke 2480]

The most coins that backed by gold usually face the same challenge other altcoins go through in times of rise and fall, I think I have such coins that say there project are backed with gold, that means there going to be mining gold. 

[cryptosix 1643]

12 hours ago, Silvinator said:

Well you have to analyze these companies well to see if they are really supporting their projects in gold. There is a company called Karatbars that has always worked with gold bars and is now trying to create its own cryptocurrency.

It's easy to say the gold price is always stable and crypto is volatile and reaches certain height within no time.

11 hours ago, sportlopez9000 said:

There are a ton of gold backed tokens and coins right now. There are too many of these and some will die out. There is TOO MANY going on right now. I'm sure most of them will not work out. This gold altcoin space is so crowded that it is hurting eachother. For example, prepare yourself for a long list of almost all current working gold coins: 

.. see this is too much. Think about how much time you would have to take to research that these token companies are not frauds. You are better off just investing in bitcoin.

Yep, lot of tokens are coming with backed by Gold and I believe in the future they might start backed by diamond. Bitcoin is the best for investing, although we always looks for an alternative coin to become rich as Bitcoin already went from our hands.

[xprince1996 865]

On 12/15/2019 at 2:53 PM, cryptosix said:

I am seeing few of the projects are coming with the sentence of Gold backed token, Is this is a scam or what? The gold price doesn't meets to the price of Crypto as we already know, then how does these projects fool people telling the coin is backed by pure gold.

What are your thoughts on such projects backed, stable, dependent, on Gold.

I know a project that backed with real gold company and it is karatbarcoin or KBC but right now i didnt see any big marketing to it but right now i cant decide if its real or not and if this is real it will really nice project to be involved because gold is like bitcoin the supply is very limited.

[Grandmaster 245]

On 12/15/2019 at 2:53 PM, cryptosix said:

I am seeing few of the projects are coming with the sentence of Gold backed token, Is this is a scam or what? The gold price doesn't meets to the price of Crypto as we already know, then how does these projects fool people telling the coin is backed by pure gold.

What are your thoughts on such projects backed, stable, dependent, on Gold.

One of the coin that claims to be backed by real gold is https://www.coingecko.com/en/coins/xaurum I think they are the first coin that claims to be backed by real gold, I don't know much about Xaurum, but if they are they should have hire a company that will verify those golds.

[cryptosix 1643]

14 hours ago, Grandmaster said:

One of the coin that claims to be backed by real gold is https://www.coingecko.com/en/coins/xaurum I think they are the first coin that claims to be backed by real gold, I don't know much about Xaurum, but if they are they should have hire a company that will verify those golds.

I just checked their price on Coingecko and it is 3 cents only. These tokens are backed by Gold, then why this price falled down? Gold price is stable and it is never falling so the tokens / coins too shouldn't falled back.

[duncun007 3577]

13 minutes ago, Ahmadtijjani said:

They are not scam, they are really backed by gold and the profit will be the identical with that of gold that I is second-hand for the backed
 

well i dont know about you but i myself dont trust these types of things, i dont believe they are actually backed by gold and even if it started so i dont know if they can carry on in the future. scammers are everywhere these days.

[cryptosix 1643]

50 minutes ago, Ahmadtijjani said:

They are not scam, they are really backed by gold and the profit will be the identical with that of gold that I is second-hand for the backed
 

How do you say they are backed by gold and they make profits by investing in Gold? I don't have any idea  how do they make profit from such small interest with Gold.

[alexisfuentes 2130]

They are lies based on information that exist in relation to the price of gold, that is, the Coins/tokens aim to be worth their project in Gold. These projects simply rely on something tangible to give themselves value.

[Akbor 1042]

I have seen this project and this is legit project.  the value of the backed gold  can make any good effect on this project but in future it will be most popular I think.

[teminalibug 309]

On 12/19/2019 at 1:14 PM, ZedX said:

I think this is a good idea to create gold back cryptocurrencies, backing digital gold with physical gold, I know some altcoins that claim to be backed by gold like DGD or DGX not sure that's true or not though.

I t is a good thing yeah, but jumping into these new ICOs claiming to be backed by gold without studying them is not a good idea.

[Syedbesharat 5423]

On 12/15/2019 at 11:53 AM, cryptosix said:

I am seeing few of the projects are coming with the sentence of Gold backed token, Is this is a scam or what? The gold price doesn't meets to the price of Crypto as we already know, then how does these projects fool people telling the coin is backed by pure gold.

What are your thoughts on such projects backed, stable, dependent, on Gold.

Gold is good for investment.But Crypto is also good in term.of investment. But they serve different purposes. Gold is a store of value over time. Crypto is a transfer of value over distance. Mixing them just defeats the purposes.

[cryptosix 1643]

8 hours ago, Syedbesharat said:

Gold is good for investment.But Crypto is also good in term.of investment. But they serve different purposes. Gold is a store of value over time. Crypto is a transfer of value over distance. Mixing them just defeats the purposes.

You didn't get what I am saying, they were totally different, but these guys are telling their exchange is backed by Gold or they invest in gold for making profit and repay to the investors. This is what happens when they say Backed by Gold.

The price doesn't match to the Gold as the price of Crypto moves in thousands per day on some times.

[miskyming 1588]

I don't  know about the token that backed with gold..Seems it is a scam to me.. I guess they trying to say that their token backed with gold so investors will invest to them, sounds legit, but we really don't know the behind of this token.  

[CryptoKev44 77]

I dont know you know maker and dai they use ETH to generate DAI and it is 100% backed in USD i dont know how it works but it works 😄

[Syedbesharat 5423]

7 hours ago, Huzlerdude said:

You have differentiate it well, many people don't like investing in gold unlike Crypto because crypto make them rich faster

Thanks for appreciation  ,i also do not like gold back coins.This does not fit to logic.But people are innovative  and find new ways to surprise people.

[febriyana 934]

Yes that is already coin create that guarantee. Every their coin backed with pure gold bars. I already see the proof and that is right. That is interesting.

But i just thinking again...

Gold bar is created for save value of our money, so how the token determine the prices? If using trading, the price will really volatile.

Also what purpose i buy that coin?

If i can buy real gold bar, why i need buy digital number coin where maybe their gold will taken away. With buying gold bar by ourself, we can hold the physical gold and more easy to sell.

[anikislam972 15]

On 12/15/2019 at 12:53 PM, cryptosix said:

I am seeing few of the projects are coming with the sentence of Gold backed token, Is this is a scam or what? The gold price doesn't meets to the price of Crypto as we already know, then how does these projects fool people telling the coin is backed by pure gold.

What are your thoughts on such projects backed, stable, dependent, on Gold.

My Opinion The Gold being one of the most appealing resources for financial specialists is taken commonly for tricks like those showed in the post. In any case, there are organizations that work legitimately with the buy and closeout of gold and that are starting to move toward the universe of cryptographic forms of money. It would be incredible if any of them managed to take out their token and be upheld by gold.

[BTC Future 3946]

There are many tokens claiming to be backed by gold and other precious materials but most of them are revieled to be scams and profited by exit-scamming without refunding investors money. You need to be highly cautious when dealing with coins like these. There is one that had a massive marketing campaign called MARP that hasn't exited and claims to be backed by goldmines in Mexico and South America, with office in London. Do your own due diligence with this one if you want to invest. I'm not recommending nor I'm saying it is a scam. We have to wait and see.

[khan22 3478]

I think this is  scam project because now this time as you said it will come back and i buy the gold coin when at first join the crypto market but that coin give me loss and i hope that this coin will give me some profit but in short time i am in loss and it will come back again so it is scam almost.