Bitcoin Forum

Hello,
I present to you my project DigitalDiamond,
A diamond backed stablecoin. 1 digitalDiamond will be equal to the price of 1g of diamonds.
Currently in development phase and actively looking for sponsors/investors.

Please present your reviews and ideas about this project. Looking for
C-O-N-S-T-R-U-C-T-I-V-E   C-R-I-T-I-S-M.

Investors/sponsors will get return from the ICO, and will be featured on our website, and will be allowed to advertise their product.

Diamonds are "measured" in CARATS first of all. Usually 1 gram is equivalent to 5 carats. And a 5 carat diamond can be worth between $100 - $100k depending on color, quality, clarity etc.
I really don't see how you can call this "STABLE".
Talking about "backed by diamonds" ... how many grams do you have to back your coin?  ::)

Value is that of a 1 gram (5 carat), UNCUT diamond, which is around 100$. So far i have 50 grams of diamond.

Thank you for your opinion.

How do you plan to store it?
Gold and silver stable coins are much to be backed by and audited as there are many ETFs around. Those coins are like a crypto paper gold backed.

There are no diamond etfs. I don't think you plan storing your coins back up in your house.

Why do you think some investor would sponsor your project? Shouldn't you try to go to big diamond holders(like etf admins, such as sprott) and present your project to them?

It is much more interesting for an investor to buy a diamond directly and cut off you, the intermediary

https://www.thewealthadvisor.com/article/diamond-etf-gem-trading-opportunity

Noted.
Thank you for your honest opinion.

I guess it's not yet clear about how you can say if that will be going to the stable coin consider diamond has various types and then how can you sure if it will be stable? The guy above you said the correct thing about the diamond and how can you handle this problem? It's okay, you said you have some carats but the price for your 1-carat diamond doesn't make sense. The price of 1 carat J color diamond certified GIA laboratorium is much more expensive than what you have mentioned (the cheapest type).

I sense another ICO that want to take our BTC and ETH and give us some shit and will never amount to anything but will only blame the bad market for failure. If you are truly ready for your project, go secure loan from your country's science and technological ministry or get your family and friends who know you to get started we will see your progress and readiness and be motivated.

does their project have diamond to build the project or is this just a project with a diamoned theme without any real diamon? because I have participated in gold stable too and they have gold for investors if they want to exchange it

here is his answer  -->

so you plan to use that 50 grams as capital for the stable coins how many supply do you plan to make for creating stable coins.


And how will you manage to make it stable if this is available in the market and 50 grams is not enough IMO if you want to build  a big project.

So you are the owner of this project, and only have 50 grams of diamonds, and that total will be $ 5k. With $ 5k, I believe that you cannot operate your project, you need at least $ 500k or more for the project to work properly and attract investors.

I'd love to know how do they measure diamond's value and are there any of them physically in office or whatever
anyway, its important to have some other "killer" feature so you can attract more users.
because stablecoins are all about habit of usage - for instance many people got used to easy usdt transactions and now they're lifetime usdt users unless you will convince them your one is better.
Its not the same as other cryptocurrencies - btc and eth are not direct competitors like you and other stable coins are

50 grams of diamonds? how many coins will you make? 50 gram diamond backup funds will not be enough if you make millions of coins / tokens. the value of diamonds is not different every type and shape?

It doesn't make sense at all if you backed your coins with diamonds because diamonds have never been a currency in the past. unlike gold and silver, diamond is a kind of jewelry that its style will determine its price. you guys have a few details with your project and mostly this kind of thing will be buried if not back up with strong arguments or references. Diamonds eh? I've heard parrots and Pig before but diamonds, maybe some kind of innovations that will make the crypto industries evolve into something new.

If you are reading the main topic that has already written by OP and you will see if he has already mentioned it, OP said that if 1 gram of gold will equal with 1 gold token but i think if that doesn't make sense consider diamond cost a lot of money.

Stable refers to the price of Diamond here, not necessarily as the same of stable coin of USD.
I think they will run ICO/IEO or any other fund raising campaign from which a certain fund will be used to get the diamond which will be reserved for the coin anytime to be liquidated. However, I don't think it's as easy as people may think. Most of the GOLD stablecoin claimerd barely had such amount of GOLD backed in reality. Such a project got raid a year ago if I'm correct.

Just two:
1. Diamonds are extremely bad investment. Cant compare with Gold or Silver. 
2. Why would anyone buy a digital token and not a diamond? By haveing a token instead of real diamond he just risk that once he will claim the diamond you will say to him "Sorry we are out of diamonds."

What are the benefits of your project and, fortunately, for those who invest in your project?
what kind of feedback system and what kind of development do you do, you need to explain it in detail.
i think value of diamond always change and not stable, how can you say that will stable.

Stable currency USDT has a lot of audit problems, with your project, where will you store your diamonds and how do you prove the number of diamonds you own with your users?

I think you may have a problem with this concept because diamonds are not fungible. Dollar backed coins work because every dollar has the same value. This would also work for Gold, since one gram of gold is worth 1/10 of 10 grams of gold. But diamonds become exponentially more valuable as they become larger. A 10 carat diamond ranges between $167,200 and $ 2,245,100. A 1 carat Diamond ranges from $4,000 to $25,000 depending on cut, clarity and colour. Every Diamond is unique and therefore has a different value.

Stable coin backed by pigs in a farm? You're trolling or it's for real? :)))
OP... this guy's idea makes more sense :))


There is no such thing as a "general price" for diamonds. Even uncut ones...
https://www.diamondregistry.com/5-carat-diamond-price/

Might as well say backed by cars. What type of cars? Cheap cars...
WTF are we talking about...

2. Why would anyone buy a digital token and not gold?

Where is the presentation?
How will it be a good looking project to an investor if the project is still in a development phase.
Please offer us something else so that we could check it.
There are too much diamond named in Google.

Op, I actually have a good idea.
Try to make a non fungible asset like cryptokitties.
And each diamond piece would ACTUALLY have it's own value.
Look into it as it seems the only way to keep the "diamond" theme

GL

Edit:

He is in pre-development phase. Cut him some slack...

It's becoming fashionable now, after the gold-backed coins, now a diamond is coming, it's a good idea, but you have a long and hard work ahead, it will be something very difficult, nowadays many bad projects and you will have to give hard to bring something legitimate and innovative.

Looks like you have done searching for the void in the market and you came to a conclusion that there is no project backed by diamond :D. I understand you curiosity about making your idea successful, digital token can be created by anyone as it is open source and what makes it valuable is when investors are willing to trade, you can see thousands of worthless tokens and it does not mean anything.

The project you are talking about is not easy unless you have some contacts in Antwerp because it is the diamond capital of the world ;).

This is one of the first diamond backed stable coin that I've seen. There's this gold and now, we have the diamond backed.
Do you have anymore information about the project? like, how many carats you have stored on your vault to support this project to give assurance to the investors that you actually have it?

Based from my impression, the OP is not ready to launch his own project. If he is alone with this endeavour, I don't think he can even present us a decent website.

I have seen one project related to diamond - CDiamondCoin

https://bitcointalk.org/index.php?topic=4981604.0

Their website is still up and considering they have quite a large team and experts, they are trying to survive this market. So how much more if the OP doesn't have any connections and working solo?

Totally the same. It is just additional risk.  Blockchain is made to secure digital asset not a real life asset.  Real estate. Idiotic.  Someone will hack your wallet and steal your house token and then your house will be his?