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I'm forced to create this topic today because it's getting annoying how some new developers are creating gold backed tokens on this forum, please listen to me, some use cases are foul play in crypto space and gold backed tokens are one of them, many so called devs are building tokens but they have no proof that those tokens are backed by any gold yet some investors believed them, it's all lies, open your eye people...


The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies like

1. Kinross Gold
2. GoldCorp
3. Agnico-eagle mines  e.t.c
 
These are examples of real life gold companies, stand for the truth and stop promoting or patronizing unrealistic crypto projects

This is very good point, I've seen two or more new gold projects on here too, judging from the posts it's easy to detect that the project is just a one man business, the culprit will definitely use fake team and fake whitepaper, gold back token use case is not a joke, it's something very huge that only a real gold company can handle

I seen many project before claiming that they are gold backed and where they are now? ,they are not even give updates to their investors after the bull run happen and more of them is already forget their project ,.that gold backed thing has been use before don't be fall for a fake project they even made a silver backed project which we don't know if they really have the gold/silver that they are saying backed by it. Other project is using the form of mining a gold with fake proof that you can even see in Google once you search for it.

The moment you heard it's backed by real gold FOMO spirit will take you, thinking this will be a easy shortcut to getting rich, since 2017 all tokens that are backed by real gold are now abandoned, left for dead, a big lesson have been learned already, I just hope newbies won't repeat the same

Way back 2016-2017 a lot of gold backed tokens were made and I can't remember how many of them became successful. It's a good reminder for most investors that are into this kind.
Some are legit but many are fake so be careful where you invest your money.

I promoted two gold backed tokens in 2018 by Airdrops and hold the tokens till date, now they are worthless compare to their ICO price, I just have to look away and left them for dead in my wallet, honestly I haven't seen a legit gold backed token in this space, if you have maybe drop me a link

Very enlightened observation.  Recently I participated in one acclaimed gold backed project named Aureaus Nummus Gold (ANG).  I have not really seen the use case of that project but the developers claimed they are gold backed.  More real information about this ANG would be appreciated.

The least you can ever get from the team is words, they won't provide any proof that they own a gold mine or something, even if they do it might be fake too, I've busted few ones my self using stolen gold pictures from the internet

They are already have a sustainable market and there is no need for them to enter crypto since it will be a pain in the ass to get license from SEC. So they will not gonna gamble money for it if they can have enough profit on there current situation.

There are tons of existing legit Gold-backed project out there that really doing well so far and don't wait for this major gold companies to enter crypto space since there is no clear regulation for this.

Gold backed token use case is very good but not for every developers, scammers are just taking the advantage of the use case since it will easily attract investors, without real gold company and partnerships I will never invest in such project

Everyone can talk here, we don't know about tokens supported by fake gold, real or not, accusing and speaking without evidence, it's hard for us to judge what happened to you.

Many projects that lead to fraud, in fact, but if you accuse or can prove the token you mean, you can make a topic of your accusations about fake tokens here: https://bitcointalk.org/index.php?board=83.0

If you provide detailed and accurate information, I think DT, will come and mark the manager who manages the fake project.
Marked, the goal is that in the future does not increase the next victim, if you talk like now, not many people know about the goodness of you doing this, without warning, at the end the victim is still there, if you do not provide evidence that there is a fake token that is supported by gold.

You seem to be knowledgeable on this matter. What do you think about DIGITAL GOLD LTD which issues GOLD token?
https://gold.storage/en/home

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One reason why we see a lot of "backed by _____" tokens is that there are people who would believe and use them despite the lack of assets to back up the token. The best example I can give is the USDT. They've been caught lying about the USD reserves they have to back all the tether in circulation and yet there are people who use them.

It doesn't really matter if it's gold, diamond, gem, fiat, or whatever. As long as there are people who will be fooled, scam operators will continue to exist.

so far only a few cryptocurrency that get support from gold because I know gold is not directly involved with cryptocurrency price movements so when buying a cryptocurrency that says they have the support of gold then you must be careful but if you have the confidence to buy it then don't problem because the risk is in your own hands.

Would you trust tether more if it's decentralized? Been centralized is more like having someone or something to blame but decentralized is off the hook, what makes decentralized better? It's still all down to lack of proof

I am curious what are those cryptocurrency?
As far as i know nothing i have encountered with actual proofs, its either they cant share because about security or pictures of those gold are photoshopped.

 I also agree that people should stay-away from those tokens claiming backed with gold because the amount of regulations involve would be big, its not a walk in the park.

Anyone believing a gold backed coin is a fool in my opinion because project never shows proof of back. Almost all the gold backed coins are scam and in reality they have no gold backed. There's a gold stable coin which may be a good one but still I can not see any valid proof form them to be a real gold backed coin.

I agree with you. Recently a lot of gold backed up tokens are rising and become a trend but for me, these projects are just using the term gold for their own sake. Literally how can these project even say their token are backed by gold? Not even Gold industry company are addressing that they are into blockchain, I believe private companies can be exempted but of course government are regulated on this aspect so there is now way these are being authorized.

If they can't show a proof that they really have a storage of gold that can back up the project or any reserve, don't invest.
Scammers do take advantage of it because they've seen that the integration of cryptocurrency and blockchain to any other asset can be done easily.

I have encountered a lot of those kinds of projects and I don't really notice that they are successful. Some of them saying they have deposited gold on a particular bank somewhere but we can't really prove if it's real. So I guess that is why there are only few projects that succeed in that field. I know one project called DGX https://coinmarketcap.com/currencies/digix-gold-token/ the price is really equivalent to 1 gram of gold in USD, I am not shilling it just take a look.

Right now I'm telling you guys that few projects that are backed by gold aren't even real and they are successful in this space, it all comes to say thing, there is no proof, imagine what kind of regulations it will required for a crypto to be backed by real gold? People are too foolish

Some new projects are ready to promise anything to attract people. Except for gold, I saw bounties that claim how they are backed by other precious metals, big industries, and markets. I don't fall on that, and it's stupid someone to believe in that. If they really are backed they would invest more and make better marketing campaigns, and all that would be paid in Bitcoins, not in their worthless tokens.

Thanks for the good info Gold-backed tokens are more expensive thank normal altcoins and most investors lost their precious money. I never bought the gold-backed coins as they are expensive and riskier.

To beware of scam gold-backed tokens, people should know the legit project for digital gold token. They are definitely legit and you can check their legitimacy.

[ANN] GOLD - First 100% Liquid Stablecoin Backed by Gold (https://bitcointalk.org/index.php?topic=5161544.0)
Website: https://gold.storage/en/home
Whitepaper: https://gold.storage/wp.pdf
Marketplace: https://gold.storage/en/market. You can exchange BTC, ETH to GOLD or GOLD to BTC or ETH.
https://coinmarketcap.com/currencies/digital-gold/

Precisely.
We all have to be aware of any coin that is backed by any commodity.
It's not just gold out there. I saw diamonds and oil and whatever they will make up just to look like a legitimate project.
I haven't gone through checking them yet, I am not that keen into investing with those types.

Do you have any listing already of some of this gold-backed ICO that is trying to scam people?
I mean, just so we can warn them in advance.

If you say "People are too foolish" then you are also foolish because you are already here even though you don't support the gold project, but projects like that are also born through this forum and there are those who support it and some who don't support it.

many projects in the name of gold in the making. Well, I don't really believe in such things. there are only a few projects that have proven to date that 1 coin they make is 1 gram of gold, and can be exchanged at any time. Well, because the project was a success, many projects tried to use the same concept. still pay attention to the development of projects like that so as not to be hit by a scam.

This is just the truth about these gold backed projects, it looks like I have even come across silver backed project as well, maybe one day we will see diamond backed project too. The thing is, most of these gold backed project are not realistic, they are just out to steal from investors with beautiful whitepapers and nothing more. Therefore I agree with you, the only way to prove they are authentic and really backed by gold is by getting registered and certified via prominent gold companies, anything short than this will likely end up being scam just like others.

I have never trusted any of the stablecoins, which claim that they are backed up with the United States Dollar or any other fiat currency. For the coins which claim to be backed up with gold or silver also I am going to take a similar position. These "backups" go against the principle of cryptocurrency. If anyone want to invest in gold, then let him invest in gold bars or gold ETF. What is the need to create a gold backed coin?

You have made a good point, we have got some many fake dev and team parading themselves around claiming to have developed gold backed token. We need to be careful because we only have few that are truly backed by physical gold. We also need to understand that physical gold does not guarantee the success of any project.

i really doubt with their gold back up. how many fund they will allocated to this , and how do we proof it. many project developer thinking they will took advantage if admit their token backed by real gold. beside digix gold there is another projects that really have value with 1 gram of gold and also they have bounty campaign here.

Yes, I am sure at least 10 to 15 projects had claimed like they were holding gold/bullion as reserve for the circulating supply of their coins/tokens but ended up like most other non-back-up based projects. Just claiming like having gold for reserve cannot help us, it seems. Some tried to trick us like they are having ETF kind of gold funds but none of them managed to sustain; it means announcing gold as reserve must be another way for deceiving investors of this community.

Fortunately I have never tried investing with the any of such good backed projects because when I was hunting for potential coins for investing I have come across people were asking lots of questions about proving the actual amount of gold being held up with one project. Some devs were thinking like if they are announcing like they are having big amount of gold as the back up for their coins, then people will easily start believing them; this must be the reason why we are having lots of gold backed coins.

There can be any one or two legit gold backed coins, still we must need to verify them in all possible means before investing with them. It is not that easier to hold gold for million dollars worth. So, there could be very less possibility for such a real project.

We have the same perspective I have some doubt too, even they show some documents we can't say that it is real and genuine. But this project has already a value in the market and already trading, but who knows if they will disappear someday I hope not.  :D This is their website you can see some Audit documents reports https://digix.global/ Their total supply is 120,400 DGX so maybe they have deposited 120,400 grams of gold too somewhere if it's real.

I think I bumped into this once in this forum.
But their volume looks really low or is it because there are no market pairs in exchange? What happened to this project?

Being valued at $56 is right if it is equivalent to 1 gram right? So they are still on the right track.
Somehow they passed the nightmares of being dragged down whenever it is backed by gold.

Edit:
Thanks for the info.

We had something similar in our nation as well. They kept saying that they were backed by gold, and we asked them where the gold is and is there a proof and they kept saying that during the ICO process they haven't bought any and they would be when the ICO is over and they get the funding.

So what they were saying is, even if they are 100% legit and real, they do not have any golds and they want us to fund them to buy the gold and in return they would cover all the coins we have to gold when they get the money. What happens if gold increases during that period and they can't afford the same amount? It is hilarious to think that they failed to make a project that wouldn't work even if they are 100% real and not a scam, that is a very rare thing to achieve in the market these days.

I think the fault here are the investors himself because of how investors tend to not ask for audit of the gold stored. Why would they invest in a project that doesn't have a legit audit anyway? There are good gold stablecoins projects out there that are doing their best to deliver services that the customers would want. Just like the DIGITAL GOLD project where you can see the gold audit and the certificate that they are legit (here (https://gold.storage/en/audits)). You can even contact them to verify. To be honest, I don't know how people are getting fooled by fake stablecoin projects when it's really simple that they are fake (when they don't have a products to present to the investors or doesn't have proofs that they own something).

This has become the common practice by project developers, using the idea of tokens backed by either gold or other precious metals just to lure investors into parting with their funds of investment and at the end of the day, they exit with several millions of dollars in investors funds. Most of these projects often times have nothing to offer other than inflated and deceitful Whitepapers. Truth is, people need to be careful and do proper research and investigations before investing in any project. They aren't as they claim.

We all must be very careful about the projects we embrace, also, those projects we invest our hard earned money into. Gold backed projects came into cryptocurrency sphere during the 2017 which made thousands of them to claimed that they are backed by Golds. Today almost all of these projects can't be found as many have long gone into extinction. Don't be fooled again because most of these projects are just milking out  funds from behind, beware of them because most of them are scammers behind the scene.

Such project claims they are backed by real gold yet some of them can't afford listing fee,  all this projects with such claims should be avoided, such project like jinni tokens, sudan gold coin, this project claims they are backed by gold since 2017 they have been in existence, although i can't even say if it is true but one thing I do know is this project manage to fool hunters without payment, very shady project.

Are you sure that these projects are really backed with real gold? I have known some projects that actually been backed with gold but not able to get traction nor become success due to lack of interest.
Its nothing new that project devs will be tagging off other ideas just for them to imply it into their own project and make it look more interesting. When we do talk gold then it do simply spark out someones interest thats why you cant really stop nor get rid of those people who do deal up even with fake ones.This isnt only limited on gold niche but also in others as well.

Very correct, once they read about the projects and finds backed by real gold, the next thing you hear is BOOM℅. This has made many investors loose their funds to scammers during the era of ICOs. I could still remember that, series of projects which I participated during the era of 2017 cryptocurrency bullrun never see the light we envisaged for them as good projects. They deceived us during that process and still coming back with same projects, we're tired and have learned our lessons. For those who still don't learn from the past, might be victim again.

Yeap, We must beware. There are really so many fake backed-gold project and basically it's really dangerous for community that want to converting crypto to gold. Basically some project have audit report that verifying their Gold stock, Like Digital Gold that you can check their gold audit on Bullion, Just always to be more careful and always do some research before investing on anything, Cheers mate!

The halving happened and everyone who has witnessed the past halving knows how the market will rally after every halving and you should expect many scammers lining up to create fake projects to defraud people. I am not a fan of stable coins as the details they provide cannot be trusted as i cannot personally verify unless a third party investigates the truth and it will take time. Verify where you invest your funds and it is better to spend sometime verifying rather than being sorry at a later time.

I wish some of the real, legal and certified gold companies like you have listed would come up with their own gold backed stablecoin or token so that we can purchase and invest without the worry of it being fake or scam.

I have never been interested in tokens that say they are backed up with gold because in my opinion it is security and should get permission from the appropriate authorities. If we want to invest in gold, I think it's better to buy physical gold than just in the form of a portfolio because to avoid fraud and such

I also avoid tokens that are supported by gold, because in my opinion it's very risky, it's better to buy physical gold and store it in a safe place, better stay away from tokens that are supported by gold, so you don't lose money

When someone lies about their "assets", centralized or decentralized is irrelevant. Why would you even put that up when I didn't even mention it? Aren't you going off-topic here?

This is my view also when it comes to gold backed projects. If you really want to own gold asset, better buy physical gold even in small quantities. Just buy small gold items and then just store in your own home. I think it is better than buying those gold tokens giving you a superficial feeling that you own gold but you're not.

Yes you’re making a good point here. I have seen few gold-backed coins. I don’t trust any of them, there is no way that they are proving that their project is really backed by cryptocurrencies, and none of them has any affiliation with any of these gold companies that you have mentioned, or any that I know of.

So, they are just scammers pretending to be what they are not. That’s why I will always prefer to buy cryptocurrencies such as Bitcoin and the old cryptocurrencies that has been around for long and trusted, than going for any of these new tokens that doesn’t make any sense. If I’m interested in gold I buy them direct from a company that is into that Business, and the one I use is Goldmoney; started with BitGold and was moved to Goldmoney platform after they merged.

If you read carefully he mentioned if its backed by these companies because those are companies dealing with real gold but I dont see any reason for those companies to have any partnership with cryptotokens when they dont have any problem exchanging their gold with real cash.

That's the point, real gold companies don't need crypto tech to expand their business, it's like giving away golds for tokens, I see no reason to trust any token that's backed by real gold because to me it doesn't make any sense

there have been many gold projects and many of them ended up being scams and for that I have never believed in tokens supported by gold. better to buy real gold than to buy tokens ;D

As long as the company if fully audited and it can be trusted by the users but the problem is too many suspicious companies have not yet audited and that makes they have no transparency about how much gold they owned.

This will create a big question about the credibility of exchange site.

I think you have touched on a very nice point, especially recently, I see that these types of projects have increased frequently and these types of projects have been constantly growing. Although these kinds of projects do not seem very convincing to me, some projects have been successful in this field and deserved to be reliable. Of course, as a result of the success of these projects, interest in such cryptocurrencies has increased, and such projects have started to increase rapidly due to the increasing interest. I recommend that you make very detailed research about that project and invest in cryptocurrencies of projects that have proven itself, especially before making such cryptocurrency investments.

This exactly the problem project developers have nowadays, they all real liars and not backed by any gold, gold stable coin have been paying their signature participants till now but haven't been convinced whether it's backed by real gold. Sudan Gold Coin claimed to have real Gold from Sudan while till now haven't been able to pay their bounty hunters.

Peter Schiff will make a gold backed crypto watch :D after all the shit he talks about bitcoin. I agree with you, but you could probably trust pax gold on kracken and other exchanges I think. I honestly don't know tho so I will shut up

Pax Gold looks legit enough to me but still my curiosity question is left out unanswered, do you see any proof that pax Gold is really backed by real gold? Yet many pumped money into Pax Gold project, imagine how many projects on crypto space that aren't what they claimed to be yet they become successful? God have mercy

For someone who always have deep thoughts it's going to be extremely hard for me to trust this use case, gold backed tokens and silver backed tokens never have a happy ending, its all lies all along, something I'd like to call the perfect lie, as if it's real, for me the answer is no and it will remain so

You nailed it mate, there is actually no real way to know what's real in crypto space since you aren't on the other end, many are put in the dark thinking that they invested in a real project, this use case is a perfect tool for scammers, anyone can easily be fooled with this use case

Not at all to be a scam, you must check and balancing what you are talking about. we know Dollar had been based gold at past and to be strong enough. This means who make token-based gold hope to be strong like USD at past.

Pax has letter audit to you have to check by certik https://certik.io/blog/clients-&-partners/paxos-paxg-formally-verified-by-certik

Which token do you mean?

We have same heart thought mate, series of campaigns backed in 2017 did came  up with gold sort if projects, the funny thing during those days are: thousands of investors will troop into these projects to make their investment. Many of my friends did fall for this scam but have since recover from their loses. We should learn lessons from the past that, not all that seem good are actually good. We should ensure to conduct serious research before we venture into investment, many of them are fraudulent projects with good name attache(like gold backed).

it seems our awareness is a bit late. indeed not all projects are like that. but the description of all projects with the same functions and concepts will end up not much different.

Real gold all the way, tokens aren't gold let's all stop deceiving ourselves, anybody can come up with tokens and say to the public that the tokens are backed by real gold 🤷, it's time we start fighting for ourselves, let stop making scammers richer

That's how people should treat things when investing to this industry, there are potentials if you really
understand the project and how the team are working.
Behind every offers there are usages that most of the time investors forget about, looking alone for
possible earnings and greediness take places.
Without your deep research, you are risking your money, not because it's been promised means that
way and the direction will be positive.

Its easy to say that these tokens are backed by gold but we must verify it first in order to know the legitimacy of the project.

Gone the days that we can see a reliable token backed by gold and that was before, nowadays most them claming seems not real.

So dont easily believe them and do your research.

Can you name these projects keeps saying that? There should be a backed up on your claim cause maybey they will thought you are just guessing it. I think there is no project that are really backed yet, cause this will be a big debate for authority and private sector. Gold has an economic value to be compare with tokens itself. This could be process but its gonna take years maybe before government agree to such suggestion.

They are trying to duplicate what Xaurum reached https://www.coingecko.com/en/coins/xaurum they are the first gold-backed coin in the market I think they started way back 2015, I was part of their bounty campaign although they have not reached the top 50 they are still one the example of a gold-backed token that reaches success in their project, because of their transparency.

It's true as you say a lot of projects I've been following that work with gold companies but in the end they can't prove these companies real and we can only hope the outcome of the project will be on the drain but all just in vain and we are always stuck in it, and now more carefully with the project that is supported by gold.

I have seen someone who has made a crypto backed by silver and it's also a scam token too. Any token that claimed to be backed by commodity has a big chance to be the next scam project.
Thank you so much for this awareness. I hope people will not blindly put their money into the scam project.

It's not new that gold tokens are scam, many investors are aware of this, only newbies might still fall for the scheme, no gold token project has real gold, it's a big fat lie, I've always wish this use case was real until I lost some money trusting the scam projects

Agreed, its much more important for a currency to have real life usage case and/or technological advantage compared to existed currencies on market

It is true that there are too many scam token claimed to be backed by gold. As far as I know there are 2 more or less trusted tokens - XAUT issued by Tether and PAXG by Paxos.

I'm afraid the moment has to come that nobody will give trust to new projects if we all accused it as a scam.
I know a lot of people would like to take advantage of those things that people had to give their trust just like gold or even Bitcoin as they'll think that it was way to succeed their plans. Maybe we accept that some of them are fake but we can't also deny that some of them are legit. With this instance, we can just draw conclusion that any project that are correlated to a gold backing scheme is always a scam. Maybe we have to listen to their side also rather than putting them guilty.

Even real life gold companies could cheat on you. To check real gold behind project or not is really hard job

Have these companies launched a platform that would be able to convert those physical gold into tokens? So you are referring to other projects that have launched but not affiliated with these listed legit companies. You actually have a point since only recognized gold companies can either pushed through with the blockchain gold but of course this is still not yet approved by authority. Are you sure there are only three? Probably there are lots like mining companies that into gold business.

That's true and the credibility of the gold project has already ruined caused by this news. It looks like so many people were talking about what will be happening with the current gold project that's still exist in the market.
There must be a few layers of audit to prove the gold that already owned by these companies are the real gold.

The chance of getting cheated is high when it comes to gold backed tokens, it doesn't sound legit enough for me, this isn't stock market, better invest your money on something better like Bitcoin or buy shares instead

Just imagine if gold backed tokens are really real won't they make it to top 10 list easily? I guess right too, but instead they become useless, it shows that they aren't backed by anything, it was all lies all along, I joined pgpay airdrop and also lucem fund which are both gold and silver backed projects but now they are so worthless

Yeah, there are tons of them, people saw that dollar stablecoins were getting ton of attention so they thought why not commodity because commodity at least doesn't lose value like the stable coins of today when dollar loses value, however they forgot that all of this is fruit of billions of dollars worth of work put into the stablecoin crypto market.

They can't just become a huge stable gold coin type of thing overnight, they need to be already super rich and already have a huge amount of gold (I mean over 100 kg) in order to even start this type of work and they need to get all the shipping and transactions down on how they would send people that gold if they claim it as well. Only after all of this (which is well over 50 million dollar in value) you can only start, and that's just the start.

Many gold backed project have gone under the bridge and investors investment gone wrong. There  is a particular project that was about 10trillion coin supply and that every of its coin was backed by gold, I believe the developers have ran away with investors fund.

I've heard of some projects who claimed to back up her tokens with gold, but ended up carting away with investors funds. Its rather unfortunate that we cannot verify this claim especially because gold reserves or back ups does not keep records of investors who purchases gold

The surprising thing is that the gold that backs it up also drops in price. So it's bot as if it's a safe haven for those who know the truth. Backing up by good is something that everyone should see not something that should be just an ordinary address. Let's be wise .

pgpay has become shit-token right now, I still HOLD some that I got from the campaign but am very disappointed with the current price

all I can say is that now only GOLD stable coins can be trusted, others = garbage project

I think it is high time that such fiat or gold backed tokens should post the registration certificate with local SEC in there country and also the confirmatory documents that prove that the country is holding fiat or gold against each token that can be verified. If these steps are not taken scammers will keep taking advantage of the situation and will keep scamming the community.

They are just trying to take advantage of what gold's reputations have. OP is giving us the warning and out from the list will it tells something to be a fake project/s. I know a lot of bounties coming out saying about being backup by gold, but all just a trick to attract and it looks promising. Of course, people will look at those things for they think about assurance but unfortunately, they all have gone after they got what they want.

The important now is to evaluate the project carefully, knowing this kind of scheme will giving us a hint on how to find legit and fake projects.

Scammers are always looking for something that has got the attention of people to scam them. The rate at which gold backed token is increasing on the forum is alarming, we need to be very careful not to be a victim of these scammers.

Thanks for bringing this to the notice of everyone as using the gold backed project is among the current format used by lots of projects these days, their whitepaper ls are always lit with sweet proposals of how their company already acquired real life gold but it's always just a scam format to lure investors. Another use case often leveraged by teams fpr scam is the real estate, they'll preach heaven and earth on tokenization but it often ends in nothing

Scammers is very smart in their strategic ways and very quick to invade when there's a potential entry that they gained community's trust. The main problems here is that every person who's part of a certain project which is backed with so called Gold, is more eager and aggressive for their profit thinking that this is a strong asset. This is the time people doesn't care for any verification as long as they earn money for good.

I mean if there is really a gold backened project am sure it will be huge and in big exchanges like binance and will be all over the place with news updates and even mainstream media not just shitcoin with red paint all over

that's a crap coin. I didn't even believe any gold projects have the real gold and those were only offering fake claim. I just put any gold project in my banned list as there must be a lot of processes to prove the reserved gold and that's not something that can be done instantly.

Mate, don’t let all these fake tokens and projects make you think that every token that’s backed by precious metals are fake.
There are good tokens and coins out there that are genuinely backed by gold and other precious metals. I know a few of them that are really good, and one of them that I’m planning to investing in, and that’s PAX Gold.

We all already knows PAX and we know that they are very legit and very different from other stablecoins in the market. The PAXG is backed by assets (gold) stored in Brink’s vault. Another one that I’m also looking into is Tiberius, it belongs to a Swiss company, saw them on CCN and it says they are legit.

I recognized only PAX Gold, it's a popular coin but still I don't see prove that PAX Gold is backed by real gold, some crypto use cases are just too deep to transparency and I don't like that, there is nothing more worst that investing on a crypto project with out confidence, gold backed tokens aren't reliable

Used to have more than 5 different projects or tokens in my wallet that are backed by gold thinking they will be big in the future but I was surprised that they kept losing value, one day I just made up my mind and dump every last one of them

I'm sure that big gold companies knows about the existence of blockchain technology and they don't bother using this technology for their gold companies, they must have seen that it's not a place for their company, gold things don't need tokens honestly, claiming a token to be backed by real gold is fake

that means if those coins are not worth to be used as our investment or store of value. You should think again for the second time to liquidate them all into the better coins. there are so many good coins outta here dude. You should never getting trapped into the one coin

These scammers are just riding on what is successful in the crowdfunding, in the past exchanged based crowdfunding is a huge success, so many developers created projects about exchange only to end up shit projects and runaway with people's money, some example of these are Adabs IronX and so many other projects, and now they are riding in gold, so do your own research.

Inasmuch as Digital Gold is still able to almost equate the price of it's token with that of real gold in the market, despite all odds and that has been happening for more than a year now, it means that they are truly serious about it and their tokens are backed by the real physical gold. At least, that is practical in the real sense of it. This is unlike other that claim to be backed by real gold and yet their prices are nothing to write about.

In what bank exactly? Bank is a secured centralized platform so showing prove won't out the project in danger or unsafe state, the fact is projects don't have any real gold, if they do they won't be on here honestly, it's all hoax scheme

yes your right  . its too sensitive already but they can show other proofs just to convince people that they are legit .

 not just gold but there are other metal backed cryptos that are said to exist on this space  . not all are hoax but it possible that they hold a gold and still gets involved on crypto    . that is to widen thier support and attract more people  that are already a supporter of gold products  

Seriously this is a sensitive topic, I think it requires one knowledge and understanding about what blockchain is all about but I can't find any usefulness for gold to be used to back any tokens, tokens that are genuinely created out of thin air and gold that are very very hard to find? Seriously? LMAO, it will never work

I would stay away from gold based cryptos, as they are somewhat deceptive and shady for me to indulge with. What I do is I buy the actual precious metals themselves. I buy the gold and the silver on any form and of course if I have a budget to do that. Gold investments through jewelry is easy if you have a wife and it is much much better than putting all your money on gold based crypto. If you had experienced losing your funds on these projects then that would be a valuable lesson in being more careful in investing.

Yes in last few months we see a lots of gold based token. And in  day by the the number of this kind of project is increasing. At first I thought this are all good but when I start to research and want to understand then I know the facts. That most of this kind of projects are nothing but scam. And I started to see that in few months this projects are fully gone from the market. And there is no guarantee that they really backed gold. So Beawar of this kind of project. Dont rush,if you are new do some research before invest in any gold backed projects.

All these real gold companies are fully aware of blockchain and crypto currency but they never for once think about getting into this space because they don't see the use or need, this is enough to nailed down all projects team pretending that their fake gold project is backed by real gold.

I did couple of bounties regarding gold and non paid off and many exited scam so ever since then when I see varied by gold I don't do the bounty talk more of buying coins during presale or ICO. They are using gold to decieve many people and some do feel the worth would be as gold. Some Devs even perg it to 1$ as stable ccoin. This space needs carefulness.

I hope that there are not people who would put money into an obvious scams that claim to be backed by real gold plus they promise future interest. I would buy only gold-backed coins thats come from the trusted labs like Paxos or Tether and their gold backed products.

If they are really backing their token with real gold, then just make them show the proof.
Anyone can create token and say the token is backed by gold, but without proof. If they can't show you the proof, then just leave them.

I did many gold backed tokens bounties myself, every single one of them failed, the last one I promoted was one asian gold project called PGpay and there aren't good demand for the token, I made 30$ out of the bounty campaign, now the value have dropped alot

If value had dropped alot that means the gold backed thing is bs. if the gold truly exist the price should be atleast stable or as good as those stablecoin and to see it being dumped doesn't make sense. I think we shouldnt trust these kind of project if they don't try to show off their transparency because we've got enough of the bs.

I've never invested on any gold tokens before but I have joined many gold token airdrops and I'm glad I don't hold any because they are now worthless in value, the real reason why gold tokens exits in crypto space is still unknown as I can't find any information about there existence on blockchain technology, I'm not satisfied with their existence on crypto space

Gold-backed tokens are the most stupid scam that I've ever seen. I wouldn't trust the bank and their fiat backed by gold reserve then why would I trust the same thing but not even fiat but freshly made token? At least fiat have a government's backing also so you still have time to trade for some value before it crashed.

 I have noticed that a lot of projects are coming up to claim being backed by Gold , i don't want to call names but all i want to say here is we should be careful . there are a lot of developers who want to hide under the disguise of 'Backed by Gold' project to scam innocent investors who would rush to invest in their fake Gold backed projects.

actually what I know so far is that gold cannot be used as a support for cryptocurrency because what I know is gold and cryptocurrency have very clear differences and of course both have price movements depending on demand from only humans not from gold to cryptocurrency or vice versa.

If truly tokens and coins are backed by precious metals they will definitely take over crypto space by now, and even top the lists on coinmarketcap, they are total failure and they are completely build on lies, you only belief such projects if you want to believe.

If you this is is purely a scam and there is something risky for newbie users then please make a scam accusation thread on Scam Accusations board with proper proof.

That is be helpful for all users and newbies will know how to justify such scams.

It's a higher risk investment, there is no proof that the tokens are backed by real gold of any kind, real gold companies see no use for gold blockchain projects that's why we don't see any real gold companies in crypto space, those who invest in such projects are people that like make believe

I can´t imagine who fall into these scam tokens. At first look, you have to notice that something is wrong.

I understant that number of these tokens is growing because people care more about the real value of the token and when it is backed by something real, then the token remains the value.

it is better to buy real gold, than tokens based on gold, in terms of security,
crypto investment is much better, but for gold it is actually good

All you need to do is check if they indeed have gold to back up their token and how much of it. Calculate if that amount versus token's price seen right enough to you invest. Most of the time, they really don't have enough gold to justify their token price so they fake amount of gold. Too much risk for a lousy token.

Why would you want a token of a gold if you can simply buy gold and hold it at home?   I dont see any advantage only huge disadvantages by then refuse to actually give you gold for your token when you request it.

Simply a simple way to trick crypto users. It really make sense investing in crypto back by gold when you can own a gold. LOL

This is why I become bitter in altcoin projects. However, I am interested to see how many of the present projects became successful in the future. Since there are lesser shitposter due to merit system then now good projects will be visible. At least I may able to find a reputable user joining in that project then certainly I will also join to it. For now, actually they aren't and still enjoying lesser pays in btc but sure that they will get paid. So this is what I done also.

Gold tokens aren't real, I believe gold coins that are stable like PAX Gold but that's that, I haven't seen any other that's genuine like PAX Gold, every other are backed by nothing but empty lies, I suggest you abstain from any gold backed tokens

there is real gold why should buy fake gold? better to buy gold 2.0, namely Bitcoin,
and Bitcoin is very safe for you to save as a future asset

Actually there are two important highlights about crypto coins that are labeled stable, or a benchmark on something.
Gold. This means that the company must reserve gold in accordance with the amount of existing gold crypto. This is to avoid bankruptcy on the project. You have told the details.

The second is about stable crypto which is based on fiat.
Say USDT.
Does the company USDT or Tether have a stock of USD as much as USDT crypto. I think there is no.
If the USDT holder withdraws all balances to Fiat, what will happen. Are they able to pay for everything? Of course there will be a pending for months, because the Conventional Bank does not accept incoming money from the crypto company.

This just bring to my mind "DeCloud" ICO then that ended up being a scam, some people lost money and I also do. What I later concluded about all these Gold?Sliver backed tokens is that it is better to just by real precious metal and hold than to invest in tokens because they are so vulnerable TO scam

I own some Paxos Gold. My research showed it is backed in vault by real gold and run by real respected people. I feel safe with it.

Absolutely brother, so many projects that have declared themselves as being mineral backed have either collapsed or exit scam as these where just mere words. These days, i run from any project that calls itself as being backed by a mineral unless of course they actually provide real documents certifying such claims.

There are many people who are waiting to be scammed and so is the reason you will hear many getting scammed even though they hear about these scams they think that they are superior to others and so is the reason we see many cries about getting scammed. The gold backed tokens or backed by any assets will be the trend and we can expect many scams coming out during this period.

Gold backed tokens are out of my league now because I've read too much scam reviews about gold tokens, they aren't always real, I've make up my mind not to invest in any gold tokens

The problem is we didn't know whether that was backed by the real gold or not. so many times people have said that the gold must be proven to make sure the buyers can exchange their tokens into the gold and mostly gold backed tokens are not transparent.

from that I do not like tokens that are supported by gold, because they have never provided evidence of the physical gold they have, projects like this should always be on the lookout for, because they could have deceived you and fled without news

In my opinion, if a project is backed by a really big company or a well-known organization, I would believe their token is backed by gold. Usually, that kind of company still doesn't care about cryptocurrencies because cryptocurrencies aren't recognized around the world.

Gold backed tokens are backed by unseen gold cache that was revealed by words coming from the team mouth, that's all you are ever going to get, it's pretty easy to figure this out unless you what to believe in the make believe words from the team.

It seems that all gold tokens are all built on lies, no single gold crypto tokens show any prove that they hold real gold in banks or anywhere else, it's better to play safe because these type of projects will vanish when you least expected

Better to stay away from it. Many of those project launched are all dead if not, then they just ignoring investors now. I remember this karatGold project that has been listed on coinbene, but never paid their promoters and if you asked about your reward you got kicked out or banned. No team in their social group thats why its hard to ask for details. So ending up a really bad exit scam.

The only gold backed that I maybe trusted or somehow we can say legit is stablecoin gold which still have a running campaign and still paying.

My favourite gold backed token is PAXOS GOLD, i discovered this token on an exchange and i start to read info about it. You can also convert your tokens in real gold! This is amazing, own gold without have it in your home or your bank and you can sell it in each moment!

As far as I know, most of the project claiming to have their tokens backed by gold are lies. I once invested in a project that promised heaven and earth, saying the tokens are backed by gold and left my hopes high. All I can say now is that it ended in tears. I've learnt my lessons and moved on, but would never invest in any gold backed token, whether its legit or not.

In last few months there are a lots of gold or metal based projects in the crypto space. But I hardly remember any of the running good. Most of them claimed that they have backed their coins by gold or silver. But actually they didn't they just scammed people. So I always suggest people to avoid this kind of backed projects and only go for them when you are sure about them. That's it.

I'm glad we got to realise this gold scam projects now. I once told a friend to really investigate some if these gold projects and thier success but funny enough he couldn't count few good instead bad ones showcased everywhere. It's high time we investigate and not follow hypes when investing please. Hypers kills.

Fake gold backed token project that I know is Goldmint (MNTP) this is 2018 project , it is very strange if a project that is modeled as a gold backed token can experience an unreasonable price decline, and also over time the project will die due to loss of very heavy trading volume, for new project i haven't research but it looks like there are still many projects that will going die like Goldmint.

Well they used the gold to hype their project so many people would invest on them specially newbie if they see gold backed they will be hype without doing any research and now some of the CEO will put gold backed on their website so that if they see they will ne excited because it was crypto and now gold backed as simple hype.