Bitcoin Forum

Creating this is thread in other to save people especially the newbie and naive investors from been a prey of precious metal back project which lied about their secure vault storage.

In fact, if a warning like this was announced about YAM a lot of investors won't have lost their money.


Number one on my list of the lied precious backed project is Gramgold, of course it already listed on coinmarketcap (https://coinmarketcap.com/currencies/gramgold-coin/)
 

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Number two
The second project in my list of the lied precious metal back project is Aurus GOLD (AWG) and also listed on capital market (https://coinmarketcap.com/currencies/aurusgold/).
Site link :  https://aurus.io/
Archived (https://archive.is/pxanH)
When trying to check their vault storage or audit link, it will require connect your ETH wallet and after connecting the wallet their vault and audit access

will only loading without providing any genuine information as showing in the below image.




Guys, stay away from this project cause a project which foundation was built on lies will definitely end up scamming it investors.
More to come.

It's a shame that the scam token is listed on a reputable exchange like Kucoin: https://www.kucoin.com/trade/GGC-BTC
They even never bothered checking out if the audit report was legit

Unusual activity by the so-called Gold backed stable coin was noticed by Kucoin. I don't know why they did not delist it.

They Claim 1 GGC = 1 Gram of gold
Right now 1 gram of gold is $62.72 which is 0.0053 BTC at the Moment
GoldGram Coin is trading at 1GGC at $22 which is 0.00187 BTC at the moment in Kucoin and the price is still dropping each day while gold has been doing well the past few weeks... So much for a gold backed stable coin ¯\_(ツ)_/¯

I'm not sure how hard these exchanges dig into the legitimacy of a coin or token they're listing.  One would hope that an exchange like Kucoin that has a decent reputation wouldn't list this piece of dung, but maybe they just haven't had it brought to their attention yet. 

Yeah, and I'm pretty sure any project like this that tries to create a coin backed by metals or whatever will fail, especially if the coin creators have to keep a reserve of the metal in question.  There have been schemes like that in the past, and not surprisingly they tend to not have as much gold/silver as they're supposed to have in their vaults.  Not to mention that there's no real need or even demand for such a coin.  If you want to buy gold, you can buy it physically.  If that's not your thing, you can buy a gold ETF or stocks in mining corporations.  I'd stay far away from any gold-backed crypto.

There are certainly demand of gold backed coins. Pax Gold volume- $110000 at the moment, PAXG is also backed gold. If a project is transarent and have real back up by gold, I believe there will be investor. You do not need physical interruption, you do not have to worry about coming into light to prying eyes and so more reason. I think such projects with more transparency will flourish more in the future.

The second project in my list of the lied precious metal back project is Aurus GOLD (AWG) and also listed on capital market (https://coinmarketcap.com/currencies/aurusgold/).
Site link :  https://aurus.io/
Archived (https://archive.is/pxanH)
When trying to check their vault storage or audit link, it will require connect your ETH wallet and after connecting the wallet their vault and audit access

will only loading without providing any genuine information as showing in the below image.