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Author Topic: ⚡️⚡️⚡️[ANN]GoldMint - ICO is over. $7.3M collected.⚡️⚡️⚡️  (Read 74503 times)
Abitcoinfuture
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September 28, 2017, 08:12:17 AM
 #2221

What will happen if audit shows that GoldMint have less physical gold, than GOLD tokens emitted?

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TomKoinify
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September 28, 2017, 08:15:05 AM
 #2222

How will amount of physical gold will be controlled?

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September 28, 2017, 08:21:07 AM
 #2223

very interested ,but want to know more details.
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September 28, 2017, 08:22:23 AM
 #2224

I read a white paper.

Very interesting!

I support you.
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September 28, 2017, 08:27:10 AM
 #2225

Greetings!

Why tokens are Gold-backed? Why not using any other precious metals or other asset?

Gold- because it is a clear metal for general public. Plus, we have a company that buys 450 kg of gold per month from pawnshops all over Russia. These are unclaimed deposits. Therefore, we have our own source of gold - we don't depend on banks.
Today, more than 1% of all gold is kept in pawnshops. In 53% of the cases, gold is bought as a mean of investment. Many people buy coins or small bars of gold. For them Custody Bot is an excellent solution. Coins are the easiest to examine. Initially, we set a task for our engineers to examine the quality of jewellery. They have succeeded and this is way more difficult than examining coins.

What will happen if audit shows that GoldMint have less physical gold, than GOLD tokens emitted?

If  the  audit  results  show  that,  the  value  of physical gold  is  less than the number  of the GOLD tokens emitted, the  excess  amount  of  GOLD  will  be  written  off  automatically from  the  company  wallet via the  smart contract.

How will amount of physical gold will be controlled?

All ratings are confirmed by bank statements which are encoded in blockchain by uploading relevant forms in IPFS to  the blockchain, thereby recording ownership of the gold to GoldMint. These documents let the system check that GoldMint company owns X amount of gold. This X is checked by an auditor from GoldMint. This number is verified each month by an objective ​TOP5 audit company. Inspection confirms that the total number of GOLD cryptoassets in all wallets (Y) is less than the total number of X ounces of gold on the balance sheet.

With regards,
team GOLDMINT

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September 28, 2017, 08:36:44 AM
 #2226

Where does goldmint store its physical Gold and which etfs back gold cryptoassets?
florianuhlemann
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September 28, 2017, 08:43:04 AM
 #2227

If the Gold is damaged or stolen, who will take responsibility for?
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September 28, 2017, 08:51:38 AM
 #2228

What is the limit of the loan?
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September 28, 2017, 08:59:21 AM
 #2229

sorry, to complicated and fishy for me

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September 28, 2017, 09:06:31 AM
 #2230

Greetings!


Where does goldmint store its physical Gold and which etfs back gold cryptoassets?


GoldMint's gold is locked up in its storage reserves. The amount of gold and the ratings of this gold are confirmed by bank statements which are uploaded in the GoldMint blockchain to guarantee transparency.


If the Gold is damaged or stolen, who will take responsibility for?


The gold we use to back GOLD digital assets is all insured.


What is the limit of the loan?


The limit of the loan depends on the GOLD or the value of the gold that is used as a collateral.


With regards,
team GOLDMINT

Kracko
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September 28, 2017, 09:12:58 AM
 #2231

Finally, thank you. Now I'll check announcement threads more
kenel
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September 28, 2017, 09:18:40 AM
 #2232

What is custody bot?
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September 28, 2017, 09:24:36 AM
 #2233

What are the commissions for transactions in gold?

Abitcoinfuture
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September 28, 2017, 09:36:16 AM
 #2234

What are MNT tokens?

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September 28, 2017, 09:46:23 AM
 #2235

Greetings!


What is custody bot?


Custody Bot is GoldMint's unique device. It is programmed for temporary holding, inspection, long-term storing and conveying of gold jewelry, coins or gold.


What are the commissions for transactions in gold?


Most times, when a person buys GOLD for fiat, the price for GOLD will be LBMA + 5%. When they want to sell their GOLD, the price will be LBMA +3%. The commission for managing gold is 0.2-0.8% per annum, depending on gold volatility and investor traffic. After analyzing the correlation between the value of gold and the stock price of the three largest ETFs - the GLD (announced expense ratio 0.4% ), the IAU ( 0.25% ) and SGOL ( 0.39% ) - we estimate that the real backlog of ETF shares in physical gold is about 0.7% (prices are taken from COMEX on the LME ).


What are MNT tokens?


MNT is GoldMint's internal token, used to confirm GOLD cryptoasset transactions.


With regards,
team GOLDMINT

goodluck0319
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September 28, 2017, 09:53:31 AM
 #2236

How do i get the money loaned?

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September 28, 2017, 09:59:34 AM
 #2237

What is trust management?
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September 28, 2017, 10:09:25 AM
 #2238

How do they work?
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September 28, 2017, 10:18:56 AM
 #2239

Don't forget to get listed on all exchanges
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September 28, 2017, 10:22:26 AM
 #2240

Greetings!


How do i get the money loaned?


GoldMint loan applicants transfer their GOLD as collateral to a certain GoldMint application. The rate of the loan is established at the time of giving and remains fixed through the loan period. Applicants needs to consent to GoldMint loan terms to receive the loan.Applicant is given various options for repaying loan amount and for mode of repayment. If the borrower defaults, his GOLD cryptoassets are transferred to GoldMint.


What is trust management?


Trust management occurs when investors send their GOLD to GoldMint and the company uses these assets for P2P loans or for buying physical gold (e.g., for goldfield development).


How do they work?


MNT is used as a stake within the PoS (Proof-of-Stake) consensus algorithm. Namely, the more MNT the miner holds, the more blocks he can validate and add to the chain.


With regards,
team GOLDMINT

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