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Author Topic: ⚡️⚡️⚡️[ANN]GoldMint - ICO is over. $7.3M collected.⚡️⚡️⚡️  (Read 167094 times)
thisisnotmyltcusername
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October 01, 2017, 04:15:40 AM
 #2481

Why tokens are Gold-backed? Why not using any other precious metals or other asset?
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October 01, 2017, 04:19:50 AM
 #2482

What will happen if audit shows that GoldMint have less physical gold, than GOLD tokens emitted?
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October 01, 2017, 04:29:08 AM
 #2483

What happens when physical gold is withdrawn from custody bot?

According to the whitepaper when the physical gold is withdrawn from custody bot, the same number of gold assets will be destroyed.


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October 01, 2017, 04:29:43 AM
 #2484

Very interesting project, could become one of the biggest ICOs of 2017 in my humble opinion. All the best, looking forward to participating in the crowdfunding
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October 01, 2017, 04:53:01 AM
 #2485

Greetings!

What is a key features of GOLD cryptoasset?

The characteristics of the GOLD cryptoasset include the following:

        100% transparency  of  information  about  all  Gold  owned by GoldMint, disclosing the company’s  gold  reserves  and  its  ability  to  buy  back  GOLD  at  its  current  trading price. 
        GoldMint  uses the  decentralized blockchain  for  smart  contracts  and  for harboring  its  cryptoassets 
        GoldMint  uses  ETF  for  liquidity  and  elasticity.  ETF helps you trade  gold  far  faster than physical gold does
        A  secured  loan may  contain gold, like jewelry or coins. GoldMint helps you store this collateral in its unique Custody Bot.
        The ability to receive passive income as market price of GOLD rises. 
        Robotic storage unit Custody Bot                                                                                                                 
        Buyback of GOLD for fiat according to the current price of GOLD. 
        A fast user registration system and identification.

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.

With regards,
team GOLDMINT

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October 01, 2017, 05:01:06 AM
 #2486

How will amount of physical gold will be controlled?
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October 01, 2017, 05:08:34 AM
 #2487

Does any person can trade GOLD for fiat?
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October 01, 2017, 05:11:16 AM
 #2488

How physical gold will be stored?
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October 01, 2017, 05:15:26 AM
 #2489

I will be following the project.
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October 01, 2017, 05:45:24 AM
 #2490

Greetings!

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.

Does any person can trade GOLD for fiat?

You may be able to receive a cryptocurrency or fiat loan from GoldMint PTE LTD, using GOLD as collateral. All applicants will need to undergo the KYC* procedure.

How physical gold will be stored?

Physical gold is locked-up in storage and rated according to its value: 

                 Moody’s ​-  A2 and above.
                 Standard and Poor's​ - A and above. 
                 Fitch​ - A and above.

With regards,
team GOLDMINT

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October 01, 2017, 06:02:06 AM
 #2491

What about GOLD exchange rate?
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October 01, 2017, 06:06:22 AM
 #2492

What is ETF?
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October 01, 2017, 06:11:24 AM
 #2493

How GOLD is connected with real gold?
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October 01, 2017, 06:25:41 AM
 #2494

This looks like a really interesting project in how the tokens are backed by physical gold. One to keep an eye on for sure.
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October 01, 2017, 06:25:58 AM
 #2495

You gotta be kidding, right? What's next?
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October 01, 2017, 06:29:33 AM
 #2496

It's like their endgame product is a redbox filled with gold. So many custody bots are going to get stolen lol. That is what you get for crypto blasphemy. Also I have to say, the amount of bullcrap questions and shills in this thread is just... impressive. Dunno if it will translate into a successful ico though since the idea is fundamentally idiotic.
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October 01, 2017, 06:31:28 AM
 #2497

Greetings!

What about GOLD exchange rate?

Emission :1 GOLD = cost of 1 ounce of gold on stock exchanges + 5% commission for fiat-GOLD-fiat – no more than 4%
Buyback: 1 GOLD = cost of 1 ounce of gold on stock exchanges +  max. 5% commission for fiat-GOLD-fiat– no more than 4%

What is ETF?

ETF (Exchange Traded Funds) - An ETF, or exchange-traded fund, is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a common stock on a stock exchange.

The three most popular ETFs are “Spiders” (ticker (NYSEARCA:SPY)), “Diamonds” (ticker (NYSEARCA:DIA)) and “Qs” or ""Qubes"" (ticker (NASDAQ:QQQ)).

Top ETFs for gold can be found on ETFDB . The commission for the management of a portfolio of gold is 0.2-0.8% per annum, depending on the volatility of gold and the inflow / outflow of investors. 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 ). Commissions and broker commissions are taken into account in calculating our commissions for GOLD.

How GOLD is connected with real gold?

GOLD  is  a  crypto  asset  issued  by  GoldMint  that  uses  the  current  price  of  gold  set  on  the LBMA exchange   at the time of sale.  

                        ●   Equal to one ounce (31,1035 grams) of gold (999 quality)  
                        ●   Shards into 100,000 parts.  
                        ●   Commissions are given in GOLD.

Information  is  transmitted  to  the  blockchain  ledger  about the number  of  ounces  of physical  

gold or ETFs owned by GoldMint. ETF is bought on  he  stock exchange NYSE, Arca​ and subsequent  information  is publicized on GoldMint’s decentralized blockchain, making  it   transparent  and open to all members. Statements are received from the depositary (electronic or printed).  

All physical gold owned by GoldMint exists in the following forms:  

               a.   Manufacturer-certified bullions  
               b.    Gold coins  
               c.   Gold jewelry  
               d.   999 quality granules, stamped by manufacturer

With regards,
team GOLDMINT

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October 01, 2017, 06:41:00 AM
 #2498

what is gold?
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October 01, 2017, 06:48:45 AM
 #2499

how is the gold asset backed by gold?
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October 01, 2017, 06:51:17 AM
 #2500

what is an etf and how can it back gold?
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