Iranian gold-backed state cryptocurrency turning out to be fake

[jossiel]

At least this guy isn't posting that stupid cartoons like coinidol or what's his name is

Vladdirescu87

I remember those coins that said to be gold-backed up but never made it so special and popular. So when I hear a project that basically boasts of they are backed up by gold or some assets, I won't believe quickly unless proven and stably operating.

[audaciousbeing]

A supposed Iranian gold-backed state cryptocurrency called Paymon was widely reported, but it is now emerging that a lot of details about the cryptocurrency are false.

Paymon was reported to be a gold-backed cryptocurrency supported by an over-the-counter cryptocurrency exchange called Iran Fara Bourse, with an expected release of one billion coins that will be used to tokenize properties and assets.

However, BeInCrypto writer Alexander Fred said in an article published on 20 February 2019 that a lot of details about the supposed Iranian state cryptocurrency were faked.

Click the link for more details: https://www.unblock.news/news/iranian-gold-backed-state-cryptocurrency-turning-out-to-be-fake

Unfortunately in 2019 we are still battling with news like this in the crypto world. Its really something disheartening that a market that the expectation at this point should be all effort geared towards increasing popularity and by extension the penetration which would inevitably increase the price of bitcoin but what are we seeing here some people making frantic efforts in ensuring that the market is being brought down by all means by actions like this. The pity is to people who would have made some investment decisions because of the ''State'' backed declarations.

[magneto]

I would argue that even if the news was real, it wouldn't affect anything.

The fact is that state-issued cryptocurrencies are centralised, and that totally goes against what decentralised cryptocurrencies are going to go for in the first place in terms of controlling the currency supply without an entity that may make unwise decisions, and processing payments without a central entity that may manipulate them.

Also, think about what Petro, which is claimed to be "backed" by oil issued by the Venezuelan government has achieved thus far. Apart from potentially ripping off investors (unconfirmed, don't quote me on that), there is no evidence of any activity. Furthermore, think about who supports the peg between the underlying asset and the crypto here - the government. If they fail to deliver on their promises, there is no value. That's why I think no one should have gotten excited over this Iranian government crypto in the first place.

[sana54210]

It reminds me of how much the coin was hyped in 2018, and I knew deep down me that it was never going to be real.
The first question that came in my mind was “Does Iranian government have developers that can create a secure and working block chain from scratch ?

Although this is not to say that it’s not possible but it’s so obvious they just aren’t ready for this and I have no idea why anyone will come up with such news. I can just imagine the number of people that would have probably falling for this. I always advise investors to be watchful.

[NeuroticFish]

I remember those coins that said to be gold-backed up but never made it so special and popular. So when I hear a project that basically boasts of they are backed up by gold or some assets, I won't believe quickly unless proven and stably operating.

Exactly. I've seen a number of "gold backed" coins. I think that one was for real, but all the rest were fakes.
Basically that's also why I am wary/super-cautious about stable coins, I tend to put them in the same basket with these gold-backed coins.