[ANN] GOLD - First 100% Liquid Stablecoin Backed by Gold

[GOLD_official]

The difference, crucial to some, is that you physically possess real gold, you own GOLD, not a [GOLD] token, which is an IOU, a derivative.

Then there is no problem at all. If somebody wants to have a brick of gold at home is free to do so and for such people, the GOLD token even could not exist.

But we are talking here about cryptocurrency and blockchain supporters who want to benefit from holding gold but don't want to store or secure it when additionally token provides possibilities like transfers, payments, and easy liquidation. I think that are obvious benefits of the GOLD token that physical gold just can not deliver.

It is much easier to have a GOLD token in the wallet that brick in the house. Too many troubles will force a buyer to have it at home. Tokens are an easy and smart way to store real gold.

[1714209640]

1714209640

[posi]

The difference, crucial to some, is that you physically possess real gold, you own GOLD, not a [GOLD] token, which is an IOU, a derivative.

Then there is no problem at all. If somebody wants to have a brick of gold at home is free to do so and for such people, the GOLD token even could not exist.

But we are talking here about cryptocurrency and blockchain supporters who want to benefit from holding gold but don't want to store or secure it when additionally token provides possibilities like transfers, payments, and easy liquidation. I think that are obvious benefits of the GOLD token that physical gold just can not deliver.

I guess Tmfp doesn't understand or don't even bother to read the concept of this project because having or holding Gold token is also an act of possessing physical of Gold which is securely saved in the vault.
Meanwhile, we cant close the door for innovative projects and expect the crypto world to advance.

[tmfp]

I guess Tmfp doesn't understand or don't even bother to read the concept of this project because having or holding Gold token is also an act of possessing physical of Gold which is securely saved in the vault.

Well, you guess wrong, my friend, I both understand and have read the "concept".
When you buy a [GOLD] token, all you own is the token, nothing else.
And those tokens are not redeemable for physical gold.
Got it?

Read this, just the bolded bits, that should be easy for you:

I want to ask one thing, for example, today I am investing in a 50 gram GOLD token, this investment is for the long term 5 years and above, there must be a time when there is a development, now whether this GOLD token can be exchanged in real physical gold in bullionstar.

Dear capcaypro,

Theoretically, you can do that, but practically it does not make any sense. You will have to pay for delivery and other payments when the gold will arrive in your country. It is much easier to sell GOLD token after the investment term will end and buy for that money physical gold in your country.

For us is extremely expensive to take 50 grams of gold out from the vault and send it. Therefore, we will not provide such a service in the near future.

Regards,
Support Team @ Digital Gold
https://gold.storage (https://gold.storage)

[wwzsocki]

...holding Gold token is also an act of possessing physical of Gold which is securely saved in the vault.

...When you buy a [GOLD] token, all you own is the token, nothing else...

...Theoretically, you can do that, but practically it does not make any sense. You will have to pay for delivery and other payments when the gold will arrive in your country. It is much easier to sell GOLD token after the investment term will end and buy for that money physical gold in your country. For us is extremely expensive to take 50 grams of gold out from the vault and send it. Therefore, we will not provide such a service in the near future. ...

Well I am not so sure and would be better if anybody from the team confirms or deny this because this quoted above situation was only a hypothetical one and additionally OP stated that:

Theoretically, you can do that, but practically it does not make any sense.

This question was about only a 50 gram of gold and the fees are just too high to do this, so in this particular situation it would have no sense, but I think it is still possible.

We need a clear answer from the team: yes or no?

[hulla]

I guess Tmfp doesn't understand or don't even bother to read the concept of this project because having or holding Gold token is also an act of possessing physical of Gold which is securely saved in the vault.

Well, you guess wrong, my friend, I both understand and have read the "concept".
When you buy a [GOLD] token, all you own is the token, nothing else.
And those tokens are not redeemable for physical gold.
Got it?

Read this, just the bolded bits, that should be easy for you:

I'm afraid @Posi was right when he said he guess you understand this project concept because you definitely misunderstand what the BM said when he said "Theoretically, you can do that, but practically it does not make any sense. You will have to pay for delivery and other payments when the gold will arrive in your country. It is much easier to sell GOLD token after the investment term will end and buy for that money physical gold in your country."
Meanwhile, this project was created a couple of weeks back and you can't aspect all features to be in place by now. This is one of the reason why I said a lot expect some much from the project which why they are unable to see the good job done by the team.

[libert19]

~

~

We need a clear answer from the team: yes or no?

I will answer, you can not redeem gold token for real gold, however for every gold token, equivalent amount of gold is stored in BullionStar wallet.

Gold token's purpose is to act as an stablecoin, to help crypto people from market volatility.

See, USD has nothing backing it up, it has value merely because of people's trust. God forbid, if USD loses it value then all USD stable coin owners will lose a lot, so if you want to hold your money into something that has real thing backing it then gold token can help.

Meanwhile, this project was created a couple of weeks back.

It's lot older than that, I myself have been doing Gold bounty since past three months.

[GOLD_official]

...holding Gold token is also an act of possessing physical of Gold which is securely saved in the vault.

...When you buy a [GOLD] token, all you own is the token, nothing else...

...Theoretically, you can do that, but practically it does not make any sense. You will have to pay for delivery and other payments when the gold will arrive in your country. It is much easier to sell GOLD token after the investment term will end and buy for that money physical gold in your country. For us is extremely expensive to take 50 grams of gold out from the vault and send it. Therefore, we will not provide such a service in the near future. ...

Well I am not so sure and would be better if anybody from the team confirms or deny this because this quoted above situation was only a hypothetical one and additionally OP stated that:

Theoretically, you can do that, but practically it does not make any sense.

This question was about only a 50 gram of gold and the fees are just too high to do this, so in this particular situation it would have no sense, but I think it is still possible.

We need a clear answer from the team: yes or no?

Dear wwzsocki,

Now it is not possible to redeem real gold for GOLD tokens. It is much easier to sell your GOLD tokens and buy real gold in the local bank.

Regards,
Support Team @ Digital Gold
https://gold.storage (https://gold.storage)

[tmfp]

I'm afraid @Posi was right when he said he guess you understand this project concept because you definitely misunderstand what the BM said when he said "Theoretically, you can do that, but practically it does not make any sense. You will have to pay for delivery and other payments when the gold will arrive in your country. It is much easier to sell GOLD token after the investment term will end and buy for that money physical gold in your country."

I don't misunderstand the bolded quote, I disagree that it's true, especially the part that says

Theoretically, you can do that

Because you can't, even theoretically.
Here's why:
1) The physical gold in the vault is stored under a certificate in the name of Digital Gold, not yours. They own the gold. Period.
2) The physical gold is stored in 100g bars, so if you buy 50 tokens, what do you own? Half a bar? Half of which bar? Neither. You own 50 tokens.
3) If you live in/travel to Singapore, can you walk into the bullion office (a facility they offer), present your tokens, pay the $100 admin charge, and walk out with physical gold? No.
Digital Gold have stated quite clearly

Now it is not possible to redeem real gold for GOLD tokens

Therefore, we will not provide such a service in the near future.

This implies, by their use of "now", that this situation may change. Because of the points in 1) and 2), I don't see how it can. Or, more to the point, whether they want it to.

Meanwhile, this project was created a couple of weeks back and you can't aspect all features to be in place by now.

Redeemability for physical is not a "feature," it's a fundamental aspect of the project and any investors should be very clear on exactly what they are buying when they buy a [GOLD] token and that is a token, nothing more.
I don't claim that that necessarily makes this a scam or anything of the sort, but I can't help but take issue with the project admin on this subject, as they have made equivocal statements regarding this.

Unlimited amount of GOLD can be purchased/redeemed at our website instantly 24/7.

For example, the use of the word "redeemed" in reference to tokens. You "sell" tokens everywhere else.
More blatantly, in their T&C's

By purchasing Token you are purchasing a specific amount of physical gold which will remain deposited in Digital Gold vault. Hence you are the owner of that gold.

That's bordering on disingenuous, you are not the owner of that gold, you are the owner of a token issued by a shell company which owns gold. That's a big difference.

I will answer, you can not redeem gold token for real gold, however for every gold token, equivalent amount of gold is stored in BullionStar wallet. Gold token's purpose is to act as an stablecoin, to help crypto people from market volatility.

That's correct, and has been my point all along.
It does beg the question however, what happens in the "Worst Possible Scenario"?
The WPS being that we wake up one morning and all the gold has been legally collected from the vault by Digital Gold Ltd. representatives on presentation of their Vault Certificate at the bullion office, and they've walked off down the street with it.
The current stock would fit in cabin luggage.
Remember, every gram of physical gold has already had 100% of its value realized by Digital Gold Ltd. by the sale of [GOLD] tokens, but they still retain legal and physical ownership and possession of it.
Cute.
What are the tokens worth in that scenario?
What is the smart contract worth then?
What do you, a token holder, do to track down the anonymous Digital Gold Ltd. team that "consists of highly skilled and experienced group of experts in finance, banking, legal, wealth management, IT and blockchain industry"?
Do you go to their registered office in the St Vincent and Grenadines? That's Suite 305 in the Griffith Corporate Centre, an address shared by many controversial companies?
Or do you phone their Hong Kong phone number, which runs on Central European Time?

[libert19]

I will answer, you can not redeem gold token for real gold, however for every gold token, equivalent amount of gold is stored in BullionStar wallet. Gold token's purpose is to act as an stablecoin, to help crypto people from market volatility.

That's correct, and has been my point all along.
It does beg the question however, what happens in the "Worst Possible Scenario"?
The WPS being that we wake up one morning and all the gold has been legally collected from the vault by Digital Gold Ltd. representatives on presentation of their Vault Certificate at the bullion office, and they've walked off down the street with it.
The current stock would fit in cabin luggage.
Remember, every gram of physical gold has already had 100% of its value realized by Digital Gold Ltd. by the sale of [GOLD] tokens, but they still retain legal and physical ownership and possession of it.
Cute.
What are the tokens worth in that scenario?
What is the smart contract worth then?
What do you, a token holder, do to track down the anonymous Digital Gold Ltd. team that "consists of highly skilled and experienced group of experts in finance, banking, legal, wealth management, IT and blockchain industry"?
Do you go to their registered office in the St Vincent and Grenadines? That's Suite 305 in the Griffith Corporate Centre, an address shared by many controversial companies?
Or do you phone their Hong Kong phone number, which runs on Central European Time?

You literally roasted me there mate, these are all legal questions you presented and I'd wait for gold team's response on that.

[tmfp]

You literally roasted me there mate, these are all legal questions you presented and I'd wait for gold team's response on that.

Nothing personal my friend, just asking for some clarity. I hope people don't think I'm FUDing because I'm not.
I live and invest by my Sig. 

[wwzsocki]

Nothing personal my friend, just asking for some clarity. I hope people don't think I'm FUDing because I'm not...

Of course, you are not FUDing here and you have made a very strong point in this discussion with your questions and doubts. I would like to hear all the answers to your questions from the Digital Gold team also.

Nobody is a shill here, I assume and when I find something suspicious I will be the first to raise the red flags and warn the community. So far I am really impressed by Digital Gold and was almost sure that redeem of physical gold is possible because I have read about it.

The only thing which I didn't like was the anonymous team, but after discussion and second thought I agreed that there are many projects with anonymous teams and even BTC is created like this, so this should be not a problem, despite I don't like it.

Now is the second problem which you raised with this inconsistency of statements about the redemption of physical gold because I think it should be possible by bigger amounts, especially if the redemption fees don't matter for the investor.

Let's wait for the Digital Gold team to join this discussion and answer all questions and doubts.

[hulla]

I'm afraid @Posi was right when he said he guess you understand this project concept because you definitely misunderstand what the BM said when he said "Theoretically, you can do that, but practically it does not make any sense. You will have to pay for delivery and other payments when the gold will arrive in your country. It is much easier to sell GOLD token after the investment term will end and buy for that money physical gold in your country."

I don't misunderstand the bolded quote, I disagree that it's true, especially the part that says

Theoretically, you can do that

Because you can't, even theoretically.
Here's why:
1) The physical gold in the vault is stored under a certificate in the name of Digital Gold, not yours. They own the gold. Period.
2) The physical gold is stored in 100g bars, so if you buy 50 tokens, what do you own? Half a bar? Half of which bar? Neither. You own 50 tokens.
3) If you live in/travel to Singapore, can you walk into the bullion office (a facility they offer), present your tokens, pay the $100 admin charge, and walk out with physical gold? No.
Digital Gold have stated quite clearly

Now it is not possible to redeem real gold for GOLD tokens

Therefore, we will not provide such a service in the near future.

This implies, by their use of "now", that this situation may change. Because of the points in 1) and 2), I don't see how it can. Or, more to the point, whether they want it to.

Meanwhile, this project was created a couple of weeks back and you can't aspect all features to be in place by now.

Redeemability for physical is not a "feature," it's a fundamental aspect of the project and any investors should be very clear on exactly what they are buying when they buy a [GOLD] token and that is a token, nothing more.
I don't claim that that necessarily makes this a scam or anything of the sort, but I can't help but take issue with the project admin on this subject, as they have made equivocal statements regarding this.

Unlimited amount of GOLD can be purchased/redeemed at our website instantly 24/7.

For example, the use of the word "redeemed" in reference to tokens. You "sell" tokens everywhere else.
More blatantly, in their T&C's

By purchasing Token you are purchasing a specific amount of physical gold which will remain deposited in Digital Gold vault. Hence you are the owner of that gold.

That's bordering on disingenuous, you are not the owner of that gold, you are the owner of a token issued by a shell company which owns gold. That's a big difference.

You make a good point about using the token to redeem physical gold in future but the last time i checked what the project BM said was "At the moment, the real gold selling service is unavailable because of the huge additional costs for our company. Maybe we will start to do that in the future when the gold amount in the storage grow and the demand will grow. For example, a $50-100 one-time fee paid for such service. Of course, maybe it will be more profitable for you if you will buy now a few grams, but some 100 grams because of our market price without additional broker or bank fees." and i don't know where you get the impression of the team not providing such a service in the near future.
It will be good if the BM clear the air though.
@libert19, my bad I mean a couple of months not weeks.

[GOLD_official]

All rewards for the bounty campaign payed for October participants! Well done!

The GOLD token was listed on Bitforex today! Deposits, trading, and withdrawal works fine. Three trading pairs are available GOLD/BTC, GOLD/USDT, GOLD/ETH

[Mila52]

All rewards for the bounty campaign payed for October participants! Well done!

Thank you. The exchange on  gold.storage market GOLD/BTC and GOLD/ETH really works fine. Quickly, without additional burdensome actions-ordered and received. Of course, I'm waiting for answers to the questions raised in this topic. Personally, I'm confused by the sample the purity of gold 99.99%. Are there experts who evaluate gold in  deposited in Digital Gold vault? How and by whom being audited?

[Cnut237]

All rewards for the bounty campaign payed for October participants! Well done!

The GOLD token was listed on Bitforex today! Deposits, trading, and withdrawal works fine. Three trading pairs are available GOLD/BTC, GOLD/USDT, GOLD/ETH

Hi, I've sent you a message. Please could you advise? Thanks!

[ChrisPop]

It just my thinking though and I think it will be good if I tell the team about it since part of not easy to use of gold was one of the reason why fiat currency was implemented then.

I wouldn't be so sure.. We had the gold standard back in the days and here is what google says about why the model failed: "Because the global gold supply grows only slowly, being on the gold standard would theoretically hold government overspending and inflation in check. ... The country effectively abandoned the gold standard in 1933, and completely severed the link between the dollar and gold in 1971."

I think the true reason was the inability of the government/authorities to control the economy. So if each 1 US dollar is pegged to a number of gold, then they could have easily denominate them. People underestimate the power of adding or cutting a decimal. haha

[GOLD_official]

Let me tell all about the GOLD token exchange for real gold. We do not have any demand for such a service now, that’s why we do not provide it.

For example, you have 10 GOLD tokens worth $500 and you want to exchange them to the real gold. Our company should pay around $200-300 for taking gold from the vault and deliver it to your place. If the service is claimed, then the overhead costs will certainly decrease. You will pay another $ 50 for delivery, and possibly some taxes, customs clearance, etc.

Instead of all these difficult procedures, you can instantly sell GOLD tokens for $500 and immediately buy physical gold ALREADY IN YOUR country, without paying for its delivery, customs clearance, etc.

This is what we had in mind, saying that theoretically, the exchange of the GOLD token for physical gold is possible, but in practice, this service is not so relevant now.

Regards,
Support Team @ Digital Gold
https://gold.storage (https://gold.storage)

[watergold]

GOLD_official what about this thread https://bitcointalk.org/index.php?topic=5200391.0 cryptex.net SCAM ALERT what about the GOLD token there will it be safe? I know that there are still those who trade GOLD tokens.

[ryzaadit]

Let me tell all about the GOLD token exchange for real gold. We do not have any demand for such a service now, that’s why we do not provide it.
-snip-

Finally, you explain this to us.

I asked this question a few weeks ago, however it is only team gold can claim the gold physical right?. Let's say we have some problem with the project and teams like fraud or other bad things happen, can we also make a claim to Bullion Star with the token without the team if we got some case like thats.

[GOLD_official]

GOLD_official what about this thread https://bitcointalk.org/index.php?topic=5200391.0 cryptex.net SCAM ALERT what about the GOLD token there will it be safe? I know that there are still those who trade GOLD tokens.

Dear watergold,

Digital Gold is not affiliated with this exchange in order to comment on the scam alert problems. Our token has been listed there, we will follow the news about Cryptex exchange.


By the way we have great news! Digital Gold continues to move on. We issued 2000 GOLD tokens and added 2 kilos of gold to the BullionStar vault. Gold availability can be checked in real-time on the website https://www.bullionstar.com/myaccount/audit account number 17081. The total amount in the vault is 9200 grams of gold.

Regards,
Support Team @ Digital Gold
https://gold.storage (https://gold.storage)