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

[tbct_mt2]

Thats correct but I believe the Digital Gold storage team still have to do something because it may somehow affect their project in the future when the project gain huge traffic newbies may misunderstand the imitate project for Gold token. Besides, this is an act of using the influence of this project to gain crypto investors attention.

The team must not silent about this.

It is sure that the initial project with token named as GOLD should be listed by Myetherwallet by default not by customization on token name. I don't have problem with it because I know what is Digital Gold token (its contract, decimal, etc.) and know what I am looking for.

Unfortunately, for newbies who have not known about the token, or get invitation to invest in the token, might feel confused about it and might give up. I don't know the progress of Myetherwallet to list token on their list and fee (?). What happened is strange, the wallet lifted later created tokens to the top, not Digital Gold.

[1714198866]

1714198866

[1714198866]

1714198866

[libert19]

I haven't checked all but even some tokens are using the same ticker as yours (GOLD) this can easily confuse traders/investors
Like this one: https://mercatox.com/exchange/GOLD/ETH

Great point!

It happened only last 2 or 3 months and you should know Digital Gold token is the first GOLD token is backed by gold. The other tokens with name as GOLD are born later than this one.

Thats correct but I believe the Digital Gold storage team still have to do something because it may somehow affect their project in the future when the project gain huge traffic newbies may misunderstand the imitate project for Gold token. Besides, this is an act of using the influence of this project to gain crypto investors attention.

The team must not silent about this.

Scammers impersonate legit persons/projects all the time, it's just something you have to accept it. The most they can do is spread awareness, and if people still fall for it, then it's no one's fault but themselves.

Also, always use contract address (find on official website) don't believe in directly added tokens or portfolio trackers.

[NeuroticFish]

Scammers impersonate legit persons/projects all the time, it's just something you have to accept it. The most they can do is spread awareness, and if people still fall for it, then it's no one's fault but themselves.

Also, always use contract address (find on official website) don't believe in directly added tokens or portfolio trackers.

The problem is that a name like "GOLD" cannot be copyrighted, making it just easier for others to make use of your efforts in marketing. Some can even be legit projects, although I expect that indeed most are scam.
While in wallet checking/ensuring contract address is correct is a must, I think that most exchanges don't show it and that can cause problems (people buying the wrong token).

[posi]

I don't know the progress of Myetherwallet to list token on their list and fee (?).

The problem started when the smart contract is created but myetherwallet could also do some correction if they reject and told the imitator the ticker is already in used.
The progress of myetherwallet token listing is done through Myether Github and the project owner is in charge of adding a manual fee during the listing process but the free is usually defines the network status.

What happened is strange, the wallet lifted later created tokens to the top, not Digital Gold.

Don't understand you.

I haven't checked all but even some tokens are using the same ticker as yours (GOLD) this can easily confuse traders/investors
Like this one: https://mercatox.com/exchange/GOLD/ETH

Great point!

It happened only last 2 or 3 months and you should know Digital Gold token is the first GOLD token is backed by gold. The other tokens with name as GOLD are born later than this one.

Thats correct but I believe the Digital Gold storage team still have to do something because it may somehow affect their project in the future when the project gain huge traffic newbies may misunderstand the imitate project for Gold token. Besides, this is an act of using the influence of this project to gain crypto investors attention.

The team must not silent about this.

Scammers impersonate legit persons/projects all the time, it's just something you have to accept it. The most they can do is spread awareness, and if people still fall for it, then it's no one's fault but themselves.

Also, always use contract address (find on official website) don't believe in directly added tokens or portfolio trackers.

Accepting that scammers will impersonate legit person/projects is acceptable but doing nothing about it will literally affect the name of legit person/project. Moreover, we cant all have the knowledge of using smart contracts to detect genuine projects even if we do what about those that find the project through some exchange will they have the chance of using a smart contract address for verification?

We need to make the crypto world more healthy for all of us.

[JeromeTash]

Dear Jerometash,

Unfortunately, we cannot influence the creation of new tokens using the GOLD ticker. Now there are many scammers who are trying to sell newly created tokens under the guise of our tokens. If you notice that our logos, information or something else used not correctly, please report that. We'll try to contact with the developers of the websites and talk about that.

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

For a start you can try contacting the bitUniverse team to correct information concerning your token so that they don't misrepresent it with other unrelated tokens. They are always open for corrections.
1. service@bituniverse.org
2. https://t.me/bituniverse
3. https://twitter.com/bituniverse_org
4. https://www.reddit.com/r/BitUniverse/

[tbct_mt2]

What happened is strange, the wallet lifted later created tokens to the top, not Digital Gold.

Don't understand you.

I am sorry for the typo.

I meant is the wallet (Myetherwallet) moved token that is created later than Digital Gold to the first one position as default GOLD token. It happened recent months (maybe 2 months). When you log in your Myetherwallet account, choose customize token list, and enter contract, decimal, you will see their warning that there is already GOlD token in the list, and you should name the new token you want to add as GOLD2, or other but need to be different than GOLD.

I don't know the progress of Myetherwallet to list token on their list and fee (?).

The problem started when the smart contract is created but myetherwallet could also do some correction if they reject and told the imitator the ticker is already in used.
The progress of myetherwallet token listing is done through Myether Github and the project owner is in charge of adding a manual fee during the listing process but the free is usually defines the network status.

I meant how Myetherwallet sorts out their token list. With the similar tokens, the one is listed firstly on Myetherwallet should be a default token and it should be the Digital Gold token, not the others.

[libert19]

Scammers impersonate legit persons/projects all the time, it's just something you have to accept it. The most they can do is spread awareness, and if people still fall for it, then it's no one's fault but themselves.

Also, always use contract address (find on official website) don't believe in directly added tokens or portfolio trackers.

The problem is that a name like "GOLD" cannot be copyrighted, making it just easier for others to make use of your efforts in marketing. Some can even be legit projects, although I expect that indeed most are scam.
While in wallet checking/ensuring contract address is correct is a must, I think that most exchanges don't show it and that can cause problems (people buying the wrong token).

Well, you can't expect to be spoonfed every detail.

One can go to the coinmarketcap and check on which exchanges it's listed. if you are unsure you can always ask exchange support (most have support on telegram where you can get instant reply to query), Digital gold also have live support on website.

[posi]

What happened is strange, the wallet lifted later created tokens to the top, not Digital Gold.

Don't understand you.

I am sorry for the typo.

I meant is the wallet (Myetherwallet) moved token that is created later than Digital Gold to the first one position as default GOLD token. It happened recent months (maybe 2 months). When you log in your Myetherwallet account, choose customize token list, and enter contract, decimal, you will see their warning that there is already GOlD token in the list, and you should name the new token you want to add as GOLD2, or other but need to be different than GOLD.

I have checked new token that was created after Digital Gold but the reason the token was moved to the first position (default) is because the team involve submitted the token for default listing while Digital Gold team dont and thats how myether default listing works. For more information

I don't know the progress of Myetherwallet to list token on their list and fee (?).

The problem started when the smart contract is created but myetherwallet could also do some correction if they reject and told the imitator the ticker is already in used.
The progress of myetherwallet token listing is done through Myether Github and the project owner is in charge of adding a manual fee during the listing process but the free is usually defines the network status.

I meant how Myetherwallet sorts out their token list. With the similar tokens, the one is listed firstly on Myetherwallet should be a default token and it should be the Digital Gold token, not the others.

The long existing of token a certain token to be set as default.

[webtricks]

Scammers impersonate legit persons/projects all the time, it's just something you have to accept it. The most they can do is spread awareness, and if people still fall for it, then it's no one's fault but themselves.

Also, always use contract address (find on official website) don't believe in directly added tokens or portfolio trackers.

The problem is that a name like "GOLD" cannot be copyrighted, making it just easier for others to make use of your efforts in marketing. Some can even be legit projects, although I expect that indeed most are scam.
While in wallet checking/ensuring contract address is correct is a must, I think that most exchanges don't show it and that can cause problems (people buying the wrong token).

Well, you can't expect to be spoonfed every detail.

One can go to the coinmarketcap and check on which exchanges it's listed. if you are unsure you can always ask exchange support (most have support on telegram where you can get instant reply to query), Digital gold also have live support on website.

Or better go to the 'Marketplace' page on the office website - https://gold.storage/en/market

All the supporting exchanges are listed on this page along with the direct link to the GOLD trading pair. Digital Gold stopped providing liquidity on Livecoin as explained here: https://bitcointalk.org/index.php?topic=5161544.msg54805410#msg54805410 so except Livecoin, it's ok to buy from any other exchange by clicking the link or directly from marketplace page by filling the form.

[tbct_mt2]

I have checked new token that was created after Digital Gold but the reason the token was moved to the first position (default) is because the team involve submitted the token for default listing while Digital Gold team dont and thats how myether default listing works. For more information

I know it is their wallet and their listing rules but it is not a right thing to do if developers of projects can submit to list their tokens as default one. It can be accepted and reasonable if a token is the first one but if it is not the first one, and is born after another or others it will be a shame. Such rule can mislead investors because almost always later-born projects are copy-cats of first projects.

About good exchanges to buy or trade GOLD token, the Bitforex.com exchange is the best. It is one of three exchanges are listed in Gold marketplace and it is the only exchange that is counted by coinmarketcap.com..

Regarding to the order of listing, it seems coinmarketcap.com does better. If you manually search with GOLD as searching keyword, you will see the Digital Gold token appears at the first position in the list. 

[GOLD_official]

Dear Jerometash,

Unfortunately, we cannot influence the creation of new tokens using the GOLD ticker. Now there are many scammers who are trying to sell newly created tokens under the guise of our tokens. If you notice that our logos, information or something else used not correctly, please report that. We'll try to contact with the developers of the websites and talk about that.

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

For a start you can try contacting the bitUniverse team to correct information concerning your token so that they don't misrepresent it with other unrelated tokens. They are always open for corrections.
1. service@bituniverse.org
2. https://t.me/bituniverse
3. https://twitter.com/bituniverse_org
4. https://www.reddit.com/r/BitUniverse/

Dear JeromeTash,

Thanks for that info. Will contact them soon.

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

[NeuroticFish]

I've just read that another stablecoin you see as competition "expanded" to also work on another new blockchain.
Of course, one cause is the big fees on Ethereum blockchain. I see it also as extra advertising.
Clearly, I don't know how difficult this is to be implemented, but now there are plenty of blockchains where tokens and smart contracts work.
I'd love to see GOLD also on WAVES chain for example.

[webtricks]

I've just read that another stablecoin you see as competition "expanded" to also work on another new blockchain.
Of course, one cause is the big fees on Ethereum blockchain. I see it also as extra advertising.
Clearly, I don't know how difficult this is to be implemented, but now there are plenty of blockchains where tokens and smart contracts work.
I'd love to see GOLD also on WAVES chain for example.

And what benefit would the project actually gain by running on various blockchains?

It is understandable for projects like USDT to have multi-chain support because stable dollar coins are used as base currency on crypto exchange and required frequently by users for trading purposes. Hence, the more network these coins are on, better and cheaper it would be for the users.

But GOLD is primarily an investment coin. I don't think $1-2.5 fees would be considerable factor for anyone looking to invest in gold for notable period. Moreover, Ethereum is biggest and most secure Smart Contracts supporting blockchain. Shifting to the other blockchain will just open gate to other vulnerabilities.

I would recommend to keep projects like DIGITAL GOLD on single and most secure blockchain i.e. Ethereum (apart from Bitcoin).

[wwzsocki]

...I would recommend to keep projects like DIGITAL GOLD on single and most secure blockchain i.e. Ethereum (apart from Bitcoin).

Can't agree with you here.

We have already plenty of good, checked and secure blockchains, not only cheaper than Ethereum but also compatible with it, let's take Binance for example.
Of course, I also understand the reasons why the Digital Gold team launched their GOLD token on the ETH network, but if ETH 2.0 will be further postponed with no clear launch date at an acceptable time, then I am sure many projects will turn their eyes to other blockchains, to be honest, many of them already did it.

The main problems are transaction fees and processing time, we have all witnessed what can happen when the Ethereum network gets congested.
Lately, the gas is little lower and stabilized around 50 gwei, but this is still 5 to 10 times more what we have paid just a few months ago and the situation looks better only because USDT transition to another blockchain, which made some space in the Ethereum network, but we all know that only one project with big hype is enough to make it not usable again.

If something is not usable and people can't rely on it all the time, especially, when it comes to finances, then there is a big chance that they will change it to something more efficient and trustworthy. GOLD token for some time was one of a kind, but today we already have at least a few competitors. They are only waiting for the Digital Gold team mistake to take their market share.
This mistake could be to stay on the ETH blockchain when the fees explode and other tokens are transiting to cheaper and better solutions because with ETH 2.0 seems that there is still a long way to go.

Just my 2 GOLD tokens   .

[NeuroticFish]

And what benefit would the project actually gain by running on various blockchains?

It is understandable for projects like USDT to have multi-chain support because stable dollar coins are used as base currency on crypto exchange and required frequently by users for trading purposes. Hence, the more network these coins are on, better and cheaper it would be for the users.

But GOLD is primarily an investment coin. I don't think $1-2.5 fees would be considerable factor for anyone looking to invest in gold for notable period. Moreover, Ethereum is biggest and most secure Smart Contracts supporting blockchain. Shifting to the other blockchain will just open gate to other vulnerabilities.

I would recommend to keep projects like DIGITAL GOLD on single and most secure blockchain i.e. Ethereum (apart from Bitcoin).

Various blockchains also means advertising.
And I think that although it can be seen as an investment coin, GOLD team would like to get to (much) higher volumes traded (and bought).
The "$1-2.5 fees" were more like $3-4 for me in the last 2 months and I believe that not everybody buys or sells 10k$ gold at once to say indeed that fees are insignificant.
And while Ethereum is indeed big, I simply don't like it. Never did. And no, Ethereum is by far not not only secure altcoin.

All in all, recommending as you did sounds quite strong. I would not go that far. I believe it's 100% up to GOLD team to decide (or ignore!). There are plenty of details to think about and you or me may easily miss quite a big number of them.

but if ETH 2.0 will be further postponed with no clear launch date at an acceptable time, then I am sure many projects will turn their eyes to other blockchains, to be honest, many of them already did it.

You did understand my point, thank you for that.
Indeed, Ethereum has already a history of failed and postponed upgrades/releases.

The only reasons I see for remaining only on ETH these times would be expected long development time for getting onto another chain too and expectations that GOLD token will become much more interesting for Bitcoiners only when Bitcoin gets nearer to the next ATH (and GOLD will act as a safety net in the next "crypto winter") so there's still time for ETH to get in shape until then.

[tbct_mt2]

Many people are discussing about  transaction fee on ETH network but no one has mentioned about how to cancel stucked transactions and replace them with a new one. Advantages are you can apply those steps to cancel or replace transactions. Disadvantages are you won't get 100% success rate.

[GUIDE] How to cancel or replace an ETH transaction (Metamask, MEW, MyCrypto)

Some recent articles about fees on ETH network:
https://www.theblockcrypto.com/linked/79452/ethereum-miner-revenue-september-gas-fees

[Analysis] DeFi as the cause of high gas prices

[hulla]

I'd love to see GOLD also on WAVES chain for example.

So they could follow the idea integrated by Tether when they choose to use 3 blockchain? But waves is one of the worse smart contract networks and if the team decide to put your advice to work I think they have to choose a strong and secure decentralized network.

Many people are discussing about  transaction fee on ETH network but no one has mentioned about how to cancel stucked transactions and replace them with a new one. Advantages are you can apply those steps to cancel or replace transactions. Disadvantages are you won't get 100% success rate.

You are absolutely righf cause this need go be discussed to help the newbies and one of the disadvantages cancel and replace a stuck transaction with another one on ETH network is fhat the previous transaction fee wont be refunded.

[hosseinimr93]

You are absolutely righf cause this need go be discussed to help the newbies and one of the disadvantages cancel and replace a stuck transaction with another one on ETH network is fhat the previous transaction fee wont be refunded.

The fee paid for the first transaction (stuck transaction) does return to you. But since for canceling a transaction, you need to make a new transaction to yourself, you have to pay fee for a new transaction.
This is same as bitcoin when you double spend a stuck transaction to yourself.

[wwzsocki]

...since for canceling a transaction, you need to make a new transaction to yourself, you have to pay fee for a new transaction...

Nobody mention that this fee will be minimal at the moment because when you send a transaction to yourself, you need to use a minimal gas limit which is only 25000 gwei.

Stucked transactions occur almost always on very heavily used contracts where gas limits have to be set up much higher also. When we are interacting with very complicated contract or the transaction has to be routed between a few contracts, for example: ETH - wETH - GOLD - wallet, then it makes the gas limit go higher. This is the simplest way to exchange on Uniswap, which needs at least 150.000 gwei gas limit because less will be not successful.

Suggestion: I am using 1inch exchange. You can use their CHI token to lower significantly the ETH gas fees  .
                  This is a DEX aggregator, so you have all Dex exchanges in one place.


https://1inch.exchange/

Another solution is new DEX nobody talks about called Honeyswap.org


https://honeyswap.org/#/swap

Uniswap clone made on XDAI which makes transactions cost 0.0003$ and there is no network congestion problem, additionally, this is also DEX aggregator.

I think we are seeing a big Uniswap competitor here  .

Now back to the GOLD token. The price of real gold (as we expected) is in a downtrend. Nobody knows how deep and how fast the correction will be or if maybe it will bounce up again?

I have heard so many different theories, that to be honest everything is possible, as for now.


https://goldprice.org/live-gold-price.html

GOLD token price follows the real gold, so what are your thoughts about the actual price and future moves of gold?

[GOLD_official]

Now back to the GOLD token. The price of real gold (as we expected) is in a downtrend. Nobody knows how deep and how fast the correction will be or if maybe it will bounce up again?

Dear wwzsocki,

Where did you see a downtrend in the gold price chart? It is just a small correction.

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