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

[hulla]

I think this is great news for the Digital Gold project that Tether wants to start with exactly the same concept which is tokenized gold.
Of course, it will be a really strong concurrent for the GOLD token, but taking into consideration the advertisement which Tether will make for tokenized gold, it can be useful also for the DIgital Gold project and the entire market niche.

The recent intiatives from Tether shows us that there are good demands on tokens that are stably backed by stable assets, Tether, Gold, whatsover. This news from Tether and the acceptance from community are good for Gold tokens (no matter they are launched by which companies).

You might be right but Tether issuing Gold back stable coin was not because of the high demand of precious metals back stable coin but Tether understanding that they failed to provide crypto users and investors by backing their crypto with fiat which was the reason Satoshi created bitcoin as an alternative solution to inflation.

[wwzsocki]

...This news from Tether and the acceptance from community are good for Gold tokens (no matter they are launched by which companies).

...Tether understanding that they failed to provide crypto users and investors by backing their crypto with fiat which was the reason Satoshi created bitcoin as an alternative solution to inflation.

Imagine that this Tether (USDT) ball is still rolling, only because Bitfinex is not closed yet, they keep printing Tether from the thin air and now expand even more with the tokenized gold product. If there will be such a black time on the market and many will exchange their USDT to USD (or any other currency) and withdraw to bank accounts, believe me, this will be the day when Tether collapse because there is not enough "pegged" money in the bank to afford such massive withdrawals. So simple is that.

There was lately a special event created, so-called "check the exchanges day" (and of course coins like Tether), how they really stand out and people were asked to withdraw for one or a couple of days all the money and coins from exchanges and services as Defi or any others. Of course, it was a total fiasco and almost nobody heard about it, only a few people.

Now let's try to guess why media and crypto influencers haven't advertised such a great event?
Because such day will end up the crypto market once for all and all crypto prices will fall to zero in no time, believe me. That is why nobody mentioned it.

I think that this is good for overall advertising for tokenized gold that Tether step into this market but all the rest makes me even more nervous.
Tether is a real threat to the entire crypto market.

[NeuroticFish]

You might be right but Tether issuing Gold back stable coin was not because of the high demand of precious metals back stable coin but Tether understanding that they failed to provide crypto users and investors by backing their crypto with fiat which was the reason Satoshi created bitcoin as an alternative solution to inflation.

I think that you are wrong. USDT is not backed, not for real. They failed to provide proper, reliable 3rd party audit for the funds.
And I think that Tether issuing gold-backed coin is just another marketing gimmick to fool investor wannabes and they will, again, not back it with anything, just pull numbers out of the hat.

[tbct_mt2]

I think that you are wrong. USDT is not backed, not for real. They failed to provide proper, reliable 3rd party audit for the funds.
And I think that Tether issuing gold-backed coin is just another marketing gimmick to fool investor wannabes and they will, again, not back it with anything, just pull numbers out of the hat.

Tether is only partially backed by USD, and by the other fiats. The shady issue of USDT has repeatedly caused massacres for crypto market over its history. I won't go to be surprised if someday bad news relate with USDT return and help whales to manipulate price movements of the market.

I don't consider good or bad projects are the only thing that decide I trade with such assets. When there are good entry points (with dumps and I can see the safe points to enter) I will join even projects are not too good for long term growth. For good projects, it is not always good to enter at any price and any period, buy and exit to take profits are strongly correlated with market conditions, and traders have to take care of their funds and their entry price. The good news for good projects is in the long run, investors or traders won't get losses only if they don't buy at all time highs and don't sell at bottoms (panic or lose their patience).

[NeuroticFish]

I don't consider good or bad projects are the only thing that decide I trade with such assets.

If you do day trade this should usually not be a problem.
But gold backed coins are not necessarily for day trading. Their better use is holding, on the premise that gold is bound to rise.
And if a gold backed coin is actually not backed (as I expect from Tether), the holders may face an ugly surprise at some point sooner or later.

[EscTel]

On which exchange this coin is listed and wts the current value of this coin? How can we be sure that every coin is backed by Gold. Will be grateful if you can provide the answers.

[GOLD_official]

On which exchange this coin is listed and wts the current value of this coin? How can we be sure that every coin is backed by Gold. Will be grateful if you can provide the answers.

Dear EscTel,

Our token listed on Catex, Coinsbit, Cryptex, Livecoin, and Bitforex. Of cource you can change GOLD token using our marketplace https://gold.storage/en/market. The value of the GOLD token is straight to the gold market. You can check the price in the marketplace or other exchanges.

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

[hosseinimr93]

How can we be sure that every coin is backed by Gold. Will be grateful if you can provide the answers.

Each gold token is equal to one gram of gold.
Now the circulation supply is 9200 tokens. This can be verified via Ethereum explorer. (Visit the link below).
https://etherscan.io/token/0x0d16450d347c12c086d6c94c76c5aaac35ea07e0

As the explorer shows, no more tokens have been created.

The physical gold is stored in BullionStar's vaults. You can use the link below to verify number of 100 gram gold cast bars owned by Digital Gold.
https://www.bullionstar.com/myaccount/audit

The account number of digital gold is 17081.
Enter 17081 and click on search button.
You will see that digital gold own 92 bars.

Therefore there are 9200 gram physical gold that back 9200 gold tokens.

[tippytoes]

How can we be sure that every coin is backed by Gold. Will be grateful if you can provide the answers.

Each gold token is equal to one gram of gold.
Now the circulation supply is 9200 tokens. The circulation supply can be verified via Ethereum explorer. (Visit the link below).
https://etherscan.io/token/0x0d16450d347c12c086d6c94c76c5aaac35ea07e0

As the explorer shows, no more tokens have been created.


Also, you can use the link below to verify number of 100 gram gold cast bars owned by Digital Gold.
https://www.bullionstar.com/myaccount/audit

The account number of digital gold is 17081.
Enter 17081 and click on search button.
You will see that digital gold own own 92 bars.
So there are 9200 gram physical golds that back 9200 gold tokens.

Actually, this is one of the gold-backed projects that seemed to be authentic and following the number of their gold assets. As you can see, they are not giving you large numbers as compared to other gold-related projects. And you can also verify their assets. Hopefully, they will stay that way, being transparent and honest with their gold holdings.

[wwzsocki]

Actually, this is one of the gold-backed projects that seemed to be authentic and following the number of their gold assets. As you can see, they are not giving you large numbers as compared to other gold-related projects. And you can also verify their assets. Hopefully, they will stay that way, being transparent and honest with their gold holdings.

I agree with you that in such a project there is no other way for Digital Gold to establish trust with clients as to be transparent as possible and that is what they actually do with all available information about the audits and exact numbers of stored gold in the vault.

I see Digital Gold is making good progress and many people already know about the GOLD token. Additionally, they try to provide more security using really good and recognized companies to cooperate with, of course, I am talking about BullionStar, as a vault service because it is widely recognized on the market and has a very good reputation. One can be 100% sure that the numbers provided in BullionStar audits are fully transparent and real.

This is important because the Tether (USDT) case shows us, that there are multiple ways to fake audits, even on such scale as they did, which is billions.
There were multiple checkings, audits, and everything seemed to be ok, until finally, authorities checked properly bank accounts   and how much money is actually there?
As we all know, not too much, but this is the problem that Tether worked with not known audit services, with no reputation and almost no history behind them and now we know why.
They even could set up such service using friends and connections only to be "audited" and able to print billions from the air, to some extent brilliant. This guy is now one of the reachest people in the world, only in a couple of years. 
                                                                                                                                                                                               

[bakasabo]

I see Digital Gold is making good progress and many people already know about the GOLD token.

To confirm what wwzsocki is talking about - take a look on a daily trading volume. Its almost $11 millions. The GOLD tokens is in top100 by daily trading volume among all the tokens and coins on coinmarketcap. This is amazing how token that is in 1353 place in overall ranking does 0.01% of a daily trading volume among all the cryptocurrency.

[GOLD_official]

I see Digital Gold is making good progress and many people already know about the GOLD token.

To confirm what wwzsocki is talking about - take a look on a daily trading volume. Its almost $11 millions. The GOLD tokens is in top100 by daily trading volume among all the tokens and coins on coinmarketcap. This is amazing how token that is in 1353 place in overall ranking does 0.01% of a daily trading volume among all the cryptocurrency.

Dear bakasabo,

The overall Coinmarketcap rating is calculated by market capitalization. However, specifically for the GOLD token, it was not compiled correctly, which is reflected on the page itself https://coinmarketcap.com/currencies/digital-gold/ With the total number of 9196 issued GOLD tokens , only 3551 GOLD tokens are used to calculate the market capitalization. We also remind you that there is no problem to mint 10,000 or 100,000 tokens, as dozens of projects have done before us. Digital Gold only mint token to the market, which are 100% backed by physical gold stored under audit in the BullionStar vault. Initially, we issued 7200 GOLD tokens. After some of them were used by investors, we bought more gold bars and minted 2000 GOLD tokens more.

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

[ChrisPop]

Dear bakasabo,

The overall Coinmarketcap rating is calculated by market capitalization. However, specifically for the GOLD token, it was not compiled correctly, which is reflected on the page itself https://coinmarketcap.com/currencies/digital-gold/ With the total number of 9196 issued GOLD tokens , only 3551 GOLD tokens are used to calculate the market capitalization. We also remind you that there is no problem to mint 10,000 or 100,000 tokens, as dozens of projects have done before us. Digital Gold only mint token to the market, which are 100% backed by physical gold stored under audit in the BullionStar vault. Initially, we issued 7200 GOLD tokens. After some of them were used by investors, we bought more gold bars and minted 2000 GOLD tokens more.

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

Check your PM please.

[hulla]

You might be right but Tether issuing Gold back stable coin was not because of the high demand of precious metals back stable coin but Tether understanding that they failed to provide crypto users and investors by backing their crypto with fiat which was the reason Satoshi created bitcoin as an alternative solution to inflation.

I think that you are wrong. USDT is not backed, not for real. They failed to provide proper, reliable 3rd party audit for the funds.
And I think that Tether issuing gold-backed coin is just another marketing gimmick to fool investor wannabes and they will, again, not back it with anything, just pull numbers out of the hat.

I knew they couldnt provided audit fund which the project was backed and this are the reason why they are sued by the Attorney General for defraud their customers. But their claim was USDT is back by $1 which is also the only way i can make people understand my message.

How can we be sure that every coin is backed by Gold. Will be grateful if you can provide the answers.

Each gold token is equal to one gram of gold.
Now the circulation supply is 9200 tokens. The circulation supply can be verified via Ethereum explorer. (Visit the link below).
https://etherscan.io/token/0x0d16450d347c12c086d6c94c76c5aaac35ea07e0

As the explorer shows, no more tokens have been created.


Also, you can use the link below to verify number of 100 gram gold cast bars owned by Digital Gold.
https://www.bullionstar.com/myaccount/audit

The account number of digital gold is 17081.
Enter 17081 and click on search button.
You will see that digital gold own own 92 bars.
So there are 9200 gram physical golds that back 9200 gold tokens.

Actually, this is one of the gold-backed projects that seemed to be authentic and following the number of their gold assets. As you can see, they are not giving you large numbers as compared to other gold-related projects. And you can also verify their assets. Hopefully, they will stay that way, being transparent and honest with their gold holdings.

Youre right buddy and this project is a self funding project with no ICO,IEO,public or private sales. Besides, if you check all self funding project in the crypto market you'll see that they are for real.
They definitely be honest/transparent forever

[suzanne5223]

Trying to prepare myself for some market correction that may occur before the bull run market totally take over the market but i would like to know from you guys or the Gold token BM if the Gold token marketplace now recognize "bc1" as bitcoin wallet?

[libert19]

Trying to prepare myself for some market correction that may occur before the bull run market totally take over the market but i would like to know from you guys or the Gold token BM if the Gold token marketplace now recognize "bc1" as bitcoin wallet?

It does not yet, I just tried to make a transaction from gold to BTC, it doesn't recognize bc1 address.

[GOLD_official]

Trying to prepare myself for some market correction that may occur before the bull run market totally take over the market but i would like to know from you guys or the Gold token BM if the Gold token marketplace now recognize "bc1" as bitcoin wallet?

Dear suzanne5223,

Now we are working on adding this type of wallet to our marketplace. We will announce that update when it will be ready.

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

[suzanne5223]

Trying to prepare myself for some market correction that may occur before the bull run market totally take over the market but i would like to know from you guys or the Gold token BM if the Gold token marketplace now recognizes "bc1" as bitcoin wallet?

Dear suzanne5223,

Now we are working on adding this type of wallet to our marketplace. We will announce that update when it will be ready.

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

It good to hear that but it will be nice if you guys could that done asap because I'm not the first person to have complained about the problem and if you guys could get it to fix it may boost the project traffic before the bullish market.

[JeromeTash]

It good to hear that but it will be nice if you guys could that done asap because I'm not the first person to have complained about the problem and if you guys could get it to fix it may boost the project traffic before the bullish market.

I think there is probably something about implementing segwit support especially for exchanges. In the past i have seen even popular platforms and wallets take a lot of time before rolling out the segwit support. So, I know it may take some time but its positive news that they are working on it 

[wwzsocki]

Another very fast and successful transaction in the Digital Gold Marketplace, it took literally 5 minutes and only because transactions on Ethereum blockchain are taking so long.

The time should be also improved when Ethereum will be finally POS mined and scalability problems resolved.

Then GOLD token transactions could be even nearly instant, how cool is that?



This is such a super-easy way to buy, sell and exchange GOLD token that it should attract many people to invest in tokenized gold.

I am sure that we will see a significant spike in GOLD token usage when the real gold begins to rally again.