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

[hosseinimr93]

Not only this. The good news is transaction fee on ETH network has been low in the last 2 weeks and today. There is problem with gas limit but it is good to see fee in Gwei began to fall back to normal area.

Gas limit is the maximum gas that can be spent for a transaction. Since all gas allocated to a transaction isn't necessarily spent, transaction fee doesn't actually depend on gas limit.
Transaction fee depends on used gas not gas limit.

Used gas in Ethereum is something like transaction size in bitcoin. It doesn't depend on how much network is congested or how fast you want your transaction to be.
Used gas only depends on size of the data included in the transaction.

[NeuroticFish]

To be honest, what you described is a well-known strategy called "dollar-cost averaging" DCA.

I didn't know it "by the book", with proper name and such. But I've found it described here on Bitcointalk and on tweets of crypto-related persons in many occasions. I found it a good rule so I tell it now and then to people asking.
Nice to know it's name and I'll also read the article later today 

[wwzsocki]

I didn't know it "by the book", with proper name and such...

You don't have to know the exact gas limits of course, or even how to correctly count them "by the book", just remember that the more complicated ETH transaction is the more gas is needed.

The simplest transaction on ETH network is between two wallets and the gas limit for such transactions is 25000 gwei.

The simplest transaction on Uniswap needs at least a gas limit of 150.000 gwei, because it will interact with few contracts at least and the more complicated it is the more it will costs.

Simple as that.

If you know that your token will be swapped back and forth at least few times before finally reach your wallet, then for sure the gas limit will be high, so the best way to send it for cheap is to wait for the gas price to be lower.

[hosseinimr93]

The simplest transaction on ETH network is between two wallets and the gas limit for such transactions is 25000 gwei.

If you only send ETH and there is no token involved in the transaction, the used gas would be 21,000.
Also note that, gwei isn't unit of gas limit. gwei is used for gas price.

1 gwei= 0.000000001 ETH

[wwzsocki]

If you only send ETH and there is no token involved in the transaction, the used gas would be 21,000.

Remember that we are talking about gas limits and not actually used gas.

Additionally, I haven't mentioned token or ETH only talked about the simplest transaction, which occurs between two wallets.

The simplest transaction on ETH network is between two wallets and the gas limit for such transactions is 25000 gwei.

[NeuroticFish]

I didn't know it "by the book", with proper name and such...

You don't have to know the exact gas limits of course

I think that you've got carried away or got the wrong quote. I was talking about "dollar-cost averaging", not gas limits.

However, thanks for explaining since ETH fees are quite a challenge for me. So only the quoting is wrong.

[hosseinimr93]

If you only send ETH and there is no token involved in the transaction, the used gas would be 21,000.

Remember that we are talking about gas limits and not actually used gas.

You can always set the gas limit yourself.
The requirement for the gas limit is that it must be equal or bigger than the gas needed to be used for a transaction. Otherwise, the transaction would be failed.
So, when a transaction needs 21,000 units of gas, you can set the gas limit to 21,000.
If you set the gas limit to 25,000 or any other amount bigger than 21,000, the extra gas will return to your wallet.

Take a look at this transaction which I selected randomly from etherscan.
The gas limit has set to 21,000 and 100% of it has been used for the transaction.

[wwzsocki]

I thought that I will see a party in this thread or at last many happy comments from GOLD token holders about the rising gold price and here is so quiet.

No way to let it be like this further and I am very happy to announce that GOLD token is on a run to the moon!!!

Just look at the real gold price chart.


https://goldprice.org/nl/gold-price-chart.html

Looks like the Digital Gold team and few members in this thread were fully right some time ago when they predicted this rise.

I have to admit that such a prediction was really brave because it was at the time of BTC and SP500 correction.

Of course, I am very happy that they were right because I hold a significant bag of GOLD tokens and every time when BTC corrects or the charts looks not promising, I stopped exchanging BTC/ETH to USDT, only use the GOLD token instead because it performs a lot better and gives me additional profits all the time. To be honest many times I even don't go back to BTC, only leave my GOLD tokens in the portfolio and buy BTC with money from different sources.

Now I would like to hear your predictions for GOLD in the near future  

How high will it go?

[Fujiati]

I thought that I will see a party in this thread or at last many happy comments from GOLD token holders about the rising gold price and here is so quiet.

No way to let it be like this further and I am very happy to announce that GOLD token is on a run to the moon!!!

Just look at the real gold price chart.


https://goldprice.org/nl/gold-price-chart.html

When I take a look at the chart, the increase has been continuous from the end of 1st to 3rd November, I'll bet it will reach 62Kusd / kg without a hitch. I extremely suggest to keep holding the gold token in the wallet, the chart is just a beginning move, there will be more.

[NeuroticFish]

Now I would like to hear your predictions for GOLD in the near future  

If you go yearly (or more) on the same chart you'll see that the August 6 spike was not matched yet. Of course, gold is not that far of it either, so it's OK. Actually great, compared with last winter or spring.

What will happen? My guess is that a small dump could be next ("buy on the rumors, sell on the news" + US elections) and then it may go in either direction, but most probably will simply stay close to current levels (maybe slowly grow).

If you look on long period charts the spikes seem to happen in summer and I don't expect anything different for now. This means that I expect a slow down/consolidation period.
However, I am nothing near to a specialist, so I may be awfully wrong.

[wwzsocki]

...I'll bet it will reach 62Kusd / kg without a hitch. I extremely suggest to keep holding the gold token in the wallet...

...My guess is that a small dump could be next... I expect a slow down/consolidation period...

I see that nothing changed from our latest discussion about the GOLD token price and like always, there are as many opinions as there are traders  .

Last time, I was also skeptical and after really in deep research and reading a few articles about the gold price, I have posted my bearish prediction.

Luckily there are people better than me and they were not afraid to post a bullish prediction, despite the chart looked not so good (in my opinion) because the price was in an ongoing correction.

To be honest, now I am also bullish because real gold and BTC are lately correlated and look like both kings (real and digital) want to go on a trip to the moon.

Let's wait and see but as for now there is really nothing to worry about, the GOLD token price looks good and the chart even better.

My prediction for BTC is 20K at the end of 2020 (epic  ) and the same for gold - at least new record highs, fingers crossed - bags filled, now only left to wait  .

[libert19]

Not only this. The good news is transaction fee on ETH network has been low in the last 2 weeks and today. There is problem with gas limit but it is good to see fee in Gwei began to fall back to normal area.

Gas limit is the maximum gas that can be spent for a transaction. Since all gas allocated to a transaction isn't necessarily spent, transaction fee doesn't actually depend on gas limit.
Transaction fee depends on used gas not gas limit.

It does sort of, it gives you estimation of maximum fees you pay for that particular transaction. I saw many cases where people paid more in fees than their actual transaction value.

[tbct_mt2]

To be honest, now I am also bullish because real gold and BTC are lately correlated and look like both kings (real and digital) want to go on a trip to the moon.

Let's wait and see but as for now there is really nothing to worry about, the GOLD token price looks good and the chart even better.

My prediction for BTC is 20K at the end of 2020 (epic  ) and the same for gold - at least new record highs, fingers crossed - bags filled, now only left to wait  .

Bitcoin, gold and stock markets love the Election results in the US. They all rock together last week. Bitcoin will have its price at 20k but I don't believe it will be hit in this year. Maybe it is a target of bitcoin in first quarter of 2021. Gold, it is on the bull run.

It does sort of, it gives you estimation of maximum fees you pay for that particular transaction. I saw many cases where people paid more in fees than their actual transaction value.

If you don't have too much Ethereum in your wallet, you can not spend fee that is higher than transaction value.

[wwzsocki]

I needed fast some ETH and had to sell my GOLD tokens  

The good news is that I used Digital Gold Marketplace https://gold.storage/en/market and the transaction was (as always) cheap, fast and easy to do  

It took only a few minutes (because of confirmations  ) and with the cheapest gas settings, I had my ETH in the Metamask wallet, literally in 10 minutes.


https://gold.storage/en/market

I'm sure that real gold traders would love such a convenient way to sell, exchange, send and pay with their real gold holdings .

We need more adoption, but I'm convinced that anybody who will find the GOLD token and is actually involved in real gold trading, will be blown away with the endless possibilities this token gives to hodlers/investors/users.

I'm "all-in" on the GOLD token, real gold, BTC, ETH and you?

[tbct_mt2]

I'm "all-in" on the GOLD token, real gold, BTC, ETH and you?

Charts for GOLD (physical gold): https://goldprice.org/nl/gold-price-chart.html

Choose the 30y tab and you can see how physical gold rises and falls in the last 30 years. It can be wrong if believe that history will always repeat everytime and all cycles in history will be repeated in the future. Somehow price chart can help us to see what happened in the past and get some ideas from history.

Gold ended its bull run from 1993 to 1996 and dived in its bear market. The market ended in 2003 and bull market began in 2004. That bull market lasted from 2004 to 2008 or you can say it lasted till 2012 if you ignore corrections in late 2008. It is a 8 year bull market.

That bull market ended in 2012 and the next bear market only ended in 2019. The gold is in its new bull market and in the first year of this bull market. Corrections are along the journey to the Moon with gold.

Gold Moon and it is the start of a parabolic growth!

[GOLD_official]

I'm sure that real gold traders would love such a convenient way to sell, exchange, send and pay with their real gold holdings .

We need more adoption, but I'm convinced that anybody who will find the GOLD token and is actually involved in real gold trading, will be blown away with the endless possibilities this token gives to hodlers/investors/users.

I'm "all-in" on the GOLD token, real gold, BTC, ETH and you?

Dear wwzsocki,

Thank you for such a review. Try to diversify your savings to be calmer at the end of 2020.

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

[wwzsocki]

...Thank you for such a review. Try to diversify your savings to be calmer at the end of 2020.

Nothing to thank for, my pleasure.

To be honest, I should say "THANK YOU" to Digital Gold Team for this great service you provide.

I still think that the usage of the GOLD token will only grow exponentially during the time.

Like with everything, we need adoption and still are very early on.

Last time the only way to put my hands on ETH cheap, was to exchange my precious GOLD tokens using Marketplace.

I always had cryptocurrencies in my wallets and very rarely needed to buy them using FIAT, so it was a pretty big surprise to see the fees on Coinbase  .

That was the only reason why I chose to finally exchange GOLD tokens and of course the fast, cheap and easy way to do it using Digital Gold Marketplace.

Thumbs up for the Digital Gold team, token, and project as a whole.

[mannybitcoins]

With the gold token, all doubts about investing in gold have disappeared. Gold Tokens are a viable solution as a source of passive income from gold appreciation. Now I can easily start a good financial plan for a short term or future needs.

[JooBra]

With the gold token, all doubts about investing in gold have disappeared. Gold Tokens are a viable solution as a source of passive income from gold appreciation. Now I can easily start a good financial plan for a short term or future needs.

For me this project in not short term but a long term. Everyone who invests in gold is here for long run and being sure in future.

[wwzsocki]

...Now I can easily start a good financial plan for a short term or future needs.

For me this project in not short term but a long term...

I think we have a small misunderstanding here because looks like @Mannybitcoins are here also for the long term but depending on his needs, he will invest in gold using GOLD tokens for the long and short term, and will use his great functionality and flexibility on his advantage.

Looks like you both are talking about this same and I'm not surprised, just like I have written above, every real gold investor who will dive into crypto and find GOLD token will never want to trade with real gold again for obvious reasons.

The GOLD token gives such flexibility that for real gold traders this is even hard to imagine. Time is needed but slowly the snowball effect will kick in and we will see insane growth in GOLD token users, volumes, etc.

I see only one possible direction for the GOLD token and Digital Gold project - which is a straight path to full success!!!