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

[mindrust]

I ve written in this thread before but I want to ask something else.

Do you provide physical delivery for these gold you claim to have?

For example if I have an oz of gold as crypto and wanted to convert these to gold, do you buy my tokens directly from me or do I need to go to an exchange like binance and get crypto/tethers or whatever before I get my real gold?

Long story short, is there a direct link between your physical gold reserves and the tokens you issue?

If not, then... well... you know. Not my thing.

edit: Question 2,

Why is this company based in St. Vincent and Grenadines? Not the US or some other well developed country?

[hosseinimr93]

Do you provide physical delivery for these gold you claim to have?

They don't.
The tokens are backed by real gold. But you can't get physical gold.

For example if I have an oz of gold as crypto and wanted to convert these to gold, do you buy my tokens directly from me or do I need to go to an exchange like binance and get crypto/tethers or whatever before I get my real gold?

You can sell the tokens (directly to them) for bitcoin or ethereum using their marketplace.

Long story short, is there a direct link between your physical gold reserves and the tokens you issue?

Currently there are about 19,200 Gold token in circulation. (Click here to check total number of generated Gold tokens.)
And there are 192 bars of 100 gram stored in BullionStar's vaults.
To verify this, go to BullionStar's Live Audit Report and enter 17081 in "Search BullionStar Account" box.

[GOLD_official]

I am looking for  gold backed/pegged stablecoins: https://bitcointalk.org/index.php?topic=5315951.msg56308770#msg56308770
I'd like to ask few question:
Price of your token seems to be much higher than spot gold price, why?
Thanks in advance for your replies!

The price of the GOLD token is equal to the price of 1 gram of gold. Short-term around 1% price movements are possible with a strong movement in the gold futures price on the futures exchanges.

The physical gold audit can be made online in real-time using the Bullionstar website here https://www.bullionstar.com/myaccount/audit using the account number 17081.

The smart was audited by ChainSecurity - one of the leading and world-famous Swiss company with well-experienced experts that specialize in blockchain security. The statement can be found here https://gold.storage/Statement-of-Security-Audit-for-Gold.Storage.

An audit of the Digital Gold LTD is made for shareholders if the company becomes public and entered to the stock exchange.

edit: Question 2,

Why is this company based in St. Vincent and Grenadines? Not the US or some other well developed country?

The company is based in St. Vincent and Grenadines for the same reason that thousands of other companies registered offshore. In theory, we can register in the United States as well, since we do not make any fiat transactions.


Dear hosseinimr93,

Thank you for such detailed answers.

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

[mindrust]

What's stopping you from providing physical delivery? Wouldn't it be better for your business?

I get that your gold is audited and there is proof but what if the auditors are scammers also? Not saying they are there will always be that possibility.

Without physical delivery this project looks like a wasted good idea.

Eventually somebody else will figure this out and fill this gap and takeover.

edit: Question 2,

Why is this company based in St. Vincent and Grenadines? Not the US or some other well developed country?

The company is based in St. Vincent and Grenadines for the same reason that thousands of other companies registered offshore. In theory, we can register in the United States as well, since we do not make any fiat transactions.

You say reasons, I hear "because we don't the law of a developed country."

[wwzsocki]

What's stopping you from providing physical delivery? Wouldn't it be better for your business?...

I can imagine how many problems such service will create, not only logistical problems but also with security.

The costs of such service will be too high, it could have sense only in big quantities but then think about security of such delivery and the costs of insurances needed to make it happen.

Digital Gold needs to rely on third party service if they want to deliver real gold and then again, I assume that only a handful of such services exist and for sure operate with their own rules and fees.

We all know that the more third party services are involved, the more problems and points of failure this is creating.

Eventually somebody else will figure this out and fill this gap and takeover...

Sure, great to have such possibility, but from other side, the hall idea of GOLD token is to provide an easy and secure way to invest in real gold using cryptocurrencies (tokenized GOLD) and this is already achieved.

Physical delivery is a problem even for big services operating fully with FIAT.

I am 100% sure that if there will be a way to implement it in a easy, secure and cost efficient way into Digital Gold project, it will be already done.

[GOLD_official]

What's stopping you from providing physical delivery? Wouldn't it be better for your business?

I get that your gold is audited and there is proof but what if the auditors are scammers also? Not saying they are there will always be that possibility.

Without physical delivery this project looks like a wasted good idea.

Eventually somebody else will figure this out and fill this gap and takeover.

Dear mindrust,

At least to receive physical gold you should go through KYC and AML. But in many cases such delivery with taxes and customs will cost more than the gold itself. This is a completely different business model, perhaps somebody will implement it in the future.

Please try to find more information about Bullionstar. As you study more about that company, your doubts about scams should be dispelled.

We agree with you that without the physical delivery of gold, the project looks less interesting. However, it has a huge advantage over any fiat stablecoin. Gold always rises against fiat. Over the past year, the GOLD stablecoin grew by 25% against the USDT stablecoin. Next 10 years, it can grow 2-3 times more.

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

[blue Snow]

I did exchange my 0.81 gold into eth in https://gold.storage/en/market to my eth address 0xEECeB4BbFaD6334256B9c06293c41BD94659e77B

tx hash 0xbc851b77120608be30f3c73f1568b66e6d1421910e57d97916885295775ea997

I sent to 0xcb925fcd66c1e123ce5263289422835fc86ded6b where appear in exchange

is there my transaction got failed?, or I don't know what happen. I don't received eth, but gold had back to my wallet.

[GOLD_official]

I did exchange my 0.81 gold into eth in https://gold.storage/en/market to my eth address 0xEECeB4BbFaD6334256B9c06293c41BD94659e77B

tx hash 0xbc851b77120608be30f3c73f1568b66e6d1421910e57d97916885295775ea997

I sent to 0xcb925fcd66c1e123ce5263289422835fc86ded6b where appear in exchange

is there my transaction got failed?, or I don't know what happen. I don't received eth, but gold had back to my wallet.

Dear blue Snow,

 I will clarify the details of that transaction and write you PM what happened.


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

[epis11]

I did exchange my 0.81 gold into eth in https://gold.storage/en/market to my eth address 0xEECeB4BbFaD6334256B9c06293c41BD94659e77B

tx hash 0xbc851b77120608be30f3c73f1568b66e6d1421910e57d97916885295775ea997

I sent to 0xcb925fcd66c1e123ce5263289422835fc86ded6b where appear in exchange

is there my transaction got failed?, or I don't know what happen. I don't received eth, but gold had back to my wallet.

Look at the wallet mate your gold is still in your wallet you did not enter the amount in the withdraw value thats why you received 0 gold but the transaction was success fees is 11 usd lol.

[r_victory]

Gold is something that tends to appreciate more over time, mainly due to its scarcity. For now many prefer dollar-backed currencies, but that will soon change. The own buying and selling platform works well (you wouldn't even need external exchanges), but ETH transaction fees are too high now and it doesn't pay off...

[nimogsm]

Gold is something that tends to appreciate more over time, mainly due to its scarcity. For now many prefer dollar-backed currencies, but that will soon change. The own buying and selling platform works well (you wouldn't even need external exchanges), but ETH transaction fees are too high now and it doesn't pay off...

now, due to the high fees in the network, it is easier to do this on the exchanges, while the network is overloaded, there are no other options.I think everyone is waiting for when it will be possible to safely send their tokens from wallet to wallet without large commissions.

[blue Snow]

I will clarify the details of that transaction and write you PM what happened.

I don't received your PM mate.

I did exchange my 0.81 gold into eth in https://gold.storage/en/market to my eth address 0xEECeB4BbFaD6334256B9c06293c41BD94659e77B

tx hash 0xbc851b77120608be30f3c73f1568b66e6d1421910e57d97916885295775ea997

I sent to 0xcb925fcd66c1e123ce5263289422835fc86ded6b where appear in exchange

is there my transaction got failed?, or I don't know what happen. I don't received eth, but gold had back to my wallet.

Look at the wallet mate your gold is still in your wallet you did not enter the amount in the withdraw value thats why you received 0 gold but the transaction was success fees is 11 usd lol.

I did entered of amount of 0.81 gold. but, look like going back into my wallet with eth fee eating by network, just lost $15 at the moment.

[libert19]

Many other ethereum projects moved to binance smart chain to avoid ethereum's high fees, could it be possible for gold to move to it as well? I think it will be good workaround until ethereum manages to scale itself.

[blue Snow]

Many other ethereum projects moved to binance smart chain to avoid ethereum's high fees, could it be possible for gold to move to it as well? I think it will be good workaround until ethereum manages to scale itself.

It could be a matter if the binance network will growing up like ethereum, cause a lot of projects right now use binance chain, possible in the future fee will be same as now. one solution is by creating an own blockchain like other coin does.

[libert19]

Many other ethereum projects moved to binance smart chain to avoid ethereum's high fees, could it be possible for gold to move to it as well? I think it will be good workaround until ethereum manages to scale itself.

It could be a matter if the binance network will growing up like ethereum, cause a lot of projects right now use binance chain, possible in the future fee will be same as now. one solution is by creating an own blockchain like other coin does.

Structures vastly different, even if lots of projects migrate to bsc, fees won't be as bad as ethereum. Creating own blockchain when there is no need is waste of resources.

[suzanne5223]

Many other ethereum projects moved to binance smart chain to avoid ethereum's high fees, could it be possible for gold to move to it as well? I think it will be good workaround until ethereum manages to scale itself.

I think they just add the Binance chain just like USDT uses TRC20, ERC2, Omni but I don't think the project will make such a move cause once the ETH2.0 phrase 1 is complete there won't an issue of the high transaction fees. I know the huge tx fee pain but we should also do it for the love of the project, if BTC also has a high fee and we still use it why don't we use ETH either.

[GOLD_official]

Many other ethereum projects moved to binance smart chain to avoid ethereum's high fees, could it be possible for gold to move to it as well? I think it will be good workaround until ethereum manages to scale itself.

Dear libert19,

Right now we do not have any decision about that. We are monitoring the fees in the Ethereum network.

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

[tbct_mt2]

It could be a matter if the binance network will growing up like ethereum, cause a lot of projects right now use binance chain, possible in the future fee will be same as now. one solution is by creating an own blockchain like other coin does.

Bitcoin transaction fee was high, people moved to Ethereum network. Months later, they move back to bitcoin network. Ethereum transaction fee was high, they moved to TRC20 chain for their transactions. Do you think they will move back to ERC20 network?

Do you think other small networks now will be small as of now forever? They will change, small to big, big to small, cheap to expensive, expensive to cheap.

I think they just add the Binance chain just like USDT uses TRC20, ERC2, Omni but I don't think the project will make such a move cause once the ETH2.0 phrase 1 is complete there won't an issue of the high transaction fees. I know the huge tx fee pain but we should also do it for the love of the project, if BTC also has a high fee and we still use it why don't we use ETH either.

DeFi projects will be killed by the market and the time. Transaction fee on ERC 20 chain will be pulled back without the ETH 2.0. So with ETH 2.0 is coming, fee will become cheaper I believe so.

[r_victory]

It could be a matter if the binance network will growing up like ethereum, cause a lot of projects right now use binance chain, possible in the future fee will be same as now. one solution is by creating an own blockchain like other coin does.

Bitcoin transaction fee was high, people moved to Ethereum network. Months later, they move back to bitcoin network. Ethereum transaction fee was high, they moved to TRC20 chain for their transactions. Do you think they will move back to ERC20 network?

Do you think other small networks now will be small as of now forever? They will change, small to big, big to small, cheap to expensive, expensive to cheap.

I think they just add the Binance chain just like USDT uses TRC20, ERC2, Omni but I don't think the project will make such a move cause once the ETH2.0 phrase 1 is complete there won't an issue of the high transaction fees. I know the huge tx fee pain but we should also do it for the love of the project, if BTC also has a high fee and we still use it why don't we use ETH either.

DeFi projects will be killed by the market and the time. Transaction fee on ERC 20 chain will be pulled back without the ETH 2.0. So with ETH 2.0 is coming, fee will become cheaper I believe so.

It's all about convenience, the more options the better. I also believe that with ETH 2.0 the fees and the network will return to normal. ETH always had low fees and fast transactions, I believe that GOLD should remain as it is.

[nimogsm]

Many other ethereum projects moved to binance smart chain to avoid ethereum's high fees, could it be possible for gold to move to it as well? I think it will be good workaround until ethereum manages to scale itself.

When ethereum switches to Pos, then the network problems should stop.In fact, it is not so long to wait, everyone is already left with high commissions that sometimes exceed the payment amount.