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

[libert19]

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··· I am not comfortable pairing it with USDT since it was also de-pegged to $0.95 a long while ago after the de-pegging of Terra Luna’s UST stablecoin.  

It was fud, the peg was intact. Those who purchased these 'discounted' usdt, sold it for whole buck.

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[wwzsocki]

It was fud, the peg was intact. Those who purchased these 'discounted' usdt, sold it for whole buck.

Indeed that was the case with USDT - FUD attack - luckily peg stayed in tact.

We are just discussing, only this is why I mentioned USDT, also don't hold more of it then I need to trade, I rather choose USDC and BUSD when I am selling.

Nobody knows if  Tether team for sure have enough USD in vaults to cover the peg if all funds will be swapped at the same time.

I assume they have not and this is one of biggest threats for crypto as a whole because of their market share.

[GOLD_official]

According to various estimates, the Celsius project has about $1.5 billion in crypto on various wallets. The company is still trying to keep from collapsing by replenishing its reserves.

According to Colin Wu's calculations, the company's margin call could come when BTC falls < $20,000 - 22,500. All these problems come after the collapse of the Luna coin and problems with algorithmic stablecoins. Is that the end for another crypto company?

[taufik123]

According to various estimates, the Celsius project has about $1.5 billion in crypto on various wallets. The company is still trying to keep from collapsing by replenishing its reserves.

According to Colin Wu's calculations, the company's margin call could come when BTC falls < $20,000 - 22,500. All these problems come after the collapse of the Luna coin and problems with algorithmic stablecoins. Is that the end for another crypto company?

Several crypto companies suffered a lot of losses when the bitcoin price crashed to the $20,000 area. The Celsius project may still survive bankruptcy as it still has around $1.5 billion in crypto and could replenish its reserves.

But several other companies such as Microstrategy have previously announced that if the bitcoin price reaches <$21,000 it will trigger a "margin call".
Bitcoin today dropped to a low of $20,816 which would normally be a “margin call”, but microstrategy stated that last May the company had 95,643 unencumbered BTC that could be used as additional collateral to avoid a “margin call” from occurring. so it's still safe.

Somehow with other companies or countries that received bitcoin for the first time like EL Salvador, of course they suffered a lot of losses too. Will EL Salvador buy cheap again or are you still thinking about borrowing money? still not yet clear.


Currently the Bitcoin price is crashing, but the Gold price continues to rise.

[masterrex]

According to various estimates, the Celsius project has about $1.5 billion in crypto on various wallets. The company is still trying to keep from collapsing by replenishing its reserves.

According to Colin Wu's calculations, the company's margin call could come when BTC falls < $20,000 - 22,500. All these problems come after the collapse of the Luna coin and problems with algorithmic stablecoins. Is that the end for another crypto company?

Sounds not good, for Celsius and its investors, because the bearish trend might continue to wreak havoc on the crypto market in the days to come, thats why I believe it makes the situation worst for Celsius and its investors.

Anyway, while the crypto market is experiencing a downtrend, the Gold price continues to perform positively, thats why Gold is the best choice for our investment today and no doubt Gold Stablecoin can provide that safe haven for our investment. 

[tbct_mt2]

According to various estimates, the Celsius project has about $1.5 billion in crypto on various wallets. The company is still trying to keep from collapsing by replenishing its reserves.

According to Colin Wu's calculations, the company's margin call could come when BTC falls < $20,000 - 22,500. All these problems come after the collapse of the Luna coin and problems with algorithmic stablecoins. Is that the end for another crypto company?

Update

After two rounds of deposit in WBTC, Celsius made another deposit in DAI that works $19M. It is another effort from Celsius team to lower liquidation price to $14,000.

Do you think it is enough to save them? I don't believe so. If they have additional $200M to $400M to increase their collateral, they can be safe from this attack. I don't believe they have such money or be able to borrow such money from any entity.

It seems there is a very bad ending waiting for Celsius. I know if Celsius liquidated, it will be another fiasco for crypto market.

https://twitter.com/DylanLeClair_/status/1536806455394897923

[tbct_mt2]

GOLD_official,

After two years, I think Binance Smart Chain works well enough. It has good capacity to handle transactions and transaction fee is cheaper than ERC-20 chain. I know with the crash of Ethereum, transaction fee on ERC-20 chain becomes cheaper, around 5 dollars per transaction. However if Ethereum rises again, fee will be more expensive again. Even $5 per transaction is not a cheap one.

Have the GOLD team considered about Binance Smart Chain and BNB as another asset to swap with GOLD token and as a chain for transaction with GOLD token?

[libert19]

Just exchanged bounty payment, and appears there is $10-$15 usd difference between sent gold amount and received BTC/eth amount.

Edit: Regarding new chain, I suggest zksync [1], I made some donations on gitcoin with it. It was pleasure. It would also give Gold token exposure. Once on zksync, you could add Gold token on Zigzag exchange [2] with some base liquidity.

[1] https://zksync.io | https://mobile.twitter.com/zksync

[2] https://trade.zigzag.exchange/  | https://mobile.twitter.com/ZigZagExchange

With current lack of trust in USD stable coins, it's opportunity for Gold token to step up.

[wwzsocki]

...With current lack of trust in USD stable coins, it's opportunity for Gold token to step up.

this is hard to say for me as an crypto enthusiast but also BTC lost their latest digital gold, safe haven rhetoric

that can change the crypto market and give a chance to projects like GOLD token

[tbct_mt2]

this is hard to say for me as an crypto enthusiast but also BTC lost their latest digital gold, safe haven rhetoric

that can change the crypto market and give a chance to projects like GOLD token

Hard to say but nothing is bad. Bitcoin and gold will be asset as store of value. Sometimes people like gold more than Bitcoin. Sometimes Bitcoin is a more favorite asset. It does not change how people use Bitcoin and gold, how they like it.

Bitcoin and gold token have fingers cross by blockchain technology. Do you see it is good?

[wwzsocki]

...Sometimes Bitcoin is a more favorite asset. It does not change how people use Bitcoin and gold, how they like it...

hope you are right

this is hard to say for me as an crypto enthusiast but also BTC lost their latest digital gold, safe haven rhetoric

that can change the crypto market and give a chance to projects like GOLD token

...Do you see it is good?

sure I can see that blockchain tech is good and will change the world but...

in my opinion unfortunately BTC exactly same as first old web applications like first email will be replaced by faster, cheaper and better chains, web3 applications that are existing already and each day there are new and better once created

in my opinion BTC is not a safe heaven or digital gold and never was this is another attempt to find any use case for it but market and price show the facts

hope I am wrong

[Bitcoin_Arena]

in my opinion unfortunately BTC exactly same as first old web applications like first email will be replaced by faster, cheaper and better chains, web3 applications that are existing already and each day there are new and better once created

But so far we haven't seen any "better" chain attempt to even flawlessly replace Bitcoin. Ethereum failed and they are now looking to go POS 
Are you talking about Ethereum killers like Luna, Solana?  Hahaha

in my opinion BTC is not a safe heaven or digital gold and never was this is another attempt to find any use case for it but market and price show the facts

hope I am wrong

But who said Bitcoin was supposed to be a store of value?
Satoshi's initial vision was to create an alternative electronic peer to peer payment system, if you read through the Bitcoin white paper.

[tbct_mt2]

sure I can see that blockchain tech is good and will change the world but...

in my opinion unfortunately BTC exactly same as first old web applications like first email will be replaced by faster, cheaper and better chains, web3 applications that are existing already and each day there are new and better once created

in my opinion BTC is not a safe heaven or digital gold and never was this is another attempt to find any use case for it but market and price show the facts

Bitcoin is still a speculative asset but there are different use cases for Bitcoin. Speculators will consider it as speculative, investors will consider it as store of value, traders consider it as nothing, just a figure to buy and sell in order to get profit as they hope.

But if blockchain technology is the one will be here, will change the world like Internet, Bitcoin will be here too. It is like a heroic legendary icon of blockchain and crypto market. I hope I am not wrong about it.

hope I am wrong

I hope you are wrong

Gold is proven as a safe heaven for human. We don't need this recession to prove it again.

[wwzsocki]

... if blockchain technology is the one will be here, will change the world like Internet, Bitcoin will be here too. It is like a heroic legendary icon of blockchain and crypto market. I hope I am not wrong about it...

agree and also think exactly the same way, the only hope I see for BTC is in development - will be finally truly taken to the next level or stay as legendary cryptocurrency and despite technical flaws will still have enough users (adoption) to keep it rolling and have some value

without any real use case not much more left for BTC to be honest

[ahgmx01]

How do we know that the projected gold reserve really exists?

[GOLD_official]

How do we know that the projected gold reserve really exists?

Dear ahgmx01,

You can check the gold in the BullionStar vault on our website https://gold.storage/en/audits or use BullionStar website https://www.bullionstar.com/myaccount/audit
Account number: 17081

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

[estenity]

everything down, what are responsabilities?

https://gata.org/node/22029

[tbct_mt2]

Dear ahgmx01,

You can check the gold in the BullionStar vault on our website https://gold.storage/en/audits or use BullionStar website https://www.bullionstar.com/myaccount/audit
Account number: 17081

Dear ahgmx01,

You can check with details given by GOLD_official. I give you more information. Because all physical gold bars are stored in a safely vault and they are used to back gold tokens, hackers can not steal physical gold bars in vault. So the reserve of GOLD team are safe, investors are safe.

It is a long time since a last token minting by GOLD team, will the team buy more physical gold bars to increase the company reserve and mint more GOLD tokens?

[GOLD_official]

Dear ahgmx01,

You can check the gold in the BullionStar vault on our website https://gold.storage/en/audits or use BullionStar website https://www.bullionstar.com/myaccount/audit
Account number: 17081

Dear ahgmx01,

You can check with details given by GOLD_official. I give you more information. Because all physical gold bars are stored in a safely vault and they are used to back gold tokens, hackers can not steal physical gold bars in vault. So the reserve of GOLD team are safe, investors are safe.

It is a long time since a last token minting by GOLD team, will the team buy more physical gold bars to increase the company reserve and mint more GOLD tokens?

Dear tbct_mt2,

Right now we are seeing a sharp decline in the entire crypto market capitalization. Against this background, the capitalization of Digital Gold remaining in place is already a rare occurrence. As demand grows, new Gold tokens will be minted.

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

[cheezcarls]

Dear ahgmx01,

You can check the gold in the BullionStar vault on our website https://gold.storage/en/audits or use BullionStar website https://www.bullionstar.com/myaccount/audit
Account number: 17081

Dear ahgmx01,

You can check with details given by GOLD_official. I give you more information. Because all physical gold bars are stored in a safely vault and they are used to back gold tokens, hackers can not steal physical gold bars in vault. So the reserve of GOLD team are safe, investors are safe.

It is a long time since a last token minting by GOLD team, will the team buy more physical gold bars to increase the company reserve and mint more GOLD tokens?

Dear tbct_mt2,

Right now we are seeing a sharp decline in the entire crypto market capitalization. Against this background, the capitalization of Digital Gold remaining in place is already a rare occurrence. As demand grows, new Gold tokens will be minted.

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

I wanna ask though. How much new GOLD tokens that you are going to mint and when it’s going to happen? You think GOLD’s value will drop down a bit because of the newly minted tokens? And isn’t it a double edged sword scenario where the demand would possibly starts to get much lower as the GOLD token supply increases due to the additional minting of tokens? But of course since you’ve said that the demand is growing, so this is going to be interesting.

Are you still not planning to do multi-chains such as Binance Smart Chain, Polygon or TRON blockchain for us to save gas fees?