Gold backed Tether coming.

[Easteregg69]

As ERC20 And TRC20.

Tell me about it.

[Happy Waters]

As ERC20 And TRC20.

Tell me about it.

100% either a scam or a misunderstanding since it is impossible to have a gold backed "Tether". Learn from history, have you ever heard of the "Liberty Dollar"? Warehouses full of gold get raided by the Feds. Simple conclusion: ERC20 and/or TRC20 backed by pure BS.

[ronbennett_]

As ERC20 And TRC20.

Tell me about it.

Much could be said about it, such that Tether would enter a market that was dominated by only a few, such as Karatgold. The only question is whether you can exchange the new "TetherGold" for real gold and how.

But one thing is clear: Tether could produce gold with just 2 clicks.  

100% either a scam or a misunderstanding since it is impossible to have a gold backed "Tether". Learn from history, have you ever heard of the "Liberty Dollar"? Warehouses full of gold get raided by the Feds. Simple conclusion: ERC20 and/or TRC20 backed by pure BS.

This seems to be a reality soon. Official site of Tether: https://gold.tether.to/

[BlondBlock]

Here is some recent news:
Ethereum block explorer Etherscan shows that there are 3,990 XAUT tokens issued as of the time of writing. If we assume a price of $1,560, that’s about $6.2 million worth of gold that’s currently tokenized via XAUT.
https://coincodex.com/article/6712/tether-announces-gold-backed-tether-gold-token/

also they have competition:
With asset-backed blockchain tokens becoming more widespread, it’s not too surprising to see that gold is one of the first assets that’s commonly tokenized. Singapore-based Digix offers tokenized gold with their Digix Gold Token DGX, 0.35% token, while US-based Paxos has created PAX Gold PAXG, 0.18%.


I agree that all of these can be shut down by aggressive Government action which we have seen before.

[ronbennett_]

Here is some recent news:
Ethereum block explorer Etherscan shows that there are 3,990 XAUT tokens issued as of the time of writing. If we assume a price of $1,560, that’s about $6.2 million worth of gold that’s currently tokenized via XAUT.
https://coincodex.com/article/6712/tether-announces-gold-backed-tether-gold-token/

also they have competition:
With asset-backed blockchain tokens becoming more widespread, it’s not too surprising to see that gold is one of the first assets that’s commonly tokenized. Singapore-based Digix offers tokenized gold with their Digix Gold Token DGX, 0.35% token, while US-based Paxos has created PAX Gold PAXG, 0.18%.


I agree that all of these can be shut down by aggressive Government action which we have seen before.

I would say that if Tether does everything neatly this time, this competition would have a very difficult time. Tether generally has strong partners and could quickly overtake this competition.

[CryptoBry]

As ERC20 And TRC20.

Tell me about it.

100% either a scam or a misunderstanding since it is impossible to have a gold backed "Tether". Learn from history, have you ever heard of the "Liberty Dollar"? Warehouses full of gold get raided by the Feds. Simple conclusion: ERC20 and/or TRC20 backed by pure BS.

Tether has a questionable and controversial history that is I am quite wary of this so-called TetherGold but knowing that people behind Tether has this capacity to pull things and make them accepted by the market and be successful then I would not wonder if this new option (a gold-backed at that) can soon be as popular as the one backed by the usual fiat money. Seems to be that there are many people who are interested anything connected with gold, certainly a good market can be waiting for this one. 

[Hallmader]

As ERC20 And TRC20.

Tell me about it.

If USDT failed to back their tokens with real dollars, I think it would not also be able to back their Tether with real gold.

[EdvinZ]

The new coin from Tether will indeed be backed up with gold from a vault in Switzerland and will have the ticker XAUT. Holders of this asset will actually be able to exchange it for real gold, but only after passing verification. There will also be a minimum amount that can be exchanged for gold.

[Kprawn]

I do not understand how people can still trust anything connected to Gold as an investment? We have seen in the past how governments

<US> outlawed the ownership of physical Gold and how other rogue governments confiscated Gold. We have also seen how governments

have lied about the Gold they have in reserves and how Gold bars have been faked. (Lead core with a thin layer of Gold on the inside) 

I just do not trust anything associated with Gold investments, because it is all smoke and mirrors. 

[joniboini]

OP should at least give your insight about this topic and not simply saying "I heard this, tell me more".

Anyway, this sounds like a new way to avoid further issues about their 'reserve'[1]. Probably they have a hard time finding a suitable bank for their 'fiat reserve' and start to play another game. People should seriously stop trusting them before they went AWOL completely.

[1] https://cointelegraph.com/news/tether-launches-gold-backed-stablecoin-and-begins-trading-on-bitfinex

[kentrolla]

There is no way of such entity to ever exist, kindly understand that there would be no gold-backed crypto which would ever succeed and it's just a scam. Gold and Crypto cannot co-exist and don't be fooled by their professionally designed scam project. If it is directly from tether then there are chances of project being legitimate but again Tether will go through legal axes as it had been through in the past.

[fiulpro]

Ok let's see , the thing is gold backed currencies were widely used in the 19th century and the early part of 20th , one should understand that there is a reason why they didn't work out in the 20th century .
One should understand that it's not on gold but also the disadvantages it comes with. , Gold backed cryptocurrencies would create a lot of problems because I do not understand why they need something like this when you already have virtual gold so people can directly invest in it rather than doing something totally same but yet do different m

[alyssa85]

As ERC20 And TRC20.

Tell me about it.

100% either a scam or a misunderstanding since it is impossible to have a gold backed "Tether". Learn from history, have you ever heard of the "Liberty Dollar"? Warehouses full of gold get raided by the Feds. Simple conclusion: ERC20 and/or TRC20 backed by pure BS.

Tether has a questionable and controversial history that is I am quite wary of this so-called TetherGold but knowing that people behind Tether has this capacity to pull things and make them accepted by the market and be successful then I would not wonder if this new option (a gold-backed at that) can soon be as popular as the one backed by the usual fiat money. Seems to be that there are many people who are interested anything connected with gold, certainly a good market can be waiting for this one. 

They're just drawing even more attention from regulators with this proposal. Besides, does anyone trust that they have gold to back their coin? If not, no-one will use it.

[mindrust]

Why do I have the feeling that they are going to use this new(!) asset to print more tethers?

If it is not audited properly by more than one trusted entities (which I am pretty sure is not going to happen), it will be only more of the same thing going on.

We already know that tether (usdt) is not only backed by USD but also other hard assets like RE, stocks etc. (so they say), what is so hard to include gold in those assets?

[ser7878]

Why do I have the feeling that they are going to use this new(!) asset to print more tethers?

If it is not audited properly by more than one trusted entities (which I am pretty sure is not going to happen), it will be only more of the same thing going on.

We already know that tether (usdt) is not only backed by USD but also other hard assets like RE, stocks etc. (so they say), what is so hard to include gold in those assets?

I'm pretty sure they'll make a now asset in order to back it with gold.
Imo there almost are no evidence of "backing" digital currency with anything.
So I assume they wouldn't back USDT with gold simply because they want to add another asset in current list on coinmarketcap so they'll scam more people.

[judaspriest]

There is no way of such entity to ever exist, kindly understand that there would be no gold-backed crypto which would ever succeed and it's just a scam. Gold and Crypto cannot co-exist and don't be fooled by their professionally designed scam project. If it is directly from tether then there are chances of project being legitimate but again Tether will go through legal axes as it had been through in the past.

just avoid it and you will be safe from projects like that, indeed if you think it's hard for gold to be paired with cryptocurrency, if there is a Gold cryptocurrency project, then I won't believe it

[Easteregg69]

As ERC20 And TRC20.

Tell me about it.

100% either a scam or a misunderstanding since it is impossible to have a gold backed "Tether". Learn from history, have you ever heard of the "Liberty Dollar"? Warehouses full of gold get raided by the Feds. Simple conclusion: ERC20 and/or TRC20 backed by pure BS.

Good luck on getting rich.


Thinking. Do you have an alternative? Seen enough suckers getting ripped on BTC. Hints. Keys and wallets and "hackers".

[Easteregg69]

It's being traded on Bitfinex as we speak.

[Easteregg69]

Why do I have the feeling that they are going to use this new(!) asset to print more tethers?

If it is not audited properly by more than one trusted entities (which I am pretty sure is not going to happen), it will be only more of the same thing going on.

We already know that tether (usdt) is not only backed by USD but also other hard assets like RE, stocks etc. (so they say), what is so hard to include gold in those assets?

Whole deal is about buying one ounce of gold per coin. Your dollar and your corrupt feds.Talking USA would be soon be locked out if any more "misshapenings".


Edit: Misshappenings. Not sure if i just invented that word.

[thottum]

Still, the tether FUD which needs to be backed by the fiat dollar in the bank account has not clarified. Having the gold-backed tether is hard to store, maintain and we need to trust some third party for the same. We could rather withdraw the money and invest in the already available gold ETF and invest back into cryptos whenever required