Gold backed Tether coming.

[bittraffic]

There is no one else to trust actually, not any stablecoin but one. MAKER DAI they say are more appropriate when talking about stablecoin. I just have no idea how all that will work for them.

It's being traded on Bitfinex as we speak.

Been loyal to them for a long time. Heck I have been offering margin since the time they allow DASH but its only last year that I learned bout their tether issue.

[mu_enrico]

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.

I believe this "Happy Waters" account is a smurf account. Nice joke btw

Anyway, the cops raided Liberty Dollar was because of criminal activities if I recall it correctly, not because of "gold-backed" feature. People still own/trade gold certificates or similar nowadays. But, the vault is audited periodically, and the companies have excellent reputations. Not sure about this ERC20 one.

[The Sceptical Chymist]

The only question is whether you can exchange the new "TetherGold" for real gold and how.

Well, that's certainly not the only question I'd have about it--but regardless, I don't think this is a good idea even if it's real.  There has been talk about gold-backed crypto for years, as I remember seeing discussion about it from my early days on the forum.  And from all the comments I've read, it doesn't seem like it would be particularly popular--not to mention the fact that you'd have to trust someone to actually have the gold that the crypto represents.  That's a big problem, and there have been other gold-backed digital currencies before (they were more like securities) that turned out to be scams.

If you really want to own gold, just buy some physical gold.  If you don't want to physically own it, there are ETFs and mining stocks and that sort of thing.  I wouldn't want to own a cryptocurrency that's supposedly backed by gold, since there would be too much doubt in my mind as to whether the gold exists in somebody's vault.

[Mihaylovic]

It will work. imagine that you want to be out of crypto for a while but you dont want to stay in usd and you dont want to just cash out. Gold would be a good option to wait.

[ronbennett_]

It will work. imagine that you want to be out of crypto for a while but you dont want to stay in usd and you dont want to just cash out. Gold would be a good option to wait.

That's right, but the main problem / main concern is that tether gold may not be backed by 100% gold.

[mamahdedeh]

It will work. imagine that you want to be out of crypto for a while but you dont want to stay in usd and you dont want to just cash out. Gold would be a good option to wait.

besides that with gold will provide comfort in investing because these assets are trusted by everyone to invest. gold, like bitcoin, will be suitable for long-term investment, and we can exchange crypto again after the beary trend ends

[exstasie]

If you really want to own gold, just buy some physical gold.  If you don't want to physically own it, there are ETFs and mining stocks and that sort of thing.  I wouldn't want to own a cryptocurrency that's supposedly backed by gold, since there would be too much doubt in my mind as to whether the gold exists in somebody's vault.

ETF shares and paper gold technically suffer from all the same trust issues. Gold-backed cryptocurrency offers something that they don't: the ability to trade without red tape and KYC, use decentralized platforms, etc.

The idea of trading pairs like XAUt/ETH on a DEX sounds really appealing to me. I have a few gold bars at home but that's only good for long term investment.

I would prefer trading PAX's gold-backed PAXG rather than anything associated with Tether and Bitfinex, but the market is pretty dead. I'm sure Tether's product will gather much more volume and liquidity.

[darewaller]

It will work. imagine that you want to be out of crypto for a while but you dont want to stay in usd and you dont want to just cash out. Gold would be a good option to wait.

besides that with gold will provide comfort in investing because these assets are trusted by everyone to invest. gold, like bitcoin, will be suitable for long-term investment, and we can exchange crypto again after the beary trend ends

Gold is always an important aspect of investment. Most of the people do trade with gold and it can be much beneficial for the long run. Even gold has a ascending price which would surely be hiked in the near coming future because the supply for gold is limited but the demand keeps on rising which also rises the price for gold.

Gold would be much more costlier than it is now in few coming years as we can see, most of the people or maybe each of the people have a desire to own gold ornaments just to maintain their pride and it is what would create a scarce demand for gold which can give us a better outcome for all gold investors. I can't find that good profits in gold backed tether though.

[ene1980]

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.

Even if it is from the same team who claimed that they have all the dollars backed for USDT and then we came to know that they never backed everything with dollar and they have a shady past and hence i will not believe what they are claiming and for that whether they will be procuring gold now when the price is high and from where they will be procuring, i bet nothing will be transparent looking at their past.

[Lynfax]

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.

Even if it is from the same team who claimed that they have all the dollars backed for USDT and then we came to know that they never backed everything with dollar and they have a shady past and hence i will not believe what they are claiming and for that whether they will be procuring gold now when the price is high and from where they will be procuring, i bet nothing will be transparent looking at their past.

Agreed, if they wanted to make it look like something new - they should've start this xaut from other subsidiary company or something like this.

[FanEagle]

It will work. imagine that you want to be out of crypto for a while but you dont want to stay in usd and you dont want to just cash out. Gold would be a good option to wait.

That's right, but the main problem / main concern is that tether gold may not be backed by 100% gold.

Yes, it would be the main issue. Gold backed tether would just be a minor use case of gold and would not actually be backed with gold. It might serve as a payment method as it would have the value somewhat equal to gold just like the USDT we have which has a price equivalent to US dollar.

This would just be a use case and we would not actually be able to purchase or exchange gold with the gold tether as mentioned by OP. This might just be some random project who would launch a coin and would just link them to gold. This might even be an scam project if it is not been authorized by any of the trusted parties so investment in such assets might be riskier.

[dothebeats]

I wouldn't believe that they would really be creating a crypto that is backed by gold. First, USDT, according to Bitfinex, has always been backed by real dollars but no solid proof was ever brought forth to the table confirming its veracity. What more about it being backed by gold? There might be some legitimate cryptocurrencies out there that are being backed by real gold but I do not think that Tether as a stablecoin would be one of them. It could be partly backed by gold for some parts, but for a full 100%? The issuers must have been pretty rich if that's the case.

Perhaps just use stablecoins on trading and do not hold on to them. Easier way to avoid getting duped should they run away with the funds.

[alexeev.tosha0109@yandex.]

I prefer to avoid scams-like-cryptoprojects. It looks like they are going to use this new asset to print more tethers? Are there any evidence of "backing" digital currency with anything? I can't figure it out. So I consider this new Tether isn't trustworthy.

[coinary]

We've started to monitor this stablecoin: Gold Tether XAUT

My opinion is that with the leverage of Bitfinex and with the enough transparency, XAUT could be successful.

[Leonardo7]

I have been thinking about successful this will be because the price of gold is not stable as it has some level of volatility. Although over the years it proves to be better than the fiat. I am yet to read the full details of the workability and principles.

[ronbennett_]

I have been thinking about successful this will be because the price of gold is not stable as it has some level of volatility. Although over the years it proves to be better than the fiat. I am yet to read the full details of the workability and principles.

Every asset fluctuates. This is normal to everything which is traded on a market. Demand/Supply are the keywords. I always see those concepts (Virtual Gold, Virtual USD etc.) as way to virtualize physical things so it can be traded.

[Desscount]

somehow I can't believe in gold that is based on stable coins, it's beyond the reach of my mind,
I think it will be difficult for the future to develop, i dont invest from this project

[ronbennett_]

Abstract thinking:

Tether could use this gold to create tethergold and also USDT because first the tethergold is backed by real gold in their reserve and the USDT don't need to be backed by 100% USD so.... easily doubled money.

Those are fictive numbers:
Tether prints 100,000 Tethergold with actual gold backed reserve.
Now Tether prints the exact $ amount of the tether gold printed.

[BlondBlock]

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.

Even if it is from the same team who claimed that they have all the dollars backed for USDT and then we came to know that they never backed everything with dollar and they have a shady past and hence i will not believe what they are claiming and for that whether they will be procuring gold now when the price is high and from where they will be procuring, i bet nothing will be transparent looking at their past.

With their reputation it is a surprise they would even try this. Even a solid company could run into issues with the Government raiding the warehouses.

[Ken_terrance]

We only have one tether (USDT) in crypto space and Your post have no information about Gold backed tether, if you read about this somewhere on the internet you should have at least drop a link, I think this is fake, we need prove that this is real because I doubt that tether will ever be backed by Gold, it doesn't make sense to me