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Author Topic: Beware of fake gold backed tokens  (Read 656 times)
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June 30, 2020, 06:21:58 AM
Merited by tk808 (7), Halab (2), Coolcryptovator (2), Eco_111 (1)
 #1

I'm forced to create this topic today because it's getting annoying how some new developers are creating gold backed tokens on this forum, please listen to me, some use cases are foul play in crypto space and gold backed tokens are one of them, many so called devs are building tokens but they have no proof that those tokens are backed by any gold yet some investors believed them, it's all lies, open your eye people...


The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies like

1. Kinross Gold
2. GoldCorp
3. Agnico-eagle mines  e.t.c
 
These are examples of real life gold companies, stand for the truth and stop promoting or patronizing unrealistic crypto projects

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June 30, 2020, 06:30:50 AM
 #2

This is very good point, I've seen two or more new gold projects on here too, judging from the posts it's easy to detect that the project is just a one man business, the culprit will definitely use fake team and fake whitepaper, gold back token use case is not a joke, it's something very huge that only a real gold company can handle

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June 30, 2020, 06:56:19 AM
 #3

I seen many project before claiming that they are gold backed and where they are now? ,they are not even give updates to their investors after the bull run happen and more of them is already forget their project ,.that gold backed thing has been use before don't be fall for a fake project they even made a silver backed project which we don't know if they really have the gold/silver that they are saying backed by it. Other project is using the form of mining a gold with fake proof that you can even see in Google once you search for it.

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June 30, 2020, 07:02:10 AM
 #4

The moment you heard it's backed by real gold FOMO spirit will take you, thinking this will be a easy shortcut to getting rich, since 2017 all tokens that are backed by real gold are now abandoned, left for dead, a big lesson have been learned already, I just hope newbies won't repeat the same
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June 30, 2020, 07:18:53 AM
 #5

Way back 2016-2017 a lot of gold backed tokens were made and I can't remember how many of them became successful. It's a good reminder for most investors that are into this kind.
Some are legit but many are fake so be careful where you invest your money.



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June 30, 2020, 07:24:18 AM
 #6

I promoted two gold backed tokens in 2018 by Airdrops and hold the tokens till date, now they are worthless compare to their ICO price, I just have to look away and left them for dead in my wallet, honestly I haven't seen a legit gold backed token in this space, if you have maybe drop me a link

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June 30, 2020, 07:41:18 AM
 #7

I'm forced to create this topic today because it's getting annoying how some new developers are creating gold backed tokens on this forum, please listen to me, some use cases are foul play in crypto space and gold backed tokens are one of them, many so called devs are building tokens but they have no proof that those tokens are backed by any gold yet some investors believed them, it's all lies, open your eye people...


The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies like

1. Kinross Gold
2. GoldCorp
3. Agnico-eagle mines  e.t.c
 
These are examples of real life gold companies, stand for the truth and stop promoting or patronizing unrealistic crypto projects

Very enlightened observation.  Recently I participated in one acclaimed gold backed project named Aureaus Nummus Gold (ANG).  I have not really seen the use case of that project but the developers claimed they are gold backed.  More real information about this ANG would be appreciated.

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June 30, 2020, 07:44:27 AM
 #8

I'm forced to create this topic today because it's getting annoying how some new developers are creating gold backed tokens on this forum, please listen to me, some use cases are foul play in crypto space and gold backed tokens are one of them, many so called devs are building tokens but they have no proof that those tokens are backed by any gold yet some investors believed them, it's all lies, open your eye people...


The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies like

1. Kinross Gold
2. GoldCorp
3. Agnico-eagle mines  e.t.c
 
These are examples of real life gold companies, stand for the truth and stop promoting or patronizing unrealistic crypto projects

Very enlightened observation.  Recently I participated in one acclaimed gold backed project named Aureaus Nummus Gold (ANG).  I have not really seen the use case of that project but the developers claimed they are gold backed.  More real information about this ANG would be appreciated.
The least you can ever get from the team is words, they won't provide any proof that they own a gold mine or something, even if they do it might be fake too, I've busted few ones my self using stolen gold pictures from the internet
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June 30, 2020, 07:50:23 AM
 #9

I'm forced to create this topic today because it's getting annoying how some new developers are creating gold backed tokens on this forum, please listen to me, some use cases are foul play in crypto space and gold backed tokens are one of them, many so called devs are building tokens but they have no proof that those tokens are backed by any gold yet some investors believed them, it's all lies, open your eye people...


The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies like

1. Kinross Gold
2. GoldCorp
3. Agnico-eagle mines  e.t.c
 
These are examples of real life gold companies, stand for the truth and stop promoting or patronizing unrealistic crypto projects

They are already have a sustainable market and there is no need for them to enter crypto since it will be a pain in the ass to get license from SEC. So they will not gonna gamble money for it if they can have enough profit on there current situation.

There are tons of existing legit Gold-backed project out there that really doing well so far and don't wait for this major gold companies to enter crypto space since there is no clear regulation for this.

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June 30, 2020, 07:54:23 AM
 #10

Gold backed token use case is very good but not for every developers, scammers are just taking the advantage of the use case since it will easily attract investors, without real gold company and partnerships I will never invest in such project

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June 30, 2020, 08:02:31 AM
 #11

I'm forced to create this topic today because it's getting annoying how some new developers are creating gold backed tokens on this forum
,please listen to me,
Everyone can talk here, we don't know about tokens supported by fake gold, real or not, accusing and speaking without evidence, it's hard for us to judge what happened to you.

Many projects that lead to fraud, in fact, but if you accuse or can prove the token you mean, you can make a topic of your accusations about fake tokens here: https://bitcointalk.org/index.php?board=83.0

If you provide detailed and accurate information, I think DT, will come and mark the manager who manages the fake project.
Marked, the goal is that in the future does not increase the next victim, if you talk like now, not many people know about the goodness of you doing this, without warning, at the end the victim is still there, if you do not provide evidence that there is a fake token that is supported by gold.





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June 30, 2020, 08:04:47 AM
 #12

~ The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies like
1. Kinross Gold
2. GoldCorp
3. Agnico-eagle mines  e.t.c
You seem to be knowledgeable on this matter. What do you think about DIGITAL GOLD LTD which issues GOLD token?
https://gold.storage/en/home



One reason why we see a lot of "backed by _____" tokens is that there are people who would believe and use them despite the lack of assets to back up the token. The best example I can give is the USDT. They've been caught lying about the USD reserves they have to back all the tether in circulation and yet there are people who use them.

It doesn't really matter if it's gold, diamond, gem, fiat, or whatever. As long as there are people who will be fooled, scam operators will continue to exist.

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June 30, 2020, 08:06:14 AM
 #13

Gold backed token use case is very good but not for every developers, scammers are just taking the advantage of the use case since it will easily attract investors, without real gold company and partnerships I will never invest in such project
so far only a few cryptocurrency that get support from gold because I know gold is not directly involved with cryptocurrency price movements so when buying a cryptocurrency that says they have the support of gold then you must be careful but if you have the confidence to buy it then don't problem because the risk is in your own hands.

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June 30, 2020, 08:18:31 AM
 #14

~ The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies like
1. Kinross Gold
2. GoldCorp
3. Agnico-eagle mines  e.t.c
You seem to be knowledgeable on this matter. What do you think about DIGITAL GOLD LTD which issues GOLD token?
https://gold.storage/en/home



One reason why we see a lot of "backed by _____" tokens is that there are people who would believe and use them despite the lack of assets to back up the token. The best example I can give is the USDT. They've been caught lying about the USD reserves they have to back all the tether in circulation and yet there are people who use them.

It doesn't really matter if it's gold, diamond, gem, fiat, or whatever. As long as there are people who will be fooled, scam operators will continue to exist.
Would you trust tether more if it's decentralized? Been centralized is more like having someone or something to blame but decentralized is off the hook, what makes decentralized better? It's still all down to lack of proof

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June 30, 2020, 08:28:53 AM
 #15

Gold backed token use case is very good but not for every developers, scammers are just taking the advantage of the use case since it will easily attract investors, without real gold company and partnerships I will never invest in such project
so far only a few cryptocurrency that get support from gold because I know gold is not directly involved with cryptocurrency price movements so when buying a cryptocurrency that says they have the support of gold then you must be careful but if you have the confidence to buy it then don't problem because the risk is in your own hands.

I am curious what are those cryptocurrency?
As far as i know nothing i have encountered with actual proofs, its either they cant share because about security or pictures of those gold are photoshopped.

 I also agree that people should stay-away from those tokens claiming backed with gold because the amount of regulations involve would be big, its not a walk in the park.

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June 30, 2020, 08:57:17 AM
 #16

Anyone believing a gold backed coin is a fool in my opinion because project never shows proof of back. Almost all the gold backed coins are scam and in reality they have no gold backed. There's a gold stable coin which may be a good one but still I can not see any valid proof form them to be a real gold backed coin.

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June 30, 2020, 09:29:48 AM
 #17

The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies
I agree with you. Recently a lot of gold backed up tokens are rising and become a trend but for me, these projects are just using the term gold for their own sake. Literally how can these project even say their token are backed by gold? Not even Gold industry company are addressing that they are into blockchain, I believe private companies can be exempted but of course government are regulated on this aspect so there is now way these are being authorized.
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June 30, 2020, 09:35:33 AM
 #18

Gold backed token use case is very good but not for every developers, scammers are just taking the advantage of the use case since it will easily attract investors, without real gold company and partnerships I will never invest in such project
If they can't show a proof that they really have a storage of gold that can back up the project or any reserve, don't invest.
Scammers do take advantage of it because they've seen that the integration of cryptocurrency and blockchain to any other asset can be done easily.



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June 30, 2020, 09:36:04 AM
 #19

The ones I pity most in this crypto safe are the newbies who have been brainwashed to believe there's free money to be made here. That once a project presents gold or stable coin, then its that. I really implore people, mostly investors to do thorough background checks on their projects of interest.
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June 30, 2020, 09:50:40 AM
 #20

I have encountered a lot of those kinds of projects and I don't really notice that they are successful. Some of them saying they have deposited gold on a particular bank somewhere but we can't really prove if it's real. So I guess that is why there are only few projects that succeed in that field. I know one project called DGX https://coinmarketcap.com/currencies/digix-gold-token/ the price is really equivalent to 1 gram of gold in USD, I am not shilling it just take a look.
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