Beware of fake gold backed tokens

[dhemasm]

Yeap, We must beware. There are really so many fake backed-gold project and basically it's really dangerous for community that want to converting crypto to gold. Basically some project have audit report that verifying their Gold stock, Like Digital Gold that you can check their gold audit on Bullion, Just always to be more careful and always do some research before investing on anything, Cheers mate!

[ene1980]

These are examples of real life gold companies, stand for the truth and stop promoting or patronizing unrealistic crypto projects

The halving happened and everyone who has witnessed the past halving knows how the market will rally after every halving and you should expect many scammers lining up to create fake projects to defraud people. I am not a fan of stable coins as the details they provide cannot be trusted as i cannot personally verify unless a third party investigates the truth and it will take time. Verify where you invest your funds and it is better to spend sometime verifying rather than being sorry at a later time.

[bttmember]

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

I wish some of the real, legal and certified gold companies like you have listed would come up with their own gold backed stablecoin or token so that we can purchase and invest without the worry of it being fake or scam.

[TheClownSong]

I have never been interested in tokens that say they are backed up with gold because in my opinion it is security and should get permission from the appropriate authorities. If we want to invest in gold, I think it's better to buy physical gold than just in the form of a portfolio because to avoid fraud and such

[daniahya]

I have never been interested in tokens that say they are backed up with gold because in my opinion it is security and should get permission from the appropriate authorities. If we want to invest in gold, I think it's better to buy physical gold than just in the form of a portfolio because to avoid fraud and such

I also avoid tokens that are supported by gold, because in my opinion it's very risky, it's better to buy physical gold and store it in a safe place, better stay away from tokens that are supported by gold, so you don't lose money

[Bttzed03]

~
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

When someone lies about their "assets", centralized or decentralized is irrelevant. Why would you even put that up when I didn't even mention it? Aren't you going off-topic here?

[tippytoes]

I have never been interested in tokens that say they are backed up with gold because in my opinion it is security and should get permission from the appropriate authorities. If we want to invest in gold, I think it's better to buy physical gold than just in the form of a portfolio because to avoid fraud and such

This is my view also when it comes to gold backed projects. If you really want to own gold asset, better buy physical gold even in small quantities. Just buy small gold items and then just store in your own home. I think it is better than buying those gold tokens giving you a superficial feeling that you own gold but you're not.

[fullhdpixel]

Yes you’re making a good point here. I have seen few gold-backed coins. I don’t trust any of them, there is no way that they are proving that their project is really backed by cryptocurrencies, and none of them has any affiliation with any of these gold companies that you have mentioned, or any that I know of.

So, they are just scammers pretending to be what they are not. That’s why I will always prefer to buy cryptocurrencies such as Bitcoin and the old cryptocurrencies that has been around for long and trusted, than going for any of these new tokens that doesn’t make any sense. If I’m interested in gold I buy them direct from a company that is into that Business, and the one I use is Goldmoney; started with BitGold and was moved to Goldmoney platform after they merged.

[SamboNZ]

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

Are you sure that these projects are really backed with real gold? I have known some projects that actually been backed with gold but not able to get traction nor become success due to lack of interest.
Its nothing new that project devs will be tagging off other ideas just for them to imply it into their own project and make it look more interesting. When we do talk gold then it do simply spark out someones interest thats why you cant really stop nor get rid of those people who do deal up even with fake ones.This isnt only limited on gold niche but also in others as well.

If you read carefully he mentioned if its backed by these companies because those are companies dealing with real gold but I dont see any reason for those companies to have any partnership with cryptotokens when they dont have any problem exchanging their gold with real cash.

[Doranile432]

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

Are you sure that these projects are really backed with real gold? I have known some projects that actually been backed with gold but not able to get traction nor become success due to lack of interest.
Its nothing new that project devs will be tagging off other ideas just for them to imply it into their own project and make it look more interesting. When we do talk gold then it do simply spark out someones interest thats why you cant really stop nor get rid of those people who do deal up even with fake ones.This isnt only limited on gold niche but also in others as well.

If you read carefully he mentioned if its backed by these companies because those are companies dealing with real gold but I dont see any reason for those companies to have any partnership with cryptotokens when they dont have any problem exchanging their gold with real cash.

That's the point, real gold companies don't need crypto tech to expand their business, it's like giving away golds for tokens, I see no reason to trust any token that's backed by real gold because to me it doesn't make any sense

[MUG1WARA]

there have been many gold projects and many of them ended up being scams and for that I have never believed in tokens supported by gold. better to buy real gold than to buy tokens

[bitkanu]

I have never been interested in tokens that say they are backed up with gold because in my opinion it is security and should get permission from the appropriate authorities. If we want to invest in gold, I think it's better to buy physical gold than just in the form of a portfolio because to avoid fraud and such

I also avoid tokens that are supported by gold, because in my opinion it's very risky, it's better to buy physical gold and store it in a safe place, better stay away from tokens that are supported by gold, so you don't lose money

As long as the company if fully audited and it can be trusted by the users but the problem is too many suspicious companies have not yet audited and that makes they have no transparency about how much gold they owned.

This will create a big question about the credibility of exchange site.

[BitcoinTurk]

I think you have touched on a very nice point, especially recently, I see that these types of projects have increased frequently and these types of projects have been constantly growing. Although these kinds of projects do not seem very convincing to me, some projects have been successful in this field and deserved to be reliable. Of course, as a result of the success of these projects, interest in such cryptocurrencies has increased, and such projects have started to increase rapidly due to the increasing interest. I recommend that you make very detailed research about that project and invest in cryptocurrencies of projects that have proven itself, especially before making such cryptocurrency investments.

[Lordhermes]

This exactly the problem project developers have nowadays, they all real liars and not backed by any gold, gold stable coin have been paying their signature participants till now but haven't been convinced whether it's backed by real gold. Sudan Gold Coin claimed to have real Gold from Sudan while till now haven't been able to pay their bounty hunters.

[MrMojoRising26]

Peter Schiff will make a gold backed crypto watch after all the shit he talks about bitcoin. I agree with you, but you could probably trust pax gold on kracken and other exchanges I think. I honestly don't know tho so I will shut up

[OasisDre]

Peter Schiff will make a gold backed crypto watch after all the shit he talks about bitcoin. I agree with you, but you could probably trust pax gold on kracken and other exchanges I think. I honestly don't know tho so I will shut up

Pax Gold looks legit enough to me but still my curiosity question is left out unanswered, do you see any proof that pax Gold is really backed by real gold? Yet many pumped money into Pax Gold project, imagine how many projects on crypto space that aren't what they claimed to be yet they become successful? God have mercy

[Greatchu]

For someone who always have deep thoughts it's going to be extremely hard for me to trust this use case, gold backed tokens and silver backed tokens never have a happy ending, its all lies all along, something I'd like to call the perfect lie, as if it's real, for me the answer is no and it will remain so

[Winscosinally]

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

You nailed it mate, there is actually no real way to know what's real in crypto space since you aren't on the other end, many are put in the dark thinking that they invested in a real project, this use case is a perfect tool for scammers, anyone can easily be fooled with this use case

[blue Snow]

there have been many gold projects and many of them ended up being scams and for that I have never believed in tokens supported by gold. better to buy real gold than to buy tokens

Not at all to be a scam, you must check and balancing what you are talking about. we know Dollar had been based gold at past and to be strong enough. This means who make token-based gold hope to be strong like USD at past.

Pax Gold looks legit enough to me but still my curiosity question is left out unanswered, do you see any proof that pax Gold is really backed by real gold?

Pax has letter audit to you have to check by certik https://certik.io/blog/clients-&-partners/paxos-paxg-formally-verified-by-certik

gold-backed tokens and silver-backed tokens never have a happy ending, its all lies all along, something I'd like to call the perfect lie, as if it's real, for me the answer is no and it will remain so

Which token do you mean?

[XCANA]

there have been many gold projects and many of them ended up being scams and for that I have never believed in tokens supported by gold. better to buy real gold than to buy tokens

We have same heart thought mate, series of campaigns backed in 2017 did came  up with gold sort if projects, the funny thing during those days are: thousands of investors will troop into these projects to make their investment. Many of my friends did fall for this scam but have since recover from their loses. We should learn lessons from the past that, not all that seem good are actually good. We should ensure to conduct serious research before we venture into investment, many of them are fraudulent projects with good name attache(like gold backed).