Beware of fake gold backed tokens

[bangdol]

The first time I came across with gold tokens I was so hooked, I don't forget that, I earned some through airdrops and few through bounties but till this day they perform very worse in the market, they aren't backed by anything, it's all fake, I've wise up though, now I turn away when I see any token backed by gold

it seems our awareness is a bit late. indeed not all projects are like that. but the description of all projects with the same functions and concepts will end up not much different.

[Furryball]

Real gold all the way, tokens aren't gold let's all stop deceiving ourselves, anybody can come up with tokens and say to the public that the tokens are backed by real gold 🤷, it's time we start fighting for ourselves, let stop making scammers richer

[rodskee]

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).

That's how people should treat things when investing to this industry, there are potentials if you really
understand the project and how the team are working.
Behind every offers there are usages that most of the time investors forget about, looking alone for
possible earnings and greediness take places.
Without your deep research, you are risking your money, not because it's been promised means that
way and the direction will be positive.

[lienfaye]

Its easy to say that these tokens are backed by gold but we must verify it first in order to know the legitimacy of the project.

Gone the days that we can see a reliable token backed by gold and that was before, nowadays most them claming seems not real.

So dont easily believe them and do your research.

[minairia3]

We have seen several projects with real gold support or support from real gold mining. whether it's a trading platform or a mining platform. but when they say cooperate and get full support from the real platform in the world then it's a lie.

Can you name these projects keeps saying that? There should be a backed up on your claim cause maybey they will thought you are just guessing it. I think there is no project that are really backed yet, cause this will be a big debate for authority and private sector. Gold has an economic value to be compare with tokens itself. This could be process but its gonna take years maybe before government agree to such suggestion.

[robelneo]

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...

They are trying to duplicate what Xaurum reached https://www.coingecko.com/en/coins/xaurum they are the first gold-backed coin in the market I think they started way back 2015, I was part of their bounty campaign although they have not reached the top 50 they are still one the example of a gold-backed token that reaches success in their project, because of their transparency.

[Rampagoe004]

It's true as you say a lot of projects I've been following that work with gold companies but in the end they can't prove these companies real and we can only hope the outcome of the project will be on the drain but all just in vain and we are always stuck in it, and now more carefully with the project that is supported by gold.

[asriloni]

I have seen someone who has made a crypto backed by silver and it's also a scam token too. Any token that claimed to be backed by commodity has a big chance to be the next scam project.
Thank you so much for this awareness. I hope people will not blindly put their money into the scam project.

[joseyphil82]

It's not new that gold tokens are scam, many investors are aware of this, only newbies might still fall for the scheme, no gold token project has real gold, it's a big fat lie, I've always wish this use case was real until I lost some money trusting the scam projects

[jonatha28]

I have seen someone who has made a crypto backed by silver and it's also a scam token too. Any token that claimed to be backed by commodity has a big chance to be the next scam project.
Thank you so much for this awareness. I hope people will not blindly put their money into the scam project.

Agreed, its much more important for a currency to have real life usage case and/or technological advantage compared to existed currencies on market

[miklesm]

It is true that there are too many scam token claimed to be backed by gold. As far as I know there are 2 more or less trusted tokens - XAUT issued by Tether and PAXG by Paxos.

[Kelvinid]

I'm afraid the moment has to come that nobody will give trust to new projects if we all accused it as a scam.
I know a lot of people would like to take advantage of those things that people had to give their trust just like gold or even Bitcoin as they'll think that it was way to succeed their plans. Maybe we accept that some of them are fake but we can't also deny that some of them are legit. With this instance, we can just draw conclusion that any project that are correlated to a gold backing scheme is always a scam. Maybe we have to listen to their side also rather than putting them guilty.

[Pito001]

Even real life gold companies could cheat on you. To check real gold behind project or not is really hard job

[joshua123]

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

Have these companies launched a platform that would be able to convert those physical gold into tokens? So you are referring to other projects that have launched but not affiliated with these listed legit companies. You actually have a point since only recognized gold companies can either pushed through with the blockchain gold but of course this is still not yet approved by authority. Are you sure there are only three? Probably there are lots like mining companies that into gold business.

[X-ray]

Even real life gold companies could cheat on you. To check real gold behind project or not is really hard job

That's true and the credibility of the gold project has already ruined caused by this news. It looks like so many people were talking about what will be happening with the current gold project that's still exist in the market.
There must be a few layers of audit to prove the gold that already owned by these companies are the real gold.

[Phoenix_PROG]

The chance of getting cheated is high when it comes to gold backed tokens, it doesn't sound legit enough for me, this isn't stock market, better invest your money on something better like Bitcoin or buy shares instead

[Rowenta]

Just imagine if gold backed tokens are really real won't they make it to top 10 list easily? I guess right too, but instead they become useless, it shows that they aren't backed by anything, it was all lies all along, I joined pgpay airdrop and also lucem fund which are both gold and silver backed projects but now they are so worthless

[wozzek23]

It is true that there are too many scam token claimed to be backed by gold. As far as I know there are 2 more or less trusted tokens - XAUT issued by Tether and PAXG by Paxos.

Yeah, there are tons of them, people saw that dollar stablecoins were getting ton of attention so they thought why not commodity because commodity at least doesn't lose value like the stable coins of today when dollar loses value, however they forgot that all of this is fruit of billions of dollars worth of work put into the stablecoin crypto market.

They can't just become a huge stable gold coin type of thing overnight, they need to be already super rich and already have a huge amount of gold (I mean over 100 kg) in order to even start this type of work and they need to get all the shipping and transactions down on how they would send people that gold if they claim it as well. Only after all of this (which is well over 50 million dollar in value) you can only start, and that's just the start.

[Ibizugbe1]

Many gold backed project have gone under the bridge and investors investment gone wrong. There  is a particular project that was about 10trillion coin supply and that every of its coin was backed by gold, I believe the developers have ran away with investors fund.

[Mrchristo]

I've heard of some projects who claimed to back up her tokens with gold, but ended up carting away with investors funds. Its rather unfortunate that we cannot verify this claim especially because gold reserves or back ups does not keep records of investors who purchases gold