Beware of fake gold backed tokens

[doctor877]

The surprising thing is that the gold that backs it up also drops in price. So it's bot as if it's a safe haven for those who know the truth. Backing up by good is something that everyone should see not something that should be just an ordinary address. Let's be wise .

[1714949157]

1714949157

[Sirait]

~

pgpay has become shit-token right now, I still HOLD some that I got from the campaign but am very disappointed with the current price

all I can say is that now only GOLD stable coins can be trusted, others = garbage project

[bigcash2011]

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 think it is high time that such fiat or gold backed tokens should post the registration certificate with local SEC in there country and also the confirmatory documents that prove that the country is holding fiat or gold against each token that can be verified. If these steps are not taken scammers will keep taking advantage of the situation and will keep scamming the community.

[Yamifoud]

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

They are just trying to take advantage of what gold's reputations have. OP is giving us the warning and out from the list will it tells something to be a fake project/s. I know a lot of bounties coming out saying about being backup by gold, but all just a trick to attract and it looks promising. Of course, people will look at those things for they think about assurance but unfortunately, they all have gone after they got what they want.

The important now is to evaluate the project carefully, knowing this kind of scheme will giving us a hint on how to find legit and fake projects.

[Horionion]

Scammers are always looking for something that has got the attention of people to scam them. The rate at which gold backed token is increasing on the forum is alarming, we need to be very careful not to be a victim of these scammers.

[Idrix1]

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

Thanks for bringing this to the notice of everyone as using the gold backed project is among the current format used by lots of projects these days, their whitepaper ls are always lit with sweet proposals of how their company already acquired real life gold but it's always just a scam format to lure investors. Another use case often leveraged by teams fpr scam is the real estate, they'll preach heaven and earth on tokenization but it often ends in nothing

[Hippocrypto]

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 think it is high time that such fiat or gold backed tokens should post the registration certificate with local SEC in there country and also the confirmatory documents that prove that the country is holding fiat or gold against each token that can be verified. If these steps are not taken scammers will keep taking advantage of the situation and will keep scamming the community.

Scammers is very smart in their strategic ways and very quick to invade when there's a potential entry that they gained community's trust. The main problems here is that every person who's part of a certain project which is backed with so called Gold, is more eager and aggressive for their profit thinking that this is a strong asset. This is the time people doesn't care for any verification as long as they earn money for good.

[SlimShadyMmp]

I mean if there is really a gold backened project am sure it will be huge and in big exchanges like binance and will be all over the place with news updates and even mainstream media not just shitcoin with red paint all over

[bitkanu]

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.

that's a crap coin. I didn't even believe any gold projects have the real gold and those were only offering fake claim. I just put any gold project in my banned list as there must be a lot of processes to prove the reserved gold and that's not something that can be done instantly.

[TheGreatPython]

Mate, don’t let all these fake tokens and projects make you think that every token that’s backed by precious metals are fake.
There are good tokens and coins out there that are genuinely backed by gold and other precious metals. I know a few of them that are really good, and one of them that I’m planning to investing in, and that’s PAX Gold.

We all already knows PAX and we know that they are very legit and very different from other stablecoins in the market. The PAXG is backed by assets (gold) stored in Brink’s vault. Another one that I’m also looking into is Tiberius, it belongs to a Swiss company, saw them on CCN and it says they are legit.

[Bitbtc8]

I recognized only PAX Gold, it's a popular coin but still I don't see prove that PAX Gold is backed by real gold, some crypto use cases are just too deep to transparency and I don't like that, there is nothing more worst that investing on a crypto project with out confidence, gold backed tokens aren't reliable

[TanakabZX]

Used to have more than 5 different projects or tokens in my wallet that are backed by gold thinking they will be big in the future but I was surprised that they kept losing value, one day I just made up my mind and dump every last one of them

[Squezzi55]

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'm sure that big gold companies knows about the existence of blockchain technology and they don't bother using this technology for their gold companies, they must have seen that it's not a place for their company, gold things don't need tokens honestly, claiming a token to be backed by real gold is fake

[Teraboy]

Used to have more than 5 different projects or tokens in my wallet that are backed by gold thinking they will be big in the future but I was surprised that they kept losing value, one day I just made up my mind and dump every last one of them

that means if those coins are not worth to be used as our investment or store of value. You should think again for the second time to liquidate them all into the better coins. there are so many good coins outta here dude. You should never getting trapped into the one coin

[aioc]

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.

These scammers are just riding on what is successful in the crowdfunding, in the past exchanged based crowdfunding is a huge success, so many developers created projects about exchange only to end up shit projects and runaway with people's money, some example of these are Adabs IronX and so many other projects, and now they are riding in gold, so do your own research.

[Bonwin]

~

pgpay has become shit-token right now, I still HOLD some that I got from the campaign but am very disappointed with the current price

all I can say is that now only GOLD stable coins can be trusted, others = garbage project

Inasmuch as Digital Gold is still able to almost equate the price of it's token with that of real gold in the market, despite all odds and that has been happening for more than a year now, it means that they are truly serious about it and their tokens are backed by the real physical gold. At least, that is practical in the real sense of it. This is unlike other that claim to be backed by real gold and yet their prices are nothing to write about.

[Wingsbtc]

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.

In what bank exactly? Bank is a secured centralized platform so showing prove won't out the project in danger or unsafe state, the fact is projects don't have any real gold, if they do they won't be on here honestly, it's all hoax scheme

[imstillthebest]

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.

In what bank exactly? Bank is a secured centralized platform so showing prove won't out the project in danger or unsafe state, the fact is projects don't have any real gold, if they do they won't be on here honestly, it's all hoax scheme

yes your right  . its too sensitive already but they can show other proofs just to convince people that they are legit .

 not just gold but there are other metal backed cryptos that are said to exist on this space  . not all are hoax but it possible that they hold a gold and still gets involved on crypto    . that is to widen thier support and attract more people  that are already a supporter of gold products  

[PerfectCircle]

Seriously this is a sensitive topic, I think it requires one knowledge and understanding about what blockchain is all about but I can't find any usefulness for gold to be used to back any tokens, tokens that are genuinely created out of thin air and gold that are very very hard to find? Seriously? LMAO, it will never work

[iTradeChips]

I would stay away from gold based cryptos, as they are somewhat deceptive and shady for me to indulge with. What I do is I buy the actual precious metals themselves. I buy the gold and the silver on any form and of course if I have a budget to do that. Gold investments through jewelry is easy if you have a wife and it is much much better than putting all your money on gold based crypto. If you had experienced losing your funds on these projects then that would be a valuable lesson in being more careful in investing.