Beware of fake gold backed tokens

[Alohadanc3]

Yes in last few months we see a lots of gold based token. And in  day by the the number of this kind of project is increasing. At first I thought this are all good but when I start to research and want to understand then I know the facts. That most of this kind of projects are nothing but scam. And I started to see that in few months this projects are fully gone from the market. And there is no guarantee that they really backed gold. So Beawar of this kind of project. Dont rush,if you are new do some research before invest in any gold backed projects.

[Eco_111]

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

All these real gold companies are fully aware of blockchain and crypto currency but they never for once think about getting into this space because they don't see the use or need, this is enough to nailed down all projects team pretending that their fake gold project is backed by real gold.

[Slingshot]

I did couple of bounties regarding gold and non paid off and many exited scam so ever since then when I see varied by gold I don't do the bounty talk more of buying coins during presale or ICO. They are using gold to decieve many people and some do feel the worth would be as gold. Some Devs even perg it to 1$ as stable ccoin. This space needs carefulness.

[MikeyVeez]

I hope that there are not people who would put money into an obvious scams that claim to be backed by real gold plus they promise future interest. I would buy only gold-backed coins thats come from the trusted labs like Paxos or Tether and their gold backed products.

[SistaFista]

If they are really backing their token with real gold, then just make them show the proof.
Anyone can create token and say the token is backed by gold, but without proof. If they can't show you the proof, then just leave them.

[Stanlo]

I did couple of bounties regarding gold and non paid off and many exited scam so ever since then when I see varied by gold I don't do the bounty talk more of buying coins during presale or ICO. They are using gold to decieve many people and some do feel the worth would be as gold. Some Devs even perg it to 1$ as stable ccoin. This space needs carefulness.

I did many gold backed tokens bounties myself, every single one of them failed, the last one I promoted was one asian gold project called PGpay and there aren't good demand for the token, I made 30$ out of the bounty campaign, now the value have dropped alot

[torrantz]

I did couple of bounties regarding gold and non paid off and many exited scam so ever since then when I see varied by gold I don't do the bounty talk more of buying coins during presale or ICO. They are using gold to decieve many people and some do feel the worth would be as gold. Some Devs even perg it to 1$ as stable ccoin. This space needs carefulness.

I did many gold backed tokens bounties myself, every single one of them failed, the last one I promoted was one asian gold project called PGpay and there aren't good demand for the token, I made 30$ out of the bounty campaign, now the value have dropped alot

If value had dropped alot that means the gold backed thing is bs. if the gold truly exist the price should be atleast stable or as good as those stablecoin and to see it being dumped doesn't make sense. I think we shouldnt trust these kind of project if they don't try to show off their transparency because we've got enough of the bs.

[Apostlekin$$$]

I've never invested on any gold tokens before but I have joined many gold token airdrops and I'm glad I don't hold any because they are now worthless in value, the real reason why gold tokens exits in crypto space is still unknown as I can't find any information about there existence on blockchain technology, I'm not satisfied with their existence on crypto space

[gikere]

Gold-backed tokens are the most stupid scam that I've ever seen. I wouldn't trust the bank and their fiat backed by gold reserve then why would I trust the same thing but not even fiat but freshly made token? At least fiat have a government's backing also so you still have time to trade for some value before it crashed.

[funex]

 I have noticed that a lot of projects are coming up to claim being backed by Gold , i don't want to call names but all i want to say here is we should be careful . there are a lot of developers who want to hide under the disguise of 'Backed by Gold' project to scam innocent investors who would rush to invest in their fake Gold backed projects.

[TopT3ns]

I really can't understand, if you want gold, go buy the real thing. Why waste your money or crypto on token backed by gold which is very vague since not many of them have a good reputation or have their token backed by god verified and certified. Just a dumb way to throw your money out of windows.

actually what I know so far is that gold cannot be used as a support for cryptocurrency because what I know is gold and cryptocurrency have very clear differences and of course both have price movements depending on demand from only humans not from gold to cryptocurrency or vice versa.

[CashbackLover]

If truly tokens and coins are backed by precious metals they will definitely take over crypto space by now, and even top the lists on coinmarketcap, they are total failure and they are completely build on lies, you only belief such projects if you want to believe.

[alik111]

If you this is is purely a scam and there is something risky for newbie users then please make a scam accusation thread on Scam Accusations board with proper proof.

That is be helpful for all users and newbies will know how to justify such scams.

[New_order]

I wonder when the real gold company starts to jump in the game and issue their own crypto. All the new projects dare to advertise their tokens are gold-backed while I bet only a fraction of their tokens is really gold backed. The risk is too high but people still brought it.

It's a higher risk investment, there is no proof that the tokens are backed by real gold of any kind, real gold companies see no use for gold blockchain projects that's why we don't see any real gold companies in crypto space, those who invest in such projects are people that like make believe

[asder250]

I can´t imagine who fall into these scam tokens. At first look, you have to notice that something is wrong.

I understant that number of these tokens is growing because people care more about the real value of the token and when it is backed by something real, then the token remains the value.

[Dollar_Hunter]

There are more project before that is back by precious metals but none of them are now in existence because most of them are just plain scam and money grabbers, but there is some token/coin that is really back by gold but the price is too high for regular traders to buy in only the elites can profit from it.

it is better to buy real gold, than tokens based on gold, in terms of security,
crypto investment is much better, but for gold it is actually good

[helloinox]

All you need to do is check if they indeed have gold to back up their token and how much of it. Calculate if that amount versus token's price seen right enough to you invest. Most of the time, they really don't have enough gold to justify their token price so they fake amount of gold. Too much risk for a lousy token.

[Febo]

Beware of fake gold backed tokens

Why would you want a token of a gold if you can simply buy gold and hold it at home?   I dont see any advantage only huge disadvantages by then refuse to actually give you gold for your token when you request it.

[jademaxsuy]

Beware of fake gold backed tokens

Why would you want a token of a gold if you can simply buy gold and hold it at home?   I dont see any advantage only huge disadvantages by then refuse to actually give you gold for your token when you request it.

Simply a simple way to trick crypto users. It really make sense investing in crypto back by gold when you can own a gold. LOL

This is why I become bitter in altcoin projects. However, I am interested to see how many of the present projects became successful in the future. Since there are lesser shitposter due to merit system then now good projects will be visible. At least I may able to find a reputable user joining in that project then certainly I will also join to it. For now, actually they aren't and still enjoying lesser pays in btc but sure that they will get paid. So this is what I done also.

[KaratX]

Gold tokens aren't real, I believe gold coins that are stable like PAX Gold but that's that, I haven't seen any other that's genuine like PAX Gold, every other are backed by nothing but empty lies, I suggest you abstain from any gold backed tokens