Don't get robbed by something you don't fully understand

[Phoenix_PROG]

Do not trust any gold projects.

Gold companies around the globe knew about the existence of crypto and blockchain technology, they still have no interest in the technology because it's not needed for their company.

But scammers are using this to lure investors because it sounds right in the ear hearing gold tokens, newbies will easily think they will make huge ROI if they hold tokens that are backed by gold.

Moreover how do this sounds to you? A token that you can easily create through erc20 smart contract now has a value of gold? Do you know how hard it is to find real gold? And someone just tell you that you can exchange your token for real gold?Lol.

to create tokens didn't cost a thing but to get gold costs a lot, look at Bitcoin, we can easily compare Bitcoin to gold because of its value in crypto world, just comparing! Doesn't mean Bitcoin is now gold! But tokens!

Quit sleeping, you've been robbed with simple knowledge of what you don't understand.

[PerfectCircle]

Well that's gold backed tokens for you, almost 99% of them are dead or worthless right now, the truth as been revealed already because if they are truly backed by real gold they will never become worthless, they will maintain a good value and they will be on top 10 on coinmarketcap

[MikeyVeez]

All of us learned from our past mistakes when we invested in ICOs which we did not understand at all. But now the situation changed and ICOs have problem raising at least soft cap, so we see a huge decline in the number of ICOs and also in the number of fake and scam ICOs.

[TimeTeller]

With years that I've been here in the forum, I've seen a lot of projects tying up to gold or precious metals.
And yet, only few of them emerged to continue their project and proved that they have real gold assets.
But one thing I can say if you are a serious investor, better buy physical gold rather than invest on a token or coin claiming to be gold-backed.
Because you have no idea about the absolute truth about their assets.
At least if you have your gold in your possession, whether small or large holdings, you are at peace that it will always be gold and not a token that may turn to be worthless one.

[LuciferMorningstar]

With years that I've been here in the forum, I've seen a lot of projects tying up to gold or precious metals.
And yet, only few of them emerged to continue their project and proved that they have real gold assets.
But one thing I can say if you are a serious investor, better buy physical gold rather than invest on a token or coin claiming to be gold-backed.
Because you have no idea about the absolute truth about their assets.
At least if you have your gold in your possession, whether small or large holdings, you are at peace that it will always be gold and not a token that may turn to be worthless one.

Even if they have real gold assets to back their crypto, I still don't get it why anyone willing to trust a stranger to store your gold and return back with crypto. I can understand people do that for fiat but for crypto, are they insane? Come on, either get a real gold and hold it by yourself, people.

[20kevin20]

I first had a good opinion about them and thought it's an interesting idea, but if you really think it thoroughly, a gold token doesn't do much besides putting you under a double investment risk: you risk getting scammed by the centralized token and having your wallet devalued by a gold market dump. Not worth the risk imo.

[Gotumoot]

I also don't understand why people would really invest in something they don't understand.
They are just risking their money it is just like gambling why wouldn't they just try it instead of this investment.
Gambling is easier than this and they could get the outcome in just a short time unlike in this investment they would wait a long time for what?
The provability of being scammed or earning small profit.

[jrrsparkles]

Do not trust any gold projects.

Gold companies around the globe knew about the existence of crypto and blockchain technology, they still have no interest in the technology because it's not needed for their company.

But scammers are using this to lure investors because it sounds right in the ear hearing gold tokens, newbies will easily think they will make huge ROI if they hold tokens that are backed by gold.

Moreover how do this sounds to you? A token that you can easily create through erc20 smart contract now has a value of gold? Do you know how hard it is to find real gold? And someone just tell you that you can exchange your token for real gold?Lol.

to create tokens didn't cost a thing but to get gold costs a lot, look at Bitcoin, we can easily compare Bitcoin to gold because of its value in crypto world, just comparing! Doesn't mean Bitcoin is now gold! But tokens!

Quit sleeping, you've been robbed with simple knowledge of what you don't understand.

There are some legit gold backed projects available here if anyone wants to invest but if you don't understand how it is backed then simply go for truly decentralised projects which is the best so far in the crypto space.

[Ceyflix-Rez]

On coinmarketcap I can see only two gold backed tokens that looks legit, I think one is USD gold pegged token and other is PAX Gold, it's true that 99% of gold backed tokens are scam, no doubt about this but few still works

[RabbiTANK]

It's pretty hard to trust any gold tokens today, I will only trust a centralized gold backed token with certified paper and qualified personals, every thing must be transparent and made public, infact the SEC but be aware of its existence, people don't know what they are playing with investing in such use case without strong proves

[tycsols]

Do not trust any gold projects.

Gold companies around the globe knew about the existence of crypto and blockchain technology, they still have no interest in the technology because it's not needed for their company.

But scammers are using this to lure investors because it sounds right in the ear hearing gold tokens, newbies will easily think they will make huge ROI if they hold tokens that are backed by gold.

Moreover how do this sounds to you? A token that you can easily create through erc20 smart contract now has a value of gold? Do you know how hard it is to find real gold? And someone just tell you that you can exchange your token for real gold?Lol.

to create tokens didn't cost a thing but to get gold costs a lot, look at Bitcoin, we can easily compare Bitcoin to gold because of its value in crypto world, just comparing! Doesn't mean Bitcoin is now gold! But tokens!

Quit sleeping, you've been robbed with simple knowledge of what you don't understand.

This is exactly the reason i have always skipped and ignored all the gold backed projects because i know it is just their claim and to verify or track down their claim as correct is very difficult so why to invest in a project that lacks clarity about their claims especially when we have so many legit projects and coins out there.

[elementaryOS]

On coinmarketcap I can see only two gold backed tokens that looks legit, I think one is USD gold pegged token and other is PAX Gold, it's true that 99% of gold backed tokens are scam, no doubt about this but few still works

Few only be counted as work since they hadn't pulled an existing scam, yet. My trust for gold-backed tokens or whatever mineral backed tokens is very low. Trusting someone to hold my valuable asset is such a stupid thinking. The risk is on you, not them since they still have gold if they are true about their storage while you just holding a token, no less.

[Looper_U]

They are called fake use cases, there is really no need of them been on the blockchain but they can be very attractive to newbies, I remember a project that claimed you can exchange their tokens for diamonds and I moved away instantly because ' how can you change a token to diamond? Sounds too good to be true

[benthach]

not just gold 99% of the crypto projects are scam, there is none reason to buy them but people do buy anyway. greed conquer all

[Maxstl007]

Do not invest in something you don't really understand, understanding matters before investment but crypto investors are full of surprises, they invest to make gains without fully understanding how the project works, you can't force people from investing, it's their money anyways

[uneng]

I have seen that one of defi platforms, Synthetix, allow users to invest in synthetic assets that represent gold, bitcoin, dollars and others.
Are you talking about this kind of project as well?

https://www.synthetix.io/

[Zeehaxan]

I have seen that one of defi platforms, Synthetix, allow users to invest in synthetic assets that represent gold, bitcoin, dollars and others.
Are you talking about this kind of project as well?

https://www.synthetix.io/

As far as i know synthetix is completely legit and you can see its value is skyrocketting as well, people trust this platform that is why it has become a top platform in no time. I think what he is referring to is the new projects popping up and claimed to be backed by gold and he is right that not every such project can be trusted so community should be careful.

[forexandcryptoauditor]

I think you are right. Scammers are taking advantage of the popularity of gold and silver and creating Ponzi projects with blockchain technology. I think such precious commodities should be kept away from tokenization. There is simple logic that in the first place these commodities are very expensive and again digitizing it costs more. So even if any project is legit, I doubt its existence in the long run.

[kawetsriyanto]

People's interest and trust in gold are the ideas of scammers to launch their new actions. In this case, anyone can be cheated, especially for those who want a real and tantalizing profit. Here, we are not in the basics. basically, we really have to be wary of projects in crypto. Therefore we are advised not to be covered to receive a sizable profit. However, this must also consider the status and also must be thoroughly analyzed related to the truth.

[CaVO32]

People's interest and trust in gold are the ideas of scammers to launch their new actions. In this case, anyone can be cheated, especially for those who want a real and tantalizing profit. Here, we are not in the basics. basically, we really have to be wary of projects in crypto. Therefore we are advised not to be covered to receive a sizable profit. However, this must also consider the status and also must be thoroughly analyzed related to the truth.

To be honest, even if a project is showing their documents stating the possession of gold, I believe that you will never know the real intentions of the developers. So there is always the possibility that their gold token or coin will end up useless once they decided to abandon the project. So on our end, we really can't fully analyzed what's going on with the project because we are basing all our insights on what we are seeing on this cyberspace. So the best approach when it comes to owning gold, is indeed buy the physical one and you can never go wrong with that. It will never turn to a useless coin or token because you have the actual metal in possession.

[jahepahit]

Depending on the way you look at it, but this is the real truth. it's just a way to give equivalent value of gold to a token by assumption. If you can believe in it. You can buy into it. If not just leave it out.

[shollyen]

What if it is well proven and there re evidences that July, it is backed by really gold, i think there is nothing wrong in believing that. Although, most of them lie about their claims and just very few or maybe one at the moment is able to truly prove that.
A project that is a able to prove that for ore than a year and is still steady, i think should be commended alongside a legit audit done by a legit company.

[chikading2016]

If it is all about money many people are greedy and scam others just to gain funds. That is why before we go investing we need to search first and find any supporting documents that the company, project, etc., are legit because if we invested without understanding we maybe get robbed or loss everything. So if the thing is include money we need to be more careful so that we can avoid unnecessary losses.

[SlimShadyMmp]

Many People have learnt from the past I mean there are real ICOs that looks really promising that concern cryptocurrencies, later turns out to be either shit or pure scam So I think bringing Gold is not even a good investment but still if there will be, then you have to make sure is fully back and the Company is a registered one with money back guarantee any time if not dont waste time believing inspirational whitepaper

[Yamifoud]

People's interest and trust in gold are the ideas of scammers to launch their new actions. In this case, anyone can be cheated, especially for those who want a real and tantalizing profit. Here, we are not in the basics. basically, we really have to be wary of projects in crypto. Therefore we are advised not to be covered to receive a sizable profit. However, this must also consider the status and also must be thoroughly analyzed related to the truth.

And they took that advantage knowing that people will show huge interest when seeing backup by GOLD. How pity is this. Scammers will do smart things that we thought it is legit that is why they still have a lot of victims even we have all the awareness. Its something to know that they become more aggressive as the market demand and adoption tend to grow. And those investors who would are greedy and like an instant rich, this could be for them...lol

The market seems too tricky at this time, that is why we should be more vigilant. We can't deny that scammers are smart that even how much we would like to stop them but still, they will find a way unnoticed.

[Shallow]

You have highlighted the whole truth. I have heard a lot and seen a lot of gold tokens which were claimed to be backed by real gold but none is still standing till today. Some exited scam right from their token offering and many are still coming up with same idea, thus scamming those who aren't informed. Just like you said, gold is gold and it is very valued which is why the gold companies have little or no interest in all the gold tokens being created here because there is a very big difference between them. Lastly, most people will continue getting robbed until they understand that all these gold tokens are just out to scam them and nothing more.

[vermigerous]

That's why we need to carefully read and understand the project what we are up into. Because there are a lot of projects that is mentioning skme of their back ups yet it's not true, just to add up colors to their projects. So we must be aware on this kind of project

[jcpone]

If there are some people here in cryptocurrency got scam that is because some of them are greedy.
Now, if for you that having no knowledge about here is equivalent of being rob, well in that case it is obviously
your opinion or speculation only. But honestly, you have a point in that matter some of it are correct and true and
some are not.

[maxreish]

"Lure". That's the right term for it. Since gold has a good name and reputation, they come to a point that bragging the name of gold in their project will make them gain the trust of investors. In fact, some may believe that it is really associated with the real gold. It somehow misleading and to think it will ended up just like the other coins that it may be the hype at first but quite not successful at the end. Whatever they'll put gold at thr coin's name, what's important is the potential of that coin in this crypto market.

[Jancuki]

If I had to choose, I would prioritize investing in real gold, because in my opinion, the risk is high if we exchange it for a token that is said to have been made by real gold. Nobody knows in the future.

[michellee]

I think it is better to invest in real gold than to invest in the gold project because if you invest in gold, you can have the physical material of gold, and you can hold that gold for a long time. If you invest in the gold project without your research about the project, you will have a chance to get a scam if you can not select the right project. The problem is sometimes we are difficult to find that project because almost all project has similarity between the other. So you need to be careful and research first before you invest.

[LazerPanther]

I have seen such projects in the past few years, but they don't last for too long. After a period of operation, those projects have collapsed or become scams in this market. If you want to invest in gold, it is best to invest in real gold

[Genemind]

I've seen some projects who are backed by gold or gold mining companies. I have heard any of it being successful. If it's gold you want, then invest in gold directly.  People are getting interested in this kind of project because of the word Gold. That is why this kind of project scheme doesn't get old.

[havoc928]

I think it is better to invest in real gold than to invest in the gold project because if you invest in gold, you can have the physical material of gold, and you can hold that gold for a long time. If you invest in the gold project without your research about the project, you will have a chance to get a scam if you can not select the right project. The problem is sometimes we are difficult to find that project because almost all project has similarity between the other. So you need to be careful and research first before you invest.

True! I don't understand why people choose to invest in gold-backed projects instead of real gold. I guess maybe they think gold has the strong potential to pump and so are the gold-backed projects, and they want to be successful in this cryptocurrency market. However, it's not safe to do so without doing a lot of researches. I strongly recommend everyone to look carefully into those projects before investing for your own benefits.

[Blue_oxen]

I have seen such projects in the past few years, but they don't last for too long. After a period of operation, those projects have collapsed or become scams in this market. If you want to invest in gold, it is best to invest in real gold

The same thing I have seen also! Those projects like this attracts people by using tangible assets such as gold, silver, etc. However, it can't have enough ability to grow strongly in this cryptocurrency world. In my opinion, gold-backed or fiat-backed projects only can play as a medium of exchange or store-of-value in this market (aka stable coins). They can't have too much grow because they're directly related to the changes of the real assets that back them.

[ancafe]

as long as the token has a price and exchange, I think we can think that the assets we have can easily be exchanged for gold. however, if you doubt that, you can exchange it for fiat, and buy it gold. Well, for direct exchange, I have not found such a project, only if it has a price, I think it can really be done.

[FireBallex]

Gold token is a neat scam, everyone who haven't had a bad experience about them will surely fall for the use case, I did and so are many too but now I've finally understand that gold tokens aren't backed by any thing, it's all based on empty words

[lienfaye]

Thats why dont trust easily when someone says their project is backed by gold. Its very easy to fool people who dont have enough knowledge or easily convince because of greed to earn instantly.

Learn from the past mistakes of getting scam and always verify the legitimacy of the project before believing their statement. Be wise because its your hard earned money that you will put at risk.

[Balladtony77]

Once bitten is twice shy, this use case is very easy to use against investors and lure them to invest money but it thus happened to me once and after I witnessed what happened to the project and every other projects backed by real gold I make up my mind never to invest in such use case again

[Crypto_lion]

The problem doesn't like in the fact that etc 20 tokens cannot be backed by real gold. We have sent gold ETF funds selling  but the problem is whether you believe if the team members are really buying physical gold .

[joshua123]

The problem doesn't like in the fact that etc 20 tokens cannot be backed by real gold. We have sent gold ETF funds selling  but the problem is whether you believe if the team members are really buying physical gold .

There must be a documented videos and papers for these if they wanted the community believe that they are really buying gold. Also why every new project focuses on relating gold to tokens or cryptocurrency. If you check the market there already a dozen of gold back related which none of them are actually backed. Even they are traded on market the assurance that they could still be a scam project is big.

[Ken_terrance]

What if the those few popular gold backed tokens on coinmarketcap aren't backed by anything but words? Honestly we need to be very careful, the projects might have high demands on nothing sake don't you think? Please let's know where we put our hard earned money

[Lantind]

The problem doesn't like in the fact that etc 20 tokens cannot be backed by real gold. We have sent gold ETF funds selling  but the problem is whether you believe if the team members are really buying physical gold .

If you doubt a team, then you are welcome not to follow it, because in crypto you are not required to follow someone just out of doubt, but follow people who make you feel confident in them, each support has a specific foundation to support and so does otherwise.

[chanc3r]

The problem doesn't like in the fact that etc 20 tokens cannot be backed by real gold. We have sent gold ETF funds selling  but the problem is whether you believe if the team members are really buying physical gold .

If you doubt a team, then you are welcome not to follow it, because in crypto you are not required to follow someone just out of doubt, but follow people who make you feel confident in them, each support has a specific foundation to support and so does otherwise.

doesnt matter whether he's like following it or not but when there's indication that something is shady I think it's always better to expose it rather than just sitting silent. community's concern regarding exposing the real truth behind a project should always be welcomed because that means they are saving some people from potential scam.

[chip1994]

A lot of people here are tricked by some bad projects but promising a lot of nice things about the price of the token. after attracting a lot of money from new investors and then they play games and do not care about the project anymore. Therefore, project analysis skills are also one of the very important skills to survive in this crypto market. Whether you are an investor or a bounty hunter, you need this skill. If you work without analysis, you probably won't get any money from your efforts, because currently more than 70% are fraudulent projects in this market.

[Stanlo]

With years that I've been here in the forum, I've seen a lot of projects tying up to gold or precious metals.
And yet, only few of them emerged to continue their project and proved that they have real gold assets.
But one thing I can say if you are a serious investor, better buy physical gold rather than invest on a token or coin claiming to be gold-backed.
Because you have no idea about the absolute truth about their assets.
At least if you have your gold in your possession, whether small or large holdings, you are at peace that it will always be gold and not a token that may turn to be worthless one.

Continuity doesn't mean the tokens are really backed by anything sir, we know how big golds and diamonds are, if any project is really backed by them they will have a big place in crypto world by now, why aren't any of them gold backed tokens on top 10 list on CMC??

[jessyj48]

Using gold backed tokens to fool investors is now like using fake giveaways to lure and scam people, I'm not that surprised though because If you can relax and thing about it very well you will understand that this gold backed use case is a very smooth and easy way to deceive people, it's like make believe kinda trick

[andycarrol]

Once bitten is twice shy, this use case is very easy to use against investors and lure them to invest money but it thus happened to me once and after I witnessed what happened to the project and every other projects backed by real gold I make up my mind never to invest in such use case again

so far only a few projects that can really get support from gold because there are still many projects that fail and cannot work with gold and do not get support from gold because gold cannot actually support the cryptocurrency price movement by itself.

[Maxstl007]

Yea lack of understanding will make you throw away your money, the advice I can give a new crypto fan is to spend months learning how to play safe in crypto space starting from which exchange is better and what use cases works better

[Deeshawn]

I still don't understand why many newbie invest in good names instead of good project, mere hearing Gold attached to the Project name, they will rush to invest on it without doing their research to be sure if the project is really what it was called.

[Kasabus]

I still don't understand why many newbie invest in good names instead of good project, mere hearing Gold attached to the Project name, they will rush to invest on it without doing their research to be sure if the project is really what it was called.

Greed is really present in every investor but it's up to that investor if he will limit his greediness or totally ruled by it. A token that is backed by gold is definitely an investor must have but if you will analyze it deeply, you are only giving your hard earned money just for a coin that you don't even know it's real value. Be knowledgeable on the things that you don't fully understand so you won't be wasting your money on something you are not even sure of.

[Festac]

Newbies needs to spend time doing research on projects and seek knowledge about how to avoid some stupid mistakes in crypto space, there are some mistakes that you may never recover from, ask those who invested in OneCoin or Bitconnet

[TopT3ns]

People's interest and trust in gold are the ideas of scammers to launch their new actions. In this case, anyone can be cheated, especially for those who want a real and tantalizing profit. Here, we are not in the basics. basically, we really have to be wary of projects in crypto. Therefore we are advised not to be covered to receive a sizable profit. However, this must also consider the status and also must be thoroughly analyzed related to the truth.

I don't think there is any harm if people still believe in gold because the current stable price of gold makes investors prefer to save their assets in the form of gold and I am sure those who choose gold do not know more about the benefits of gold. longer than in cryptocurrency.

[Mpamaegbu]

I also don't understand why people would really invest in something they don't understand.

Your submission beggars acceptance. At least, in the circle of true business acumen. It was for that same reason that people should stay away from what they don't understand that made a lot of people stay away from Bitcoin in 2010 when it was barely a dollar. A lot of people are still staying away even now because they don't understand Bitcoin. They should wait till its price gets way above $100,000 or more. The Bitcoin whales we talk about today were those who took the risk and went all in and bought even when they didn't truly understand or believe in Bitcoin. So, we shouldn't blame or envy these whales for whatever privileges they enjoy today.

[Samayuki]

I never really understand how Ponzi scheme works, I belief that's why I fell for MMM Ponzi years back, if I took my time to study the platform very well I would have spot the flaws, OP is right, staying away from something you have no complete knowledge about is the best move one can make

[Shasha80]

There is a lot of misleading information related to tokens that are backed by Gold. Because now it's starting to emerge projects that are trying
to become Gold or other precious metal. These tokens cannot have the same value as real Gold. Stop fantasizing and think smart related this
matter. If you want to invest in Gold, just buy real Gold. Don't invest in tokens that are backed by Gold. Of course two things are different want
to be compared from anywhere.

[Kvalentine]

it's easy to understand what gold is, everyone know about gold but I can't still figure out why we need or will ever need a token or coin to be have some kind of gold chest backing them, it's so suspicious and tricky too, if you don't think twice about this very well you will fall for gold tokens

[konflikkastil]

This reminds me what happened my friends and I smwhen we first started cryptocurrencies. Someone scammed  us of coin close to $200. It was on a telegram group, I still remember the coin (NOBS) I was to sell it and go and settled my tuition fee the folly morning in school. The friend of mine that sent the coin to the guy was removed immediately they confirmed the coin has entered their wallet. I almost cry. It pained me to the bone. No one should be trusted when it comes to this game. Trust yourself, both the bounty managers and bounty hunters. We are all hustling. And some people do has have integrity at all. Dealing with them must require logic and one must be very wise.

[Nhor1011]

People are easily deceived by the beauty and value of gold but in crypto you need to look in reality. Tokens backed with gold is difficult to believe and trust. Because if the tokens is really backed with real gold,it will not become worthless and it's value will increase more. They just told that their tokens is backed by golds but where is their token now? All are dead and the project team quite disappeared.

[ethereumhunter]

it's easy to understand what gold is, everyone know about gold but I can't still figure out why we need or will ever need a token or coin to be have some kind of gold chest backing them, it's so suspicious and tricky too, if you don't think twice about this very well you will fall for gold tokens

Maybe they have another reason why they launch that project, but I think they want to make money from the project because that is the basic reason why the developer build the project. We don't have to invest in that project if we feels that the project is suspicious and we doubt that the project can success in the future. We'd better to invest in another project which have potential to give a profit to us in the future.

[davinchi]

If I remember correctly, there have been at least 5 or more warning/alerting topics across this forum against such gold backed projects. Still, I could not get how devs are coming up with the same concept based projects for attempting to scam us. It seems they must be getting some minimum success when they are promoting like they are backed with gold bars. Otherwise we would not have these many same kind of gold based projects.

Even after ICO concepts are finding least responses from this community, some devs are coming up with gold based projects. One thing is worth mentioning here; I have seen one project which was not at all having ANN topic on this forum but having discussion topic with the more than 10 pages. It means they are indirectly attracting investors without getting into the eyes of forum investigators who are known for busting scams which are being announced in the name of ICOs or with inappropriate concepts based projects.

[Fredomago]

It's always a bad move to invest in something you haven't able to grasp and fully understand it.

Deciding to invest into something that you are not fully aware is just hoping for luck to keep coming on you, most of the time it won't.

I bet a lot of crypto holders today don't fully understand the crypto they are holding as well and this spell for a bad problem when that crypto didn't do well.

Most crypto investors are easily being moved by fluctuations, the volatile nature of this industry made them to fear of losing every opportunities.
If you want to survive from this business, you need to plan well and do more deeper research about this business.

[marilynmanson21]

It's completely wrong if people put their money and investing it on something that they are actually didn't fully understand about it. They need to do their own research about it first, finding feedback from other people that had an experience of it, learning how it actually works, looking out for it's potential and how good it will impact their own investment.

[aemma]

You carefully pictured the whole case scenario and that's the truth about it. I would say many people did what they thought was the right investment just as we see in other sectors or industries but then realized that it couldn't work with blockchain, at least no successful one has been seen yet. To cut the whole story short, gold projects haven't proven to be trustworthy for a long time now and hence investing in them comes with much risk which aren't worth it.

[nicecrypto]

Maybe this is yet to be achievable at this point because the amount of time and resources that will be required to actually achieve this but I feel in the future we could see a real gold backed project, what we have in the market at present is just on theory only, hence, it will be very important to think twice before investing in such project.

[pixie85]

It's the same mechanics that made first companies who accepted Bitcoin profit greatly from this decision. They caught early Bitcoin investors who were itching to spend their coins on anything really. They would buy things they didn't really need only to test Bitcoin payments and they had almost free coins that were worth now much more than when they were buying them.

Now crypto holders want more stability and think that backed companies are better than decentralized ones. They are not!

[dongosquad]

It's always a bad move to invest in something you haven't able to grasp and fully understand it. I bet a lot of crypto holders today don't fully understand the crypto they are holding as well and this spell for a bad problem when that crypto didn't do well.

there are even some people who invest only because of fomo, without understanding what is invested, regardless of the risks, they only focus on instant profits. even though it's very risky.
about gold, I think it's better to invest in real gold, which you can see and hold physically. while in the crypto world, there are still many trusted coins and potential tokens that you can use. understand the risks, understand the strategies.

[KaratX]

People don't fully get what's going on with gold tokens that's why they fall for them, hearing gold involvement makes newbies thinks that the token will have higher value but that's it, gold tokens always fail because there wasn't any gold at all

[Towerbreeze]

Without deep research about crypto projects you will end up getting scammed, newbies most importantly are too eager to make money and they try all possible ways available, including money doublers and Phishing links until they learn and lose

[cengat]

Quit sleeping, you've been robbed with simple knowledge of what you don't understand.

Can't stress enough how important doing own research before investing is.
Its basically the first thing you have to do before even considering if the coin worth spending your funds on it.

[Blue_oxen]

It's always a bad move to invest in something you haven't able to grasp and fully understand it. I bet a lot of crypto holders today don't fully understand the crypto they are holding as well and this spell for a bad problem when that crypto didn't do well.

there are even some people who invest only because of fomo, without understanding what is invested, regardless of the risks, they only focus on instant profits. even though it's very risky.
about gold, I think it's better to invest in real gold, which you can see and hold physically. while in the crypto world, there are still many trusted coins and potential tokens that you can use. understand the risks, understand the strategies.

Yes, you're right. I think the same as you. Many people come to this cryptocurrency world without having proper knowledge and specialized skills about the market, which makes them face a great risk of losing their money. I don't know why a lot of people still think that cryptocurrency market is the market that you can easily earn money out of it without any special requirements. This market is just as same as others, you need to know it to be able to make money from it!

[xOdiumNostrumx]

I remember this being a trend 2 or 3 years ago, you could see new ANN threads opening constantly, claiming the same thing, their tokens being backed by gold. I am pretty sure that most people ignored those kind of projects, but I assume some newcomers in the crypto space sadly stepped on this mine and loose a bunch of money as a consequence.

[Sourhearrt]

Gold backed tokens aren't real because there is no need to their existence, why? How can someone build a erc20 tokens and tell the world that they can sell the tokens for real gold? Something that doesn't cost a thing to build

[rahmatullah9305]

Can't stress enough how important doing own research before investing is.
Its basically the first thing you have to do before even considering if the coin worth spending your funds on it.

I think the thing that you said was already known by the OP who made this tread, because he also has read a lot of suggestions given by people who have already invested in the past, which but it never hurts to be reminded again.

[btcholder]

Nice explanation. Now days new investors seems like they invest on a project and they are hoping for a big amount profit from it. It doesn't matter to them which project is legit or not. But you can only earn profit from those project which have real value or demand able in crypto industry. Not just gold project i can see many health related project also trying to create hype in crypto industry but end of the day they are not rising up.