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

[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.