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.