Some crypto use cases don't deserve your hard-earned money, invest wisely

[StormHawk]

There are few use cases in crypto space that are based on nothing but lies, imagine investing money on a project that claimed they are backed by real gold and diamonds but that are just empty words, the moment you ask them to show proof that they really have gold and diamonds they give useless points, here are few gold companies that exists till date in our real world and guess what? They never dare to release any coin or tokens for their companies.

1. Newmont company ( United States )
2. Barrick Gold. ( Canada ).
3. Polyus
4. Anglo gold Ashanti ( based in South Africa ).
5. New crest Mining. (Australia)
6. Gold Fields. ( Johannesburg .SA )
7. PolyMetal international ( Russia )

The list goes on and on, none of these real world gold companies are into cryptocurrencies so the question is where are crypto coins that developers claimed are backed by gold are coming from if it's not from scammers? Pls Be strict with whatever investment plan you want to execute.

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[Alone055]

Although the point you are trying to explain is not completely wrong, but I believe that a project should not solely be judged by the fact that they are not backed by a company owning/storing gold for them as any individual or a company having the budget can purchase and store gold just like any other asset and there should be no problem for a project to purchase enough gold to back their coins with it, but, as you said, transparency is what's required if they are not hiding anything. So before investing into a project, a thorough research about it is a must.

[The Cryptovator]

To be honest, everyone is here to make money. All the new projects are just full of shit. That's the reason why we call them shit coins. It's just a game of trading, nothing else. Very rarely I have seen real use case of a project. All just game of raising funds. They promise many things before Launch, few just skip with funds and a few listed on the exchange. And they think their responsibility ended there and no more development. Only stable coins would be backed by real assets like gold. The volatile currency wouldn't be backed by real assets anyway. And those who have the capability to back cryptocurrency don't need to raise funds for the development process. So before investing in a project should think twice.

[PrivacyG]

So what is the real point in investing in a Cryptocurrency promising to be backed in real Gold?  It is not like this is the equal formula of the Gold Standard.  Instead of investing in such way, why do we not simply purchase real Gold instead?  'Backed' Cryptocurrencies are just an unnecessary headache really.

They promise many things before Launch, few just skip with funds and a few listed on the exchange. And they think their responsibility ended there and no more development.

This thing got worse after Dogecoin's sky rocketing launch.  It got people thinking a Cryptocurrency does not need development to succeed.  All this hype of shitcoins, ICO's, NFT's and so on turned into such an unhealthy trendy state of Cryptocurrency markets and provoked unhealthy ideas about them.  Lots of people got to think a literal shit packed up beautifully will sell for big figures and turn you into a millionaire.

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Regards,
PrivacyG

[MidNite36]

This is pointless and it shouldn't be called a use case, in fact it's a zero use case because real gold do not need a digital coin for any reason gold works better in physical form, you need gold? Just buy real gold and hold.

[CryptocurencyKing]

Apparently, what we have are just claims, same goes for stable coins. Somehow, they've got users to believe and invest there coins and somehow, its worked and as such, who cares if they've got real asset to back them up or not. What matters to most persons is, if it works and that's good enough.

Again, when talking about actually backing a project up with actual gold, diamonds or dollars worth, you don't need to own a company that deals on these assets to do that. It could take the form of having a portion of your portfolio or from the investments made on your asset but, that's hardly what we have. Just empty claims and it's been able to persist because, there haven't been any serious issues just yet.

[Yogee]

.... the moment you ask them to show proof that they really have gold and diamonds they give useless points,

You are a lucky one if they actually gave you an answer hehe. They usually ban or kick out anyone asking tough questions in their channel then accuse them of spreading "FUD". That alone is already a huge red flag.

[Jawhead999]

Why we should do research from 18,000 crypto while we can just avoid 17,999 coins and just invest in Bitcoin? This will save you a lot times when researching one by one projects and you can't be sure it's genuine projects.

Now read your previous post

Dogecoin is good for making payments, max supply is huge and transaction fee is cheap so why not? Its just a shame that BTC isn't taking the lead in this area of making payments.

I don't understand what is the relation between large supply and good for payment? And you're totally wrong BTC can't be used for making payments, tons of online marketplace accept it and it's become legal tender on El Salvador. It's shame no country accept Bitcoin as legal tender

[pooya87]

Some crypto use cases don't deserve your hard-earned money, invest wisely
imagine investing money on a project that claimed they are backed by real gold and diamonds

Your advice is good but it doesn't make any sense with your title.
Being "backed by something" is not considered a "use case". In fact even if those shitcoins were truly backed by gold or whatever and they weren't lying, the coin was still useless and its price would have continued dumping. Simply because being backed by something doesn't provide utility. Look at bitcoin, it is not backed by gold, diamond, or any other crap like that and yet it is the most valuable currency in the world and it keeps gaining value because of a simple fact: it provides many very useful utilities.

[cryptoaddictchie]

where are crypto coins that developers claimed are backed by gold are coming from if it's not from scammers? Pls Be strict with whatever investment plan you want to execute.

Probably based on their perception and duly noted on their written whitepaper. Its quite hard to believe that these projects were actually backed by real gold and also those are probably their way of saying to market and attract investors. But the real thing will always be proven true if there will be acknowledgement of the said clauses and agreement. Can you name some of the curremt project that are using this I had some before but forget their names.

[Coyster]

There are few use cases in crypto space that are based on nothing but lies...

The thing is that many investors do not care, they do not even make their research, they just invest based on promises of good returns and cause they want to get their ROI as soon as possible, i think that is the reason many of them shy away from Bitcoin, cause they are unwilling to be patient. Quite a lot of this investors still choose pump and dump coins, riding their luck in the hope that the pump favors them, that is really a wrong strategy to invest with. Research is invaluable, if you do a good research on many of this new projects i'm pretty sure you'll not invest in them, for example, i have done my research about Bitcoin that't why i believe in it and it makes up most of my investments, in the end it is up to every individual investor.

[FirmWars]

.... the moment you ask them to show proof that they really have gold and diamonds they give useless points,

You are a lucky one if they actually gave you an answer hehe. They usually ban or kick out anyone asking tough questions in their channel then accuse them of spreading "FUD". That alone is already a huge red flag.

I'm not surprised, I think asking deep questions from team members sometimes will reveal their true intent, I could remember when I asked a team about why an address hold 50 of the max supply and I got blocked instantly.