[🚀][ANN][Aurum Project] 💠 Xᴀᴜʀᴜᴍ 💠 ▲1 XAUR = 0.000426686186 g gold▲

[webprods]

I got my coins!

Looking forward to this!!

I didn't got .What wallet you using??? Thanx

[GlitterRush]

change your name you tools its already taken do some research before makeing a scam

[Aurum Project]

I got my coins!

Looking forward to this!!

I didn't got .What wallet you using??? Thanx

We have nothing to do with xaucoin that has chosen the same ticker and a similar name to confuse you. We're the shiny precious one.

[fjlj]

i mean this coin although it be not decentralized.. but if you can actually send them the coins and actually receive gold.. then that concept seems pretty kewl! seems like it could easily collapse on itself though. is the idea to perpetually continue to buy gold as the coins come in and then feed coins back out? the problem i see is this.. once all the coins are mined and people want their gold... the value of it can not go up based upon other commodities because lets face it.. if i can get gold, something that is nationally recognized as rare and valuable im going to.. all of the coins that have been exchanged for gold are suddenly not backed by gold anymore and would have to leave circulation.. or reserves would need re bought and then coins put back into circulation.. it is hard to believe even for me that this is what is going to happen, and im a mostly trusting person. what i foresee is one of three things.. either the above mentioned will happen, or the gold will never exist... OR the currency is around for a little while until the person mailing gold out for it realizes that he can not make anything off of this and is basically giving gold away and adding money to the governments pockets in the form of power bills and taxes.. hmm any thoughts?

[Aurum Project]

i mean this coin although it be not decentralized.. but if you can actually send them the coins and actually receive gold.. then that concept seems pretty kewl! seems like it could easily collapse on itself though. is the idea to perpetually continue to buy gold as the coins come in and then feed coins back out? the problem i see is this.. once all the coins are mined and people want their gold... the value of it can not go up based upon other commodities because lets face it.. if i can get gold, something that is nationally recognized as rare and valuable im going to.. all of the coins that have been exchanged for gold are suddenly not backed by gold anymore and would have to leave circulation.. or reserves would need re bought and then coins put back into circulation.. it is hard to believe even for me that this is what is going to happen, and im a mostly trusting person. what i foresee is one of three things.. either the above mentioned will happen, or the gold will never exist... OR the currency is around for a little while until the person mailing gold out for it realizes that he can not make anything off of this and is basically giving gold away and adding money to the governments pockets in the form of power bills and taxes.. hmm any thoughts?

The point is that all of the coins in circulation are backed at all time, so all holders can cash out in gold at all times.
If we don't have problems with liquidity (and we won't if the % of people who want gold instead of our coin is low) we won't sent the gold from gold reserves, but sell the already backed coin and buy additional gold (the difference goes for shipping, and the extra to the common wallet). Basically the choice is between destroying an already backed coin or using it. If we destroy it, it will go back to mining, if not it will rejoin circulation. In both cases everyone can get their gold and the value of all coins in circulation is preserved. In case the price will be lower than the value of gold, we'll use the gold from reserves, the marketcap will be lower, but the value backing each coin will remain the same. We would be glad to see if all would melt their coins in the early stages, as it would reduce required trust.

The costs of this operation are very flexible, and the 5% on gold purchases is more than enough to make it profitable for Auresco.

[fjlj]

i mean this coin although it be not decentralized.. but if you can actually send them the coins and actually receive gold.. then that concept seems pretty kewl! seems like it could easily collapse on itself though. is the idea to perpetually continue to buy gold as the coins come in and then feed coins back out? the problem i see is this.. once all the coins are mined and people want their gold... the value of it can not go up based upon other commodities because lets face it.. if i can get gold, something that is nationally recognized as rare and valuable im going to.. all of the coins that have been exchanged for gold are suddenly not backed by gold anymore and would have to leave circulation.. or reserves would need re bought and then coins put back into circulation.. it is hard to believe even for me that this is what is going to happen, and im a mostly trusting person. what i foresee is one of three things.. either the above mentioned will happen, or the gold will never exist... OR the currency is around for a little while until the person mailing gold out for it realizes that he can not make anything off of this and is basically giving gold away and adding money to the governments pockets in the form of power bills and taxes.. hmm any thoughts?

The point is that all of the coins in circulation are backed at all time, so all holders can cash out in gold at all times.
If we don't have problems with liquidity (and we won't if the % of people who want gold instead of our coin is low) we won't sent the gold from gold reserves, but sell the already backed coin and buy additional gold (the difference goes for shipping, and the extra to the common wallet). Basically the choice is between destroying an already backed coin or using it. If we destroy it, it will go back to mining, if not it will rejoin circulation. In both cases everyone can get their gold and the value of all coins in circulation is preserved. In case the price will be lower than the value of gold, we'll use the gold from reserves, the marketcap will be lower, but the value backing each coin will remain the same. We would be glad to see if all would melt their coins in the early stages, as it would reduce required trust.

The costs of this operation are very flexible, and the 5% on gold purchases is more than enough to make it profitable for Auresco.

soo let me get this straight..

say i have 10 XAU and i ask to melt it..
1. I send you my 10 XAU
2. you send me a 10g cold card.
3. you are then going to sell the "backed" coins that i just gave to you back into the coin pool to buy more gold.

soo that would mean that everytime someone melts the entirety of the coin can not be backed by gold because their is a period of time where gold is missing before it is replaced.. OR do you plan on after i give you my coins, buying gold and then sending it to me and not touching reserve that backs coin? if this is the case, i can expect to wait in excess of a months time for my gold, all the while im wondering if, i have been ripped off.. realistically you need 2x the amount needed to back the coin on hand to make this work, but in the end all you are doing is exchanging coin for gold. and yes this is creating a "currency" that allows such thing to happen. soo IF you have enough ON HAND to both back the coin AND instantly process and send melt requests, this can be lucrative and a good method for people to obtain gold other than using traditional fiat currency.. IE i exchange BTC for XAU and then i melt for gold. BUT will you be able to keep up with it?

[Aurum Project]

soo let me get this straight..

say i have 10 XAU and i ask to melt it..
1. I send you my 10 XAU
2. you send me a 10g cold card.
3. you are then going to sell the "backed" coins that i just gave to you back into the coin pool to buy more gold.

soo that would mean that everytime someone melts the entirety of the coin can not be backed by gold because their is a period of time where gold is missing before it is replaced.. OR do you plan on after i give you my coins, buying gold and then sending it to me and not touching reserve that backs coin? if this is the case, i can expect to wait in excess of a months time for my gold, all the while im wondering if, i have been ripped off.. realistically you need 2x the amount needed to back the coin on hand to make this work, but in the end all you are doing is exchanging coin for gold. and yes this is creating a "currency" that allows such thing to happen. soo IF you have enough ON HAND to both back the coin AND instantly process and send melt requests, this can be lucrative and a good method for people to obtain gold other than using traditional fiat currency.. IE i exchange BTC for XAU and then i melt for gold. BUT will you be able to keep up with it?

Coins are backed at all times, we don't touch the reserves if we don't have to, if we do, the coin must be backed again. If we can't get supplies fast enough, this means a problem in liquidity, if that happens we use the reserves and the coins go out of circulation. We'll have some extra gold stacked to facillitate faster shipping, but if the melting exceeds our supplies and there are delays in supplying more (probably not an issue), we'll supply the gold from the reserves. This means once we coin Xaurum, and set up the reserves (2-4 weeks), you should be able to recieve it anywhere in 3-7 days (faster in EU), the only problem are a few countries that have their own specific gold regulations.

[raveneye]

This scam has already been run once, maybe even by the same guy:
https://bitcointalk.org/index.php?topic=784286.0

[Aurum Project]

This scam has already been run once, maybe even by the same guy:
https://bitcointalk.org/index.php?topic=784286.0

We understand that there were a thousand gold scams in crypto and that trust in gold backed anything is close to zero. This is why we're probably going to sell more coins in regular economy until we deliver proof of gold.

Regarding that topic, all links are down, does anyone have any dox on this? From what it looks, it could have been ok, it it weren't a scam.

I saw no claim of exchanging crypto for gold, there has to be a way to guarantee it at all times (economically, legally, practically), or all claims of a backed coin are unfounded. We're in the proces of establishing this guarantee as the option of exchanging every Xaurum in circulation for its worth in gold. We have described how this will benefit us and you economically, we have created a legal entity to do so legally, and are developing the page to do so practically. If you have any other ideas how to establish this, please share them. We aren't ready to give up the use of crypto because of scams and believe that what is needed to evolve crypto past its current era of scams is precisely to show the benefits of cooperation.

[SkyValeey]

Watch this...

...but don't trust this

[MickGhee]

Auresco Institute dosent exist and this is an obvious scam a quick Google search reveals that instantly. Shame on u cex and dev

[MickGhee]

This scam has already been run once, maybe even by the same guy:
https://bitcointalk.org/index.php?topic=784286.0

We understand that there were a thousand gold scams in crypto and that trust in gold backed anything is close to zero. This is why we're probably going to sell more coins in regular economy until we deliver proof of gold.

Regarding that topic, all links are down, does anyone have any dox on this? From what it looks, it could have been ok, it it weren't a scam.

I saw no claim of exchanging crypto for gold, there has to be a way to guarantee it at all times (economically, legally, practically), or all claims of a backed coin are unfounded. We're in the proces of establishing this guarantee as the option of exchanging every Xaurum in circulation for its worth in gold. We have described how this will benefit us and you economically, we have created a legal entity to do so legally, and are developing the page to do so practically. If you have any other ideas how to establish this, please share them. We aren't ready to give up the use of crypto because of scams and believe that what is needed to evolve crypto past its current era of scams is precisely to show the benefits of cooperation.

.

Yea the value of each coin(0) for gold 0

He is saying because the eventual value is 0 he doesn't need any gold

[MickGhee]

Really so I'm supposed to believe ur million dollar company exists because of 1 link that can't be verified any where else DYOR oh u can't because all links point to this thread meaning it was created here by u

[Aurum Project]

Really so I'm supposed to believe ur million dollar company exists because of 1 link that can't be verified any where else DYOR oh u can't because all links point to this thread meaning it was created here by u

Here.

We're not a million dollar company, we founded Auresco specifically for this project, its a non-profit (so the founders can't legally sell the gold or use it in a different way).

[fjlj]

Really so I'm supposed to believe ur million dollar company exists because of 1 link that can't be verified any where else DYOR oh u can't because all links point to this thread meaning it was created here by u

lol foot in mouth moment.

[MickGhee]

Really so I'm supposed to believe ur million dollar company exists because of 1 link that can't be verified any where else DYOR oh u can't because all links point to this thread meaning it was created here by u

Here.
, we founded Auresco specifically for this project,.

What gold
Umm you are spelling out scam

And
On December 23, 2013, the Ministry of Finance of the Republic of Slovenia issued a formal opinion about the status of the bitcoin and other virtual currencies in response to a request from the Tax Administration of the Republic of Slovenia.[118]  The opinion states that the bitcoin is not a monetary means under Slovenian law and not a financial instrument.  According to the Ministry of Finance, the existing legislative framework does not contain provisions applicable to businesses involved in bitcoin trading.[119]  However, the Ministry stressed that taxation of bitcoin income still warrants review on an individual basis. 
Source http://www.loc.gov/law/help/bitcoin-survey/#slovenia
Meaning say what u want with no legal repercussion. SCAM!

Really so I'm supposed to believe ur million dollar company exists because of 1 link that can't be verified any where else DYOR oh u can't because all links point to this thread meaning it was created here by u

lol foot in mouth moment.

That remains to be seen, and at this time, unlikely

[Aurum Project]

On December 23, 2013, the Ministry of Finance of the Republic of Slovenia issued a formal opinion about the status of the bitcoin and other virtual currencies in response to a request from the Tax Administration of the Republic of Slovenia.[118]  The opinion states that the bitcoin is not a monetary means under Slovenian law and not a financial instrument.  According to the Ministry of Finance, the existing legislative framework does not contain provisions applicable to businesses involved in bitcoin trading.[119]  However, the Ministry stressed that taxation of bitcoin income still warrants review on an individual basis.  
Source http://www.loc.gov/law/help/bitcoin-survey/#slovenia
Meaning say what u want with no legal repercussion. SCAM!

From the source of the text:

"The Tax Administration of the Republic of Slovenia requested a formal response from the Ministry of Finance about status of Bitcoin and other virtual currencies. About it writes portal CoinDesk. The Ministry of Finance published the official response which says that it is not a monetary means under Slovenian law and it is not a financial instrument. However, the ministry stressed that taxation of Bitcoin income still warrants a review on an individual basis. It is necessary to determine who actually generates an income, and classify what sort of income is being generated.

Thus some income will be taxed. Income made by individuals is subject to standard income tax provisions, irrespective of the form. Bitcoin income will apparently be taxed by measuring the bitcoin/euro exchange at the time of the transaction. Personal income tax is not paid on capital gains. Individuals who generate income by selling Bitcoins will not pay income tax. At that profits derived from trading and mining Bitcoin are taxed as income under the provisions of Slovenian personal income legislation."

Sadly, we are probably the only country where mining is taxed.


I doesn't matter though, we can't use bitcoins, as they are too volatile. We sell our ICO for bitcoins only in small increments, the rest is in dollars, and everything will be exchanged for fiat immediately, we'll get it on bitsamp and wire it to our bank account. Once on a bank account, the funds can only be spent by the institute for its stated purposes. We don't claim we don't require trust, but once we buy gold as the institute, we can't legally sell the institute for profit nor use the funds ourselves, this is the extent of the protection that law can provide.

[MickGhee]

Yea taxable but not recognized as an asset means no protection under the law for US I give a Fuck about you. As I see the legal means by which u can DEFRAUD the community here.. am I the only one

[Aurum Project]

Yea taxable but not recognized as an asset means no protection under the law for US I give a Fuck about you. As I see the legal means by which u can DEFRAUD the community here.. am I the only one

we can't legally sell the institute for profit nor use the funds ourselves, this is the extent of the protection that law can provide.

[fjlj]

quit spamming and share info or gtfo..?