This project is almost the definition of scam. I simply do not understand how Ronnie Moss can be hyping and promoting this so much. I heard about it through his newsletter and thought it was funny that he was promoting a small-time coin on the very flimsy exchange of Livecoin. All his other recommendations have been major alt-coins.
Let's start with what we have:
1) The "former Pepsi executive" CEO is over 70 years old and retired. This geriatric guy is supposedly running a cryptocurrency exchange, merchant bank, family of tokens, etc. Yes a very old retired Pepsi guy is what you want here.
2) There is nothing in existence currently except a lot of press releases and a shitty website.
3) Company has changed its name and its smart-contract name 3 times already. Cryptobontix --> Arbitrade. UNITY -> Dignity
4) They are CLAIMING to do something that already exists. If you want actual gold backed token use Digix's DAO's DGX token. They have actual tracked bullion with serial codes, the date/name of purchase location in Singapore and scanned copies of receipts. Every contract is verified backed by bullion and they have independent auditors with the names and auditing reports published. 45,000 tokens. 45,000 grams of gold.
->
https://digix.global/app/#/provenance/assets-explorer/assets-list <---- That is what a NON-FRAUD looks like. Evidence. Auditing.
5) They have 3,000,000,000 tokens! Are you kidding me? They are going to buy 3 BILLION USD$ worth of gold bullion and have it stored in a vault. That is absurd.
6) They already had to abandon their last currency from previous exchange due to smart contract scripting errors. This is why there was a migration.
7) There is no technical team. None! Not one programmer. Its all retired old business men from Ontario. Wow what a hot team. Why would you invest money in a cryptocurrency that has no technical team.
All their hype about buying 5,500 mining and their strategic partnership with Coin Miner LLC is just hype. CoinMiner is a website selling off-the-shelf mining rigs. Its like Amazon.com. So they bought a bunch of ASICs from a website. Not exactly earth-shattering. Thats a couple of million dollars of mining equipment. The return on investment on these things is 6-12 months minimum. So assuming they actaully bought these rigs, they have enough money to to generate maybe $1 million a year. And this is supposed to support $3 BILLION in gold purchases?
9) $DIG straight from their press release:
10) Their 100% backed by gold token is actually going to be backed by debt..... From their recent press release: " 50% daily earnings are used to pay off bullion debt that backs tokens”
Bottom line, the market cap currently is $500,000,000 for a bunch of press releases and white papers. The business model is to somehow buy enough rigs to generate mining profits that will support debt that will allow them to buy gold to "back" their token with $1 worth of gold per token. Currently there token is NOT backed by gold. Its backed by whitepapers. This is a juggling act hoping people don't abandon it before they can pull off this elaborate joke scam.
Without Ronnie Moss hyping and promoting it this thing would be trading $0.00. Frankly, I've lost a lot of respect for Ronnie in this process. I will not be re-subscribing to his newsletter any more. It basically has become a DIG pump machine. I'm getting 3 emails a week from Ronnie saying that yet another press release is around the corner and will drive up the price. That is not investing. That is not trading. That is pump and dump.
Ronnie Moas calling his best idea in 20 years a penny stock style crypto pump and dump run by a former con artist is tragic. Trying to force feed that it's a genius idea is outright pathetic and criminal.