Topic: [ANN] GOLD - First 100% Liquid Stablecoin Backed by Gold - page 42. (Read 31522 times)

I want to share what happened to me some time ago to warn everybody and to make aware that we are dealing with very specific instruments, so caution and "triple-checking" is the only way to go.

That was always my motto "triple-check" which means that I check everything at least a couple of times when dealing with cryptocurrencies but mistakes happen and that is exactly what happened to me lately. I always thought that dealing with established and trusted exchanges (like Coinbase Pro, Kraken or Poloniex) could be helpful when it comes to problems with errors or even pure customer support.
I always tried to avoid small exchanges and if there were any signs from the community that some exchanges are scammy, I haven't used them no matter what.

Some time ago I have used Digital Gold Marketplace and for the first time, something went wrong because of my mistake/error. As you know we have to send GOLD tokens to a special address when doing an exchange on the market. As always, I used the "copy and paste" feature but something went wrong. The address which I finally have used to send GOLD tokens to Marketplace was the destination address from my Coinbase Pro ETH deposit address (where the exchanged ETH should be sent to from Digital Gold Marketplace) because it was the last one remembered in my clipboard (copy and pasted a few minutes earlier).

Of course, this is only my fault and my mistake, but still, I fill totally disappointed because it seems to be an easy and obvious case, but I can't do nothing and the money seem to be lost, at least for now. I can see my GOLD tokens sitting in my Coinbase ETH address, but support keeps telling me: "we can do nothing". It is hard to understand or accept because it's enough to send GOLD tokens back to me, but Coinbase keeps repeating "because of the security of keys we can do nothing", additionally "we don't support GOLD token" at least for now.

This is an obvious BS for me because there are already multiple similar cases on Reddit, worth hundreds dozens of dollars going back to 2017 and even after the implementation of these specific assets on Coinbase pro exchange, people never get back those mistakenly send tokens or cryptocurrencies, no matter what. It's truly hard to understand because Coinbase doesn't steal all these assets, no.
They let them sit there for years, just like my GOLD tokens right now. Very strange because on other exchanges (to be funny those once called "scammy") it was and still is in many cases possible to get such mistakenly sent funds back after paying a high fee, sometimes truly insane fee, but still there is a possibility at least to get something back. Of course, high costs are interpreted on a "case by case" basis and depend on how complicated the case is/was, at least I heard such an explanation from a support team on one of the exchanges.

I just want to warn you. Keep checking everything three times, keep being suspicious and really no matter how much experience you already have don't distract yourself when dealing with cryptocurrencies, especially when doing any form of transactions. Just like me, when I was busy sending one, I got a call to my door, so quickly accepted the transaction without proper "triple-checking" and boom, with a click of a button I have lost 300$. This was my first (such) mistake and instantly a lesson, I should just wait, cancel the transaction and do it later, when I will be able to focus myself properly.

Here are my GOLD tokens sitting in my Coinbase Pro ETH deposit address and waiting to be eaten up by the daily fees. Luckily it will take a while  .
https://etherscan.io/address/0x8005746c8562bb8a9f2e3096cd50523f17341e26#tokentxns

Dear Futuristic_Kid,

1. We do not provide liquidity On Bitfinex

2. Can't understand your question

3. No

Regards,
Support Team @ Digital Gold
https://gold.storage

As stated by wwzsocki, GOLD tokens are not available on Bitfinex.
I guess you are mixing up Bitfinex with Bitforex.
The team is providing the liquidity on Bitforex very well and the price of tokens is always very close to real price of 1 gram of gold.

It is a Digital Gold team and the token ticker is GOLD.


From what I know there is no GOLD token on Bitfinex.


In my opinion, it is always better to have an alternative no matter what, but still, you are mistaking another coin, I think.


As for now, it is not possible to receive USDT or any other stable coin in the Digital Gold Marketplace when trading GOLD token, but the team is working to add new cryptocurrencies and already made announcements in this thread some time ago.

Hi Dgx team,

1. Are you providing liquidity On Bitfinex? Because the price there usually does not match the real price of 1G of gold. The volume there is super low with high spreads.

2. The ustd/xau in Bitfinex is following the correct gold price peri ounce and volume and liquidity are great. Why would people prefer your token if simply there Is a better alternative?

3. Is is possible to receive a USD stable coin on your GOLD marketplace instead of Btc/Eth?

Thanks!

Dear Bitcoin_Arena,

Right now such fees written below your post are not a problem for Digital Gold. We believe that soon the fees will be much lower than now.

Regards,
Support Team @ Digital Gold
https://gold.storage

The fee you actually pay for transferring an ERC20 token doesn't depend on gas limit. That depends on used gas. When you submit your transaction, the amount deducted from your balance is gas price * gas limit. But once the transaction is confirmed the extra gas will return to your wallet. The amount return to your wallet is gas price *(gas limit- used gas). So the amount you actually pay for a transaction is gas price * used gas.

Even if your wallet considers the gas limit 1,000,000, you won't pay that much for transaction fee. Because the extra gas will return to your wallet.



GOLD smart contract combines all transaction into a single one and pay much lower fee. Take a look at following transaction.
https://etherscan.io/tx/0xc609b59c4b8397fc91cab0c6d44f41bf367805027123526ca738c4cd48c75def

11 dollar worth of ETH has been paid for transferring daily GOLD storage fee from 23 addresses.

I have questions. It's about the Gas limit. The gas limit I always thought for an ERC20 token would be around 250,000 Max but the other day i noticed  GOLD Token's gas limit was close to 1,000,000 (With the current high gas prices, the fee to transfer GOLD Token was around $9) Right now the gas limit is at around 80,000. It's sad that i forgot to take the screenshot of the gas limit that day.
1. Is GOLD token's gas limit this dynamic?
2. When the gas limit and gas prices are high like it was the other day, doesn't this cause the GOLD storage team to spend a lot in Ether fees when deducting a portion of GOLD tokens from each address holding them through smart contract?

Lets say 30 addresses are holding Gold tokens. If each transactions on the Ethereum blockchain costs around $9. That is $270 worth of ETH every 24 hours spent on smart contract calls just to deduct a small portion of GOLD in the holder's addresses

It doesn't really matter gold bullion bars stored at bullionstar vault weigh 100 gram or 1 kg. What matters is that 19,200 gram of physical gold has been stored and that can be verified through bullionstar.com.

I think the marketplace supporting bech wallet (bc1) will still do a little favour concern BTC transactions.


Asking question is not something bad and I believe you have every right to be curious due to the increase in numbers of scam precious metal backed project.

That's an official decision that should be kept or talk about base on team decision and what's important is the company is genuine and the gold in the vault is equal to the minted Gold token. However, I need you to know that Gold token was funded by the team with no initial offering, and according to my research about this project, the Bullion star vault which is the company here the Gold is kept offered only bullion saving program (BSP) to gram gold holders.

Dear tbct_mt2,

We are currently monitoring the system commissions. Now we do not make any changes in the marketplace. This is a long process due to different technical issues.

We are very grateful for any suggestions, always post them in our thread.

Regards,
Support Team @ Digital Gold
https://gold.storage

Speaking fee estimation metamask automatically does that but the sake of naive users I think the idea of the team to implement tx fee estimation is good though.

Dont worry i have created a thread where you'll find the list of precious metals back project that seems not have genuine bullion vault.

If something like this will be added, I suggest to also give the opportunity to the user to fine tune the fees (transaction speed), obviously between some limits to avoid the real issues with the transactions.
Right now on Bitcoin network the fees used by the GOLD marketplace seem to be much higher than I'd use (at half of that fee the tx would have been still cleared within 24h, which is fine for me).

I have another idea for GOLD marketplace. An estimate of transaction fees on the site when people swap from GOLD to BTC or ETH and vice versa.

TxStreet.com - live cryptocurrency transaction . @wwzsocki posted it but not all people know how to check estimate fees, network transaction conditions and they will feel uncertain and worry about the unconfirmed transactions or too high fees.

If the feature can be integrated on Marketplace, it will help customers have a good summary on what might go on with their swap process and can better choose which coin to swap will help them save more fees, with better speed.

Speed, and fees are only some of things to consider and they can be called as minor things (not minor in some crazy period of Bitcoin and Ethereum networks) if you take a breath and think of what is GOLD token?

The token is First 100% liquid stablecoin backed by Gold (as our avatar all shows). Because it is a stablecoin, its should be connect with something stable and less volatile in value. I would not say Bitcoin and Ethereum are not volatile but maybe they are big cryptocurrency and there are more reasons to believe in them, in their less volatility.

Just my thought and of course I'd so happy to see any other cryptocurrencies that can reduce transaction or swap fees.

---

Gold: It has 6 months in its bull mode. Congratulations to GOLD team and anyone has GOLD tokens or physical gold.

Dear NeuroticFish,

This info will be added soon to the second post in this thread.

Regards,
Support Team @ Digital Gold
https://gold.storage

Speaking of adding more pairs to the Gold marketplace and the altcoin suggested by others. I believe we should think about future possibilities cause XRP, XLM etc are centralized coin while Gold token storage is decentralized and gold marketplace using them may lead to future complications.

Absolutely and this reminds me about some precious metal backed crypto-related project that lied about their Bullion vault holding which I am planning to create a thread about pretty soon.

It's easy to throw accusations instead of taking the time and read a little into the thread, isn't it?
Right now there are 192 x 100 grams of gold in the 3rd party vault. And here it is for you to check:



@GOLD_official can you please add this info somewhere into the topic of the ANN?

Well, by saying this you’re implying that  GOLD token is backed  by physical gold and you have enough of this stuff to cover any movement on the market, isn't it? Yet positive proof has to be given. Where that (IMO,mystic)  gold is hidden?

I am very happy to see this statement because we truly need more GOLD token pairs which would be cheaper in fees than BTC and ETH pairs.
Looks like we are just at the beginning of high ETH fees. The cost of transfer keeps rising and is already 10 times higher as it was just a month ago.

If this is true that we are only at the beginning of the bull market then I am literally scared that these fees will be a big problem because ETH network is the base layer in this ecosystem and for sure it will have a significant impact on everything.


https://ethgasstation.info/

We all know for a long time that ETH 1.0 wasn't able to scale but still, fees were not so high even during the ICO hype in 2017 and 2018.


https://twitter.com/PaulRaj12000/status/1293529989116235776

Of course, we can wait for ETH 2.0 because it should reduce the fees and keep them at a normal level, but we still don't know when it will be fully launched and looks like it can take at least a couple of months and this is a very optimistic prediction.

I think the Digital Gold team should add another cryptocurrency to the GOLD token Marketplace as soon as possible. There are many faster and cheaper coins, a few of them already mentioned above, but there are also many new tokens and cryptocurrencies worth checking because they offer amazing speeds and no fees in many cases.  

For sure only BTC and ETH pairs for the GOLD token in Digital Gold Marketplace are not enough, especially in such circumstances. BTC was always slow and costly, but nobody expected to see ETH fees going to such extremely high prices. This could have a big impact on the GOLD marketplace and GOLD token also because many users will choose to wait and not to buy, sell, or even transfer anything.