Topic: [ANN] GOLD - First 100% Liquid Stablecoin Backed by Gold - page 42. (Read 30820 times)

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.

I still have faith in the Ethereum Network. ETH 2.0 will definitely try to solve the gas problem. When implemented, this should make ETH and token ERC20 token transfer and smart contract interaction fees a lot cheaper.

That's correct. XLM is cheap and fast, WAVES is cheap and fast and many-many other coins are cheap and fast. The idea is to have coins also accepted by most exchanges, which I don't know if other coins do better that XRP. Maybe Dogecoin.

Thank you. I do not know how to use and how imgur works that time, but now it's fine, I've learned it already.

Ripple is centralized and not good to hold it but to use it as a transfer tool for fast speed and cheap fee, it is good. If people accept current expensive fees, they will contribute to increase the fee to higher and higher, that is not good. Luckily, momentum does not last forever, when it goes away, fees will be low again.

I supposed the idea just in case when both BTC and ETH networks are not clear.

XLM is also cheaper, the cost of ETH gas has not been stopped until now it is still very expensive, even to make buying and selling transfers of around more than $ 1 on DEX exchanges, it is really expensive even a lot of spam transactions are carried out on the ETH network, so it seems a lot people switch to the BNB or TRX token network, but for token transactions that have backups with gold value it seems like they should be kept in the bag longer

XRP is one of the coins accepted by many exchanges and has low fees too (for withdrawing from exchanges).
It's not good for holding and it's not even a proper coin, but it has its use.
It may be a better candidate than Litecoin.

Right now BTC and ETH are getting expensive to transfer.

We're all aware the Gold storage teams consists of people who are highly expert in finance and wealth management so maintain the fiat money invested or price of Gold token won't be a problem cause they are the pacesetter in terms of precious metal backed stable coin. Mind you, it wont be a good idea if they expose their strategy cause others may use just like we see in the stable coin market today.


I also support this but XRP is not a good choice and if the Gold storage team make the decision I will suggest they add another decentralized altcoin with good TPS but I believe ETH network should be fine soon or after the ETH2.0 testnet is over.

Dear wwzsocki,

On the bearish market the GOLD token will follow the price of gold. The same as it done on the growing trend.

There is no way to support GOLD token because in is a stablecoin and should follow the price of gold. If you wan't not to lose money on the bearish market you should use different types of financial instruments.


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


Dear tbct_mt2,

If the Ethereum network commissions do not decrease after a while, we will consider adding other cryptocurrencies.

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

To make GOLD tokens more popular, I propose to consider other cryptocurrencies to swap from GOLD tokens to them. The market provides two cryptocurrency to swap the token: BTC, and ETH. With the rises of fees in both BTC and ETH networks, having other options to move GOLD tokens is cool.

With FOMO in DeFi and on Ethereum network, I see the fees on ERC20 chain will be high for weeks or maybe months. Without good alternatives, people will lose more money for transactions fees, that never be good. It is not a fault from GOLD team but if the team can bring more convenience, it will be appreciated by community.

Do the team have plans to add more coins on marketplace?

Some candidates: Ripple, Litecoin

We are now in the crypto bull market, additionally, real gold keeps going up in price and we have seen new ATH lately, so now many traders and investors start to think aloud about shorting it.

"Buy low sell high" and the second part should be "short high" and the best moment to do this would be somewhere around ATH in my opinion. Of course not right now, but when patterns like tripel top or something similar start to show up it would be something worth considering, of course, more signs are needed, but I hope you already get my point.

I keep wondering how to make money on a GOLD token when the market turns out bearish again? It is easy to ride with the wave, but what will happen when this ends?
For sure many traders will be cashing out, of course, the best way to make a profit in such circumstances, will be to short the GOLD token, but is there any way to do this?

I wonder what the team thinks? How would the GOLD token perform in bad market conditions, with significant real gold price corrections and long bear market after that?
We all know that market moves in waves and for sure sooner or later we will see big corrections and bears taking over the driver seat.

Is there any way to support GOLD token in such bad market conditions and to not lose the equivalent of FIAT money invested?

Dear Tytanowy Janusz,

We got a technical error in the post. It should be written USD instead of USDT. We cannot sell tokens for fiat money. You can trade GOLD/USDT pair on bitforex https://www.bitforex.com/en/spot/gold_usdt

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

Check to see bitcoin or ethereum gives lower fees if you want to swap your GOLD tokens into BTC or ETH and withdraw them from GOLD marketplace.

With big fund, fee is not a matter because it accounts for very low percentage of all fund value. For small fund, fee is always a big matter and in the period fee is high, avoid to move your fund is best. Expand your patience till the period fee is low to move your fund. GOLD token is a safe asset to hold.

Dear libert19,

The costs of transactions is higher than a year ago. GOLD token is an safe heaven now. It is better to hold it and wait when the fees will be lower.

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

No, Gold token teams/owner are the owner of every gold reserve on the bullionstar website using Account number: 17081

Thats not true because USDT/PAX are US crypto project and there's no way they will operate and exclude w1SEC rules and regulations.6


Yes

I hate ethereum sometimes, with transaction fees it requires you could buy a one whole meal in here.

Don't you guys daily transactions that takes small amount of gold cost more than revenue it generates?

Seems reasonable to say that GOLD already follows a Dollar tether but at the 1968 pre Nixon standard of currency rather then the 2020 much diluted Dollar and any tether to that.  Of course Dollar was originally backed and had a fixed link to gold, the government cant reverse that process but individuals can in their personal finance via measures sure as this blockchain enables which makes it really useful.

As i remember correct owner of GOLD token is not a owner of real gold. It is only backed by physical gold.

Also USDT/PAX and many more are not 100% regulated in most countries.


So it should be easy to bypass KYC and AML requirements or I miss something?

Dear Leviathan.007,

Thank you for your comment. Stacking is not currently being implemented. We cannot add a pair with USD due to different regulations. Selling gold for USD will require KYC and AML.

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

Gold is already doing a great job against US dollar, so extra revenue from staking may be somewhat against the purpose of a stable coin.

Now, either this team or others (!) can make some sort of "bank" where people can deposit and earn staking revenue (or at least the "bank" would help people pay lower or no depositing fee).
But in crypto business the holders of big values tend to not deposit to such "banks" because "not your keys, not your coins".



Since the team sees USDT as competition, I have my doubts that this kind of feature will ever be a priority (although I do see its usefulness).