Topic: [ANN] GOLD - First 100% Liquid Stablecoin Backed by Gold - page 55. (Read 30774 times)

You make a very vital statement because the success of the project, liquidity and the genuine stable in price of the coin in the market are whats important the most. Especially with the up coming bitcoin halving I'm expecting the project to gain more usage.

Glad to see this clear up. This is a fair fee and there are things need to have a upkeep to maintain and secure so kudo to Digital GOLD team.

Dear Hulla,

If you keep your GOLD tokens on crypto exchange we do not charge fee. Yes you are right.

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

Below is the post already made by GOLD_official regarding the fee charged for tokens kept on exchanges.

Just add it to your ToS and website in a visible place, just like @NeuroticFish suggest keep everything transparent as possible.

As for now, the fee is still small, but what if the price will rise 10x? Everything is possible and I think devs have to rethink the fee strategy one more time and make an update.

The fee subject comes back as boomerang even in this thread, so it can be considered as a problem which only will grow if not changed on time.

Just my honest opinion and you know that I was also surprised by the fees a few weeks ago, despite, I use the GOLD token from few months and thought that I know everything about it.

To avoid misconception because it seems you make a mistake. Do you mean you dont charge fees for token kept on exchange? If you dont charge less than 0.001Gold, is the fee only applied for working days or round the clock?

There were charges last night, I don't know if they were related to the fact some hours before I still had GOLD in the wallet or not.
However, I've moved away the small amount so I cannot check further.



Please write this at least into the fees page


I'm glad if my comment did help. Keep up the good work GOLD team!

Dear NeuroticFish,

Thanks for the comment and help with the development of the marketplace. We will discuss that with the developers. If you have left 0.024 GOLD, then there should not be daily charges. Now we charge only from the wallets with more than 1 GOLD on it. You are right, the main problem is in 3 digits, so it is not possible to charge less that 0.001 GOLD.

If you store your tokens on any exchange we do not changes fees.

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

The small exchanges expect users have low value tokens and small tiny value investments and do such trades. I've already exchanged my remaining 1$ worth of GOLD into Bitcoin (!!).
Binance indeed has higher limits, but also offers the exchange into BNB of everything close enough to dust.
It's also well known that coins like Dogecoin or Ripple can be easily used to transport tiny amounts out of exchanges.
So all is possible with a tiny bit of imagination.

However, GOLD has to have this info written down. And from my research it's not. I wrote that they have to do something. Updating the TOS and the Fees pages is a valid option.


OK. Then I'll consider as a valid change of opinions. Your idea about ToS was good.

I didn't say that it is in TOS. I said that if it is than it's 100% fair. If not than it should be added. You have transaction limits, withdrawal limits all around the exchanges/gambling sites. 50$ min withdrawal is not fair. 5$ is fairer than in most services. Not only binance.

I didn't. The tone of my post can be misleading because English is not my native language. I just wanted to point out that it is completely normal and is happening on almost every service. Also, as you pointed out impossible to change due to 3 decimals in SC. So why even talk about that?

So if one has 1$ worth of GOLD he cannot do much with it and will be considered donation?


And still some exchanges work with much lower limits. Getting only the examples that suit you don't prove anything.


Can you please point this in TOS? I didn't find it.


PS. I was trying to help GOLD team to improve, because if I've seen this, others will see it too. I don't want to argue unnecessarily, but it seems that you do. My point is that math is math and should work the same for big or small values. The exceptions should be written down and easy to be found.

0.001 Gold is equal to 5 cents. I think that it is more than fair minimal fee for storing gold. 5$ minimum transaction also seems to be fair. Even exchanges like binance has minimum trade size set to 0.001 BTC (~7$).
If both of those information are in TOS than I don't see more fair solution. We are buying physical gold. I would not expect that someone will process transactions for the amount of gold that can be hidden under the nail.

With these day of nice growth of GOLD price, I got to see myself how storage fee works and I think I've seen a problem.

The website tells that the fee is 0.0027% per day.
I had 5.94 GOLD and although the calculation would say:
fee = 5.94 * 0.0027 / 100 = 0.00016038 GOLD,
my wallet was paying 0.001 GOLD, which is 6 times more.

I'm also curious that since now I have only 0.024 GOLD (which I hoped I can convert into some ETH change for gas and I've seen late that it's under the minimum limit) I'll still pay 0.001 GOLD / day?
I think that some fine tuning is necessary. And yes, I know that you have only 3 decimal places and the contract is live, so I don't know what a fair solution would be.

I thought that the gold price will rise and of course at this same time the GOLD token price, but I haven't even imagined that this will be so fast and a strong move.
This only indicates one thing, that there is a big need for real gold and lately I see a lot of news which confirms that there is not enough gold on the market.

This means that gold prices will keep rising and only because of this now even more people will look to invest in real gold, but because of the too-small supply it will be hard to do it and finally many of them will search for alternative ways to invest like the GOLD token from Digital Gold project. I am completely sure that cryptocurrency enthusiasts and investors will choose the GOLD token if they would have problems investing/buy real gold and this is only the beginning.


https://www.bitforex.com/en/spot/gold_usdt

With every new day, there will be less gold on the market and the price will rise, so I am expecting now a big rally.

Just look at the GOLD/USD chart above and if you haven't bought GOLD tokens yet, then do it ASAP and enjoy the ride, just like me.
I am so happy that I invested in GOLD two weeks ago, only in the last few days price spiked more as 20% and seems like this is only the beginning.

Price of gold has currently stood above $1700, at $1723 (per ounce). That price is the highest price of gold since 2013. It seems our expected price trend has been on the good ride.
https://www.bullionvault.com/gold-price-chart.do

On the other side, we have good news on the pandemic, in European nations but if things will go on what we discuss, the really big issues will appear after the pandemic stops or halts with health system. When the burden of the pandemic on health system drops dramatically, governments will have more fully assessments on economic effects of the pandemic, and such kind of coming reports will help gold rising upwards much significantly.

Dear kro55,

The question is posed incorrectly. It should be like that. What are PAX Gold over Digital Gold advantages? Our company launched the world's first stablecoin backed by gold. Now many companies began to copy this solution. This is great news for us! The presence of competition indicates the effectiveness of the solution (digitization of gold). Naturally, each new company is trying to find its competitive advantages. You note that PAX Gold do not charge annual fee. If this is true, who exactly pays for the physical gold storage? If it is actually deposited in London banks, these banks take a fee to store gold. We do not charge fees for transactions, PAX Gold charges 0.02% fee.


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

You make a good point but it a simultaneously progress for Rome is not build in a day and i think the words said by people like Kiyosaki and others big name about Gold and BTC to be save haven should be enough to boost people courage towards Gold and BTC.



Digital gold is a genuine precious metal backed stablecoin which respect and follow the anonymity aspect implement by Satoshi which was also the thing most crypto enthusiast value while Pax in the other only value their own profit level through the centralized and KYC aspect of the project.
Yes and that because Pax gold are troy ounce and have less security while Digital gold are PAMP cast gold bar which has some kind of secure and trackable security. I believe the 0.99% annual fee is for the security used to secure the gold bar.

The two token are ERC20 so there transaction fee is actually determine by ETH network not by the project team so there fee should be the same mate.

What are advantages of Digital Gold over PAX Gold? I watched Pax's video and they say there is no storage fee while GOLD has 0.99% annual storage fee. I am aware that PAX Gold has 0.02% transaction fee but that's still a lot lower than Digital Gold.

I truly hope so, even more, I hope that cryptocurrencies will finally win the battle with gold to be the safe heaven asset of the world. Why?

Because its obviously easier to buy, sell and maintain cryptocurrencies and with real gold one can do literally nothing. It will be hard to buy something even if you have a kilo of gold because it is not easy to break it into smaller pieces (without the needed knowledge and special tools) and to value correctly. That is why I see a very big chance for cryptocurrencies because already we can buy things with them and hopefully soon it will be possible to pay with them everywhere. Easy to store, maintain, send, pay with, etc.

Of course GOLD token should perform very good now and I am sure we will see soon more real gold in the Bullionstar vault bought by Digital Gold team.
Many people who don't know the GOLD token are really excited about when I advertise it to them. Everybody says that we are entering the new economy age with crypto and for sure it will change the world and the FIAT money reality we are living in.

I think it is obvious for everybody that cryptocurrencies are way better than FIAT money or gold and finally, the world economy will have to change despite everything.


I still hope that if this pandemic will last one 3 months to half-year then it will not impact the world economy so badly. We can assume that in Europe we are already 1 month in the pandemic because the lockdown started here on the 16th of March. Unfortunately, the longer it lasts, the worse for everyone and the economy.

Your presumption about gold price to continue to surge is right because this current pandemic will open more people eyes to cryptocurrency and gold. Besides, theres are limited gold mining factory in the world and so is gold either so it not a matter of hope for the price of gold will totally surge in future.