Topic: [ANN] GOLD - First 100% Liquid Stablecoin Backed by Gold - page 73. (Read 31865 times)

I believe you should know the answer without you answering the question.

Thank you for taking the time to address this issue. I understand this project was implemented a couple of months and I'm also aware of the good job done by the project team but don't you think to do nothing about the conversion of Gold token into physical sooner may somehow reduce the trust level of people.

Dear ryzaadit,

Digital Gold was designed as a secure and private way to store gold assets electronically. Our service achieves both of these objectives as much as it is technically and legally possible. Digital Gold tokens are fully backed by physical gold reserves. Moreover, the company takes all the necessary security measures: developers' access to the smart contract is limited; no fiat payments are involved in the service; and only tested partners are used.

If every ETH wallet was verifiably linked to a particular individual, and if each token's ownership rights to the gold assets in the wallet was guaranteed by any state, our users would be subject to great risks when storing, using, and transferring these assets. If you are interested in that sort of services, there are companies on the market that provide them. However, you should be ready to report on your holdings and provide a number of documents (like your ID and a proof of provenance for the funds) every time you sell, buy, or transfer tokens. Since the official regulations governing that kind of operations constantly change, it's impossible to predict what will happen to companies that facilitate transactions with physical gold for individuals.

In case of Digital Gold, users' ownership rights are guaranteed by the smart contract in the Ethereum network; by the company's reputation; by the open online audit that can be accessed 24/7; and by the fact that enough liquidity is provided on exchanges for users to be able to buy or sell any amount of GOLD without any imposed limits or verification. This last point becomes possible thanks to the token not being directly linked to the physical asset.

In the future, it might become possible to exchange GOLD tokens for physical gold using third-party services. But for the time being, we are focusing on services that don't require a special license.

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

Yes, we know that digital gold is not affiliated with the Cryptex.net exchange, but I don't want anyone to fall like that thread? Are you still suggesting that we buy and sell GOLD tokens there?
Yes, I hope you will keep abreast of developments in Cryptex.net.

Dear watergold,

Digital Gold is not affiliated with this exchange in order to comment on the scam alert problems. Our token has been listed there, we will follow the news about Cryptex exchange.


By the way we have great news! Digital Gold continues to move on. We issued 2000 GOLD tokens and added 2 kilos of gold to the BullionStar vault. Gold availability can be checked in real-time on the website https://www.bullionstar.com/myaccount/audit account number 17081. The total amount in the vault is 9200 grams of gold.

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

Finally, you explain this to us.

I asked this question a few weeks ago, however it is only team gold can claim the gold physical right?. Let's say we have some problem with the project and teams like fraud or other bad things happen, can we also make a claim to Bullion Star with the token without the team if we got some case like thats.

GOLD_official what about this thread https://bitcointalksearch.org/topic/super-scam-fake-exchange-cryptexnet-5200391 cryptex.net SCAM ALERT what about the GOLD token there will it be safe? I know that there are still those who trade GOLD tokens.

Let me tell all about the GOLD token exchange for real gold. We do not have any demand for such a service now, that’s why we do not provide it.

For example, you have 10 GOLD tokens worth $500 and you want to exchange them to the real gold. Our company should pay around $200-300 for taking gold from the vault and deliver it to your place. If the service is claimed, then the overhead costs will certainly decrease. You will pay another $ 50 for delivery, and possibly some taxes, customs clearance, etc.

Instead of all these difficult procedures, you can instantly sell GOLD tokens for $500 and immediately buy physical gold ALREADY IN YOUR country, without paying for its delivery, customs clearance, etc.

This is what we had in mind, saying that theoretically, the exchange of the GOLD token for physical gold is possible, but in practice, this service is not so relevant now.

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

I wouldn't be so sure.. We had the gold standard back in the days and here is what google says about why the model failed: "Because the global gold supply grows only slowly, being on the gold standard would theoretically hold government overspending and inflation in check. ... The country effectively abandoned the gold standard in 1933, and completely severed the link between the dollar and gold in 1971."

I think the true reason was the inability of the government/authorities to control the economy. So if each 1 US dollar is pegged to a number of gold, then they could have easily denominate them. People underestimate the power of adding or cutting a decimal. haha

Hi, I've sent you a message. Please could you advise? Thanks!

Thank you. The exchange on  gold.storage market GOLD/BTC and GOLD/ETH really works fine. Quickly, without additional burdensome actions-ordered and received. Of course, I'm waiting for answers to the questions raised in this topic. Personally, I'm confused by the sample the purity of gold 99.99%. Are there experts who evaluate gold in  deposited in Digital Gold vault? How and by whom being audited?

All rewards for the bounty campaign payed for October participants! Well done!

The GOLD token was listed on Bitforex today! Deposits, trading, and withdrawal works fine. Three trading pairs are available GOLD/BTC, GOLD/USDT, GOLD/ETH

You make a good point about using the token to redeem physical gold in future but the last time i checked what the project BM said was "At the moment, the real gold selling service is unavailable because of the huge additional costs for our company. Maybe we will start to do that in the future when the gold amount in the storage grow and the demand will grow. For example, a $50-100 one-time fee paid for such service. Of course, maybe it will be more profitable for you if you will buy now a few grams, but some 100 grams because of our market price without additional broker or bank fees." and i don't know where you get the impression of the team not providing such a service in the near future.
It will be good if the BM clear the air though.
@libert19, my bad I mean a couple of months not weeks.

Of course, you are not FUDing here and you have made a very strong point in this discussion with your questions and doubts. I would like to hear all the answers to your questions from the Digital Gold team also.

Nobody is a shill here, I assume and when I find something suspicious I will be the first to raise the red flags and warn the community. So far I am really impressed by Digital Gold and was almost sure that redeem of physical gold is possible because I have read about it.

The only thing which I didn't like was the anonymous team, but after discussion and second thought I agreed that there are many projects with anonymous teams and even BTC is created like this, so this should be not a problem, despite I don't like it.

Now is the second problem which you raised with this inconsistency of statements about the redemption of physical gold because I think it should be possible by bigger amounts, especially if the redemption fees don't matter for the investor.

Let's wait for the Digital Gold team to join this discussion and answer all questions and doubts.

Nothing personal my friend, just asking for some clarity. I hope people don't think I'm FUDing because I'm not.
I live and invest by my Sig. 

You literally roasted me there mate, these are all legal questions you presented and I'd wait for gold team's response on that.

I don't misunderstand the bolded quote, I disagree that it's true, especially the part that says

That's correct, and has been my point all along.
It does beg the question however, what happens in the "Worst Possible Scenario"?
The WPS being that we wake up one morning and all the gold has been legally collected from the vault by Digital Gold Ltd. representatives on presentation of their Vault Certificate at the bullion office, and they've walked off down the street with it.
The current stock would fit in cabin luggage.
Remember, every gram of physical gold has already had 100% of its value realized by Digital Gold Ltd. by the sale of [GOLD] tokens, but they still retain legal and physical ownership and possession of it.
Cute.
What are the tokens worth in that scenario?
What is the smart contract worth then?
What do you, a token holder, do to track down the anonymous Digital Gold Ltd. team that "consists of highly skilled and experienced group of experts in finance, banking, legal, wealth management, IT and blockchain industry"?
Do you go to their registered office in the St Vincent and Grenadines? That's Suite 305 in the Griffith Corporate Centre, an address shared by many controversial companies?
Or do you phone their Hong Kong phone number, which runs on Central European Time?

Dear wwzsocki,

Now it is not possible to redeem real gold for GOLD tokens. It is much easier to sell your GOLD tokens and buy real gold in the local bank.

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

I will answer, you can not redeem gold token for real gold, however for every gold token, equivalent amount of gold is stored in BullionStar wallet.

Gold token's purpose is to act as an stablecoin, to help crypto people from market volatility.

See, USD has nothing backing it up, it has value merely because of people's trust. God forbid, if USD loses it value then all USD stable coin owners will lose a lot, so if you want to hold your money into something that has real thing backing it then gold token can help.


It's lot older than that, I myself have been doing Gold bounty since past three months.

I'm afraid @Posi was right when he said he guess you understand this project concept because you definitely misunderstand what the BM said when he said "Theoretically, you can do that, but practically it does not make any sense. You will have to pay for delivery and other payments when the gold will arrive in your country. It is much easier to sell GOLD token after the investment term will end and buy for that money physical gold in your country."
Meanwhile, this project was created a couple of weeks back and you can't aspect all features to be in place by now. This is one of the reason why I said a lot expect some much from the project which why they are unable to see the good job done by the team.