I really like this update, sometimes people get carried away by the names of a project I think,once they hear hold,you see them investing without carrying out any research,reason why I will not stop telling people about research,make sure you know what you are getting into other than following people. Have self conviction. No FOMO
Topic: Beware of fake gold backed tokens (Read 944 times)
I'm forced to create this topic today because it's getting annoying how some new developers are creating gold backed tokens on this forum, please listen to me, some use cases are foul play in crypto space and gold backed tokens are one of them, many so called devs are building tokens but they have no proof that those tokens are backed by any gold yet some investors believed them, it's all lies, open your eye people...
The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies like
1. Kinross Gold
2. GoldCorp
3. Agnico-eagle mines e.t.c
These are examples of real life gold companies, stand for the truth and stop promoting or patronizing unrealistic crypto projects
Well they used the gold to hype their project so many people would invest on them specially newbie if they see gold backed they will be hype without doing any research and now some of the CEO will put gold backed on their website so that if they see they will ne excited because it was crypto and now gold backed as simple hype. The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies like
1. Kinross Gold
2. GoldCorp
3. Agnico-eagle mines e.t.c
These are examples of real life gold companies, stand for the truth and stop promoting or patronizing unrealistic crypto projects
Fake gold backed token project that I know is Goldmint (MNTP) this is 2018 project , it is very strange if a project that is modeled as a gold backed token can experience an unreasonable price decline, and also over time the project will die due to loss of very heavy trading volume, for new project i haven't research but it looks like there are still many projects that will going die like Goldmint.
I'm glad we got to realise this gold scam projects now. I once told a friend to really investigate some if these gold projects and thier success but funny enough he couldn't count few good instead bad ones showcased everywhere. It's high time we investigate and not follow hypes when investing please. Hypers kills.
In last few months there are a lots of gold or metal based projects in the crypto space. But I hardly remember any of the running good. Most of them claimed that they have backed their coins by gold or silver. But actually they didn't they just scammed people. So I always suggest people to avoid this kind of backed projects and only go for them when you are sure about them. That's it.
As far as I know, most of the project claiming to have their tokens backed by gold are lies. I once invested in a project that promised heaven and earth, saying the tokens are backed by gold and left my hopes high. All I can say now is that it ended in tears. I've learnt my lessons and moved on, but would never invest in any gold backed token, whether its legit or not.
My favourite gold backed token is PAXOS GOLD, i discovered this token on an exchange and i start to read info about it. You can also convert your tokens in real gold! This is amazing, own gold without have it in your home or your bank and you can sell it in each moment!
Gold backed tokens are out of my league now because I've read too much scam reviews about gold tokens, they aren't always real, I've make up my mind not to invest in any gold tokens
Better to stay away from it. Many of those project launched are all dead if not, then they just ignoring investors now. I remember this karatGold project that has been listed on coinbene, but never paid their promoters and if you asked about your reward you got kicked out or banned. No team in their social group thats why its hard to ask for details. So ending up a really bad exit scam. The only gold backed that I maybe trusted or somehow we can say legit is stablecoin gold which still have a running campaign and still paying.
It seems that all gold tokens are all built on lies, no single gold crypto tokens show any prove that they hold real gold in banks or anywhere else, it's better to play safe because these type of projects will vanish when you least expected
Gold backed tokens are backed by unseen gold cache that was revealed by words coming from the team mouth, that's all you are ever going to get, it's pretty easy to figure this out unless you what to believe in the make believe words from the team.
Gold backed tokens are out of my league now because I've read too much scam reviews about gold tokens, they aren't always real, I've make up my mind not to invest in any gold tokens
The problem is we didn't know whether that was backed by the real gold or not. so many times people have said that the gold must be proven to make sure the buyers can exchange their tokens into the gold and mostly gold backed tokens are not transparent. Gold backed tokens are out of my league now because I've read too much scam reviews about gold tokens, they aren't always real, I've make up my mind not to invest in any gold tokens
The problem is we didn't know whether that was backed by the real gold or not. so many times people have said that the gold must be proven to make sure the buyers can exchange their tokens into the gold and mostly gold backed tokens are not transparent. 
Gold backed tokens are out of my league now because I've read too much scam reviews about gold tokens, they aren't always real, I've make up my mind not to invest in any gold tokens
The problem is we didn't know whether that was backed by the real gold or not. so many times people have said that the gold must be proven to make sure the buyers can exchange their tokens into the gold and mostly gold backed tokens are not transparent.
Gold backed tokens are out of my league now because I've read too much scam reviews about gold tokens, they aren't always real, I've make up my mind not to invest in any gold tokens
I can´t imagine who fall into these scam tokens. At first look, you have to notice that something is wrong.
I understant that number of these tokens is growing because people care more about the real value of the token and when it is backed by something real, then the token remains the value.
There are many people who are waiting to be scammed and so is the reason you will hear many getting scammed even though they hear about these scams they think that they are superior to others and so is the reason we see many cries about getting scammed. The gold backed tokens or backed by any assets will be the trend and we can expect many scams coming out during this period. I understant that number of these tokens is growing because people care more about the real value of the token and when it is backed by something real, then the token remains the value.
Absolutely brother, so many projects that have declared themselves as being mineral backed have either collapsed or exit scam as these where just mere words. These days, i run from any project that calls itself as being backed by a mineral unless of course they actually provide real documents certifying such claims.
I own some Paxos Gold. My research showed it is backed in vault by real gold and run by real respected people. I feel safe with it.
This just bring to my mind "DeCloud" ICO then that ended up being a scam, some people lost money and I also do. What I later concluded about all these Gold?Sliver backed tokens is that it is better to just by real precious metal and hold than to invest in tokens because they are so vulnerable TO scam
I'm forced to create this topic today because it's getting annoying how some new developers are creating gold backed tokens on this forum, please listen to me, some use cases are foul play in crypto space and gold backed tokens are one of them, many so called devs are building tokens but they have no proof that those tokens are backed by any gold yet some investors believed them, it's all lies, open your eye people...
The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies like
1. Kinross Gold
2. GoldCorp
3. Agnico-eagle mines e.t.c
These are examples of real life gold companies, stand for the truth and stop promoting or patronizing unrealistic crypto projects
The only way I can trust a token that's backed by real gold is if the project is from a gold company, verified and certified, I'm talking about well known real gold companies like
1. Kinross Gold
2. GoldCorp
3. Agnico-eagle mines e.t.c
These are examples of real life gold companies, stand for the truth and stop promoting or patronizing unrealistic crypto projects
Actually there are two important highlights about crypto coins that are labeled stable, or a benchmark on something.
Gold. This means that the company must reserve gold in accordance with the amount of existing gold crypto. This is to avoid bankruptcy on the project. You have told the details.
The second is about stable crypto which is based on fiat.
Say USDT.
Does the company USDT or Tether have a stock of USD as much as USDT crypto. I think there is no.
If the USDT holder withdraws all balances to Fiat, what will happen. Are they able to pay for everything? Of course there will be a pending for months, because the Conventional Bank does not accept incoming money from the crypto company.
Gold tokens aren't real, I believe gold coins that are stable like PAX Gold but that's that, I haven't seen any other that's genuine like PAX Gold, every other are backed by nothing but empty lies, I suggest you abstain from any gold backed tokens
there is real gold why should buy fake gold? better to buy gold 2.0, namely Bitcoin, and Bitcoin is very safe for you to save as a future asset
Jump to: