Gold backed coins are real?? - page 4.

CjMapope

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Quote from: Samayuki on December 11, 2019, 08:24:21 AM

what do you guys have to say about new projects that are backed by real gold? do you know any project that is legit and backed by real life Gold and not scam? any one have information about PGpay project?

gpay. most likely a scam, and i dont even have to LOOK at it. thats how low IQ this idea is lol
we have seen it many many times before, they are all scams, and even the ones that actually take some ICO money and buy gold to act legit, are garbage
we have BTC why the fuck would we need a gold backed crypto. dumb as fuk the whole idea. sure worked well on newbs i guess tho, those scammers made millions Sad

Mike Mayor

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Gold backed fiat isn't even real so no I don't believe this. It doesn't actually need to be backed by actual gold since no one ever sees that. The gold is just there to backup the value but it is never used or touched. People don't exchange their cash for gold, nor do they need to. It's just a system of debt basically that is never-ending. That's actually how the economy works. It sounds very confusing because it is.

A better way to do this would be to have a gold jeweller and have the coins backed by the jeweller itself rather than the gold. So then you could go in and look at the gold since you own some of it depending on how many coins you own or you can buy some directly to take home it depends on the business model. I would like to think it works as shares do. Then your coins are not backed just by gold but by a company that specializes in gold and sells it at upmarket prices.

robelneo

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If a project that is backed by gold there should be independent auditing by a reputable auditor, they can show a video or certificate but if they are not coming from independent, auditor we can consider it useless, so far there are only a few stable coins backed by gold that are doing good in the market, and any new coin coming without transparency will not gain support.

xiboothrezi

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Of the several projects that claim to be backed by gold, only Digital Gold has really provided real evidence and exists to date. I can't yet confirm whether PGpay is legit or not, I haven't studied it further, especially at this time there are a lot of realities that don't match expectations. Must be really seen in the field when it officially entered the market, a strong project, which he said based on the price of gold would require commitment and a good strategy from the developer to keep the price in the real gold price range. And it's quite difficult if done by shitprojects with low budgets. It's better to be careful, everything can end up drama in this saturated market.

bittraffic

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Quote from: Stanlo on December 11, 2019, 01:06:17 PM

Just view it this way, Gold backed projects are suppose to be self funded or launch IEO on top exchange like binance or huobi but still these projects that claimed to be backed by real gold still find it hard to raise funds, isn't that alarming???

There were projects that still made it to the market which were backed by gold. Populous project has a side chain project that were backed by gold which is the XAUp ERC1155 Pokens which I have no idea. I've never seen anything like it but you can find its information on populous website https://populous.world/invoice-finance/what-are-gold-pokens.html

I have no doubts PPT is a legit project, there is no one yet had created a scam accusation about it though.

rafajunior99

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For the PGpay project, I see that their website is very convincing, but I don't know in the future whether they are really serious about running the project, so for that you have to be careful in choosing projects, but if you want to invest, it's better to choose which is already on the market just to avoid the risk of big loss for you.

Stanlo

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Just view it this way, Gold backed projects are suppose to be self funded or launch IEO on top exchange like binance or huobi but still these projects that claimed to be backed by real gold still find it hard to raise funds, isn't that alarming???

Tipstar

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I don't personally trust any of them as most of the doesn't seem to have an enough capital to start such a fund. I'd only believe the gold backed coins by popular crypto companies like Binance or Coinbase. I may sound like a biased person but I don't want to risk my money specially when I'm putting it into something stabler.

confreslamp

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Most likely not, but for sure there are some projects that backed some part of their tokens with Gold. But I can hardly imagine that a fresh ICO is able to back 100 million tokens with Gold even before the token sale launch.

Bitbtc8

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Honestly all coins that are backed by real gold should be the most profitable coins on CMC today but all of them have no good value, the answer is not that hard to see, there is never a real gold involved here, its all lies

Nalbo

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Quote from: Samayuki on December 11, 2019, 08:24:21 AM

what do you guys have to say about new projects that are backed by real gold? do you know any project that is legit and backed by real life Gold and not scam? any one have information about PGpay project?

Can't say about all. I'd rather say most of them have no credibility at all. For a stablecoin to be backed by gold, they should have a fixed amount of gold locked up in some safe place which are not in total control of themselves. They should audit it with independent auditors and be insured by any real insurance company. Most of them don't satisfy any of these needs.

judaspriest

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Quote from: Samayuki on December 11, 2019, 08:24:21 AM

what do you guys have to say about new projects that are backed by real gold? do you know any project that is legit and backed by real life Gold and not scam? any one have information about PGpay project?

I can't say they are Scam! Because it depends on their own company, if they have strong funds, I think they will be fine, because they have to have gold in the project, if their gold runs out I don't know what going on with that project, are you going to invest there?

Kupid002

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Quote from: Samayuki on December 11, 2019, 08:24:21 AM

what do you guys have to say about new projects that are backed by real gold? do you know any project that is legit and backed by real life Gold and not scam? any one have information about PGpay project?

they are many project before claiming that they are backed with real gold , but if you check the price of that coins mostly of it has no value right now.
Maybe they have the real gold but the price of token is not actually real.

Winscosinally

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Quote from: Samayuki on December 11, 2019, 08:24:21 AM

what do you guys have to say about new projects that are backed by real gold? do you know any project that is legit and backed by real life Gold and not scam? any one have information about PGpay project?

Very limited are projects that are really backed by gold and even those that are successful in ICO or IEO too, we have no way to know if they actually are backed by real gold, we are all humans and lying about things for money is in the blood

target

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Its working for some projects like XAURUM, the issues arise about gold or real asset backed crypto is that its centralized. The old users in the forum had been discussing it which they learned that the gold reserved has to be regularly checked because it could happen that it may not be real. Its possible that the team is just deceiving investors also because they are the ones know only knew the situation and where the gold reserves are.

desticy

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Personally, I don’t like coins that are secured by anything, because in any case, you will only have numbers in your personal account until the physical request for a secured product, be it dollars, diamonds or gold.
For example, if the project responsible for providing closes the tax or other regulatory structures, you will only have the numbers in your personal account, if it still works.

nicecrypto

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Am also wondering anytime i come across such project that claims they are backed with real Gold how it is possible and how can one determine this to prove it's authenticity, i am thinking most of this project claiming to be back up with gold are not legit, take JinbiToken as an example, everything is not clear with that project.

Ucy

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Quote from: Samayuki on December 11, 2019, 08:24:21 AM

what do you guys have to say about new projects that are backed by real gold? do you know any project that is legit and backed by real life Gold and not scam? any one have information about PGpay project?

This is actually not the first gold-backed cryptocurrency project. Many have come and go. I think only few exist today.

In my opinion, a Crypto project has to be well decentralized or under some sort of government regulations otherwise it is scam or potential scam. But if by scam you mean the project is not profitable short-term, then I don't know about that.
The best thing to do is to research into project and make sure all claims are true. https://bitcointalksearch.org/topic/bounty-reward-in-eth-usdc-tkp-pgpay-gold-backed-token-pgpay-ended-5206043

mu_enrico

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Here's what you should do to test whether a token really backed by gold or just a "possible" scam.
(1) Search on the website about how to convert x number of token into x grams of gold.
(2) Try to convert a small number of tokens (1) and test the gold (that has been given to you) in a reputable gold store.
(3) If (2) is real gold, then the business could be legit.
(4) How about if they suddenly disappear? Then you should use regulated gold dealers with a good reputation only, to minimize this kind of risk.

Or, just buy physical gold.

avikz

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There may be real projects available in the crypto market that is backed by gold. But there's literally no way for us to know if they are genuine or not! Even for Xaurum project, no one can tell if they are real!

Same goes for PGpay as well! Their website may not look very professional like other pro websites but the looks can be deceiving. There's no way anyone is going to confirm you about it! The challenge is not whether the tokens are backed by gold or not but the important part is credibility. Their office address is nowhere mentioned! Neither any credible audit company is appointed! So take your own call!

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