Gold backed Tether coming. | Bitcointalksearch.org

TimeTeller

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Quote from: Mikadodu13 on February 07, 2020, 07:12:39 PM

I do not understand why buy an altcoin whose price and based on gold when with btc you can buy gold directly ....

Exactly! At least you know that you are buying real gold.
And with this one, claiming to be backed by gold, you have no guarantee that they are saying the truth here.
As far as I can remember, at one point, the tether team admitted that they were not fully backed by dollars.
So now, they are creating tether gold? Are they going to admit later on that they have no sufficient gold holdings to back up their supply?

wheelz1200

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Quote from: Easteregg69 on January 25, 2020, 06:54:09 PM

As ERC20 And TRC20.

Tell me about it.

Not buying this load either. As soon as everyone think it's safe the rug will get pulled out from underneath. Who is responsible for securing this gold? And what happens when it magically disappears. This smells like scam right away.

Mikadodu13

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I do not understand why buy an altcoin whose price and based on gold when with btc you can buy gold directly ....

ronbennett_

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Quote from: Ken_terrance on February 06, 2020, 02:45:50 PM

We only have one tether (USDT) in crypto space and Your post have no information about Gold backed tether, if you read about this somewhere on the internet you should have at least drop a link, I think this is fake, we need prove that this is real because I doubt that tether will ever be backed by Gold, it doesn't make sense to me

That's true. But if you visit the website of Tether then you can find Tether Gold in the Menu. Just to make everything simplier for you Wink

this is the link: https://gold.tether.to/

Enjoy!

RealMalatesta

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Quote from: Happy Waters on January 25, 2020, 08:51:42 PM

Quote from: Easteregg69 on January 25, 2020, 06:54:09 PM

As ERC20 And TRC20.

Tell me about it.

100% either a scam or a misunderstanding since it is impossible to have a gold backed "Tether". Learn from history, have you ever heard of the "Liberty Dollar"? Warehouses full of gold get raided by the Feds. Simple conclusion: ERC20 and/or TRC20 backed by pure BS.

Yes. People choose something for reserve which cannot be cross-checked by us easier. Gold must be one of that kind.
I guess even tether is lying to us by not showing their audit reports of bank accounts. When I last checked their site, they are not doing anything transparent to us but simply making us to use them.

I read someone from this forum had proposed an idea of stablecoin which will be backed by us. Like, the bitcoins in our wallet is the actual back up so they will initially air-drop stablecoins to this community. But, for long time, we are not hearing from them; might be working on listing into exchanges.

Ken_terrance

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We only have one tether (USDT) in crypto space and Your post have no information about Gold backed tether, if you read about this somewhere on the internet you should have at least drop a link, I think this is fake, we need prove that this is real because I doubt that tether will ever be backed by Gold, it doesn't make sense to me

BlondBlock

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Quote from: ene1980 on January 31, 2020, 11:55:51 AM

Quote from: EdvinZ on January 26, 2020, 03:46:04 AM

The new coin from Tether will indeed be backed up with gold from a vault in Switzerland and will have the ticker XAUT. Holders of this asset will actually be able to exchange it for real gold, but only after passing verification. There will also be a minimum amount that can be exchanged for gold.

Even if it is from the same team who claimed that they have all the dollars backed for USDT and then we came to know that they never backed everything with dollar and they have a shady past and hence i will not believe what they are claiming and for that whether they will be procuring gold now when the price is high and from where they will be procuring, i bet nothing will be transparent looking at their past.

With their reputation it is a surprise they would even try this. Even a solid company could run into issues with the Government raiding the warehouses.

ronbennett_

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Abstract thinking:

Tether could use this gold to create tethergold and also USDT because first the tethergold is backed by real gold in their reserve and the USDT don't need to be backed by 100% USD so.... easily doubled money.

Those are fictive numbers:
Tether prints 100,000 Tethergold with actual gold backed reserve.
Now Tether prints the exact $ amount of the tether gold printed.

Desscount

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somehow I can't believe in gold that is based on stable coins, it's beyond the reach of my mind,
I think it will be difficult for the future to develop, i dont invest from this project

ronbennett_

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Quote from: Leonardo7 on February 01, 2020, 06:09:52 AM

I have been thinking about successful this will be because the price of gold is not stable as it has some level of volatility. Although over the years it proves to be better than the fiat. I am yet to read the full details of the workability and principles.

Every asset fluctuates. This is normal to everything which is traded on a market. Demand/Supply are the keywords. I always see those concepts (Virtual Gold, Virtual USD etc.) as way to virtualize physical things so it can be traded.

Leonardo7

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I have been thinking about successful this will be because the price of gold is not stable as it has some level of volatility. Although over the years it proves to be better than the fiat. I am yet to read the full details of the workability and principles.

coinary

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We've started to monitor this stablecoin: Gold Tether XAUT

My opinion is that with the leverage of Bitfinex and with the enough transparency, XAUT could be successful.

alexeev.tosha0109@yandex.

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I prefer to avoid scams-like-cryptoprojects. It looks like they are going to use this new asset to print more tethers? Are there any evidence of "backing" digital currency with anything? I can't figure it out. So I consider this new Tether isn't trustworthy.

dothebeats

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I wouldn't believe that they would really be creating a crypto that is backed by gold. First, USDT, according to Bitfinex, has always been backed by real dollars but no solid proof was ever brought forth to the table confirming its veracity. What more about it being backed by gold? There might be some legitimate cryptocurrencies out there that are being backed by real gold but I do not think that Tether as a stablecoin would be one of them. It could be partly backed by gold for some parts, but for a full 100%? The issuers must have been pretty rich if that's the case.

Perhaps just use stablecoins on trading and do not hold on to them. Easier way to avoid getting duped should they run away with the funds.

FanEagle

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Quote from: ronbennett_ on January 29, 2020, 04:43:00 PM

Quote from: Mihaylovic on January 28, 2020, 12:34:35 PM

It will work. imagine that you want to be out of crypto for a while but you dont want to stay in usd and you dont want to just cash out. Gold would be a good option to wait.

That's right, but the main problem / main concern is that tether gold may not be backed by 100% gold.

Yes, it would be the main issue. Gold backed tether would just be a minor use case of gold and would not actually be backed with gold. It might serve as a payment method as it would have the value somewhat equal to gold just like the USDT we have which has a price equivalent to US dollar.

This would just be a use case and we would not actually be able to purchase or exchange gold with the gold tether as mentioned by OP. This might just be some random project who would launch a coin and would just link them to gold. This might even be an scam project if it is not been authorized by any of the trusted parties so investment in such assets might be riskier.

Lynfax

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Quote from: ene1980 on January 31, 2020, 11:55:51 AM

Quote from: EdvinZ on January 26, 2020, 03:46:04 AM

The new coin from Tether will indeed be backed up with gold from a vault in Switzerland and will have the ticker XAUT. Holders of this asset will actually be able to exchange it for real gold, but only after passing verification. There will also be a minimum amount that can be exchanged for gold.

Even if it is from the same team who claimed that they have all the dollars backed for USDT and then we came to know that they never backed everything with dollar and they have a shady past and hence i will not believe what they are claiming and for that whether they will be procuring gold now when the price is high and from where they will be procuring, i bet nothing will be transparent looking at their past.

Agreed, if they wanted to make it look like something new - they should've start this xaut from other subsidiary company or something like this.

ene1980

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Quote from: EdvinZ on January 26, 2020, 03:46:04 AM

The new coin from Tether will indeed be backed up with gold from a vault in Switzerland and will have the ticker XAUT. Holders of this asset will actually be able to exchange it for real gold, but only after passing verification. There will also be a minimum amount that can be exchanged for gold.

Even if it is from the same team who claimed that they have all the dollars backed for USDT and then we came to know that they never backed everything with dollar and they have a shady past and hence i will not believe what they are claiming and for that whether they will be procuring gold now when the price is high and from where they will be procuring, i bet nothing will be transparent looking at their past.

darewaller

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Quote from: mamahdedeh on January 30, 2020, 11:00:28 PM

Quote from: Mihaylovic on January 28, 2020, 12:34:35 PM

It will work. imagine that you want to be out of crypto for a while but you dont want to stay in usd and you dont want to just cash out. Gold would be a good option to wait.

besides that with gold will provide comfort in investing because these assets are trusted by everyone to invest. gold, like bitcoin, will be suitable for long-term investment, and we can exchange crypto again after the beary trend ends

Gold is always an important aspect of investment. Most of the people do trade with gold and it can be much beneficial for the long run. Even gold has a ascending price which would surely be hiked in the near coming future because the supply for gold is limited but the demand keeps on rising which also rises the price for gold.

Gold would be much more costlier than it is now in few coming years as we can see, most of the people or maybe each of the people have a desire to own gold ornaments just to maintain their pride and it is what would create a scarce demand for gold which can give us a better outcome for all gold investors. I can't find that good profits in gold backed tether though.

exstasie

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Quote from: The Sceptical Chymist on January 28, 2020, 12:22:25 PM

If you really want to own gold, just buy some physical gold. If you don't want to physically own it, there are ETFs and mining stocks and that sort of thing. I wouldn't want to own a cryptocurrency that's supposedly backed by gold, since there would be too much doubt in my mind as to whether the gold exists in somebody's vault.

ETF shares and paper gold technically suffer from all the same trust issues. Gold-backed cryptocurrency offers something that they don't: the ability to trade without red tape and KYC, use decentralized platforms, etc.

The idea of trading pairs like XAUt/ETH on a DEX sounds really appealing to me. I have a few gold bars at home but that's only good for long term investment.

I would prefer trading PAX's gold-backed PAXG rather than anything associated with Tether and Bitfinex, but the market is pretty dead. I'm sure Tether's product will gather much more volume and liquidity.

mamahdedeh

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Quote from: Mihaylovic on January 28, 2020, 12:34:35 PM

It will work. imagine that you want to be out of crypto for a while but you dont want to stay in usd and you dont want to just cash out. Gold would be a good option to wait.

besides that with gold will provide comfort in investing because these assets are trusted by everyone to invest. gold, like bitcoin, will be suitable for long-term investment, and we can exchange crypto again after the beary trend ends

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