Gold backed Tether coming. | Bitcointalksearch.org

TimeTeller

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Quote from: Mikadodu13 on February 07, 2020, 06:12:39 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, 05:54:09 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, 01:45:50 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, 07:51:42 PM

Quote from: Easteregg69 on January 25, 2020, 05:54:09 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, 10:55:51 AM

Quote from: EdvinZ on January 26, 2020, 02:46:04 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, 05:09:52 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, 03:43:00 PM

Quote from: Mihaylovic on January 28, 2020, 11:34:35 AM

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, 10:55:51 AM

Quote from: EdvinZ on January 26, 2020, 02:46:04 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, 02:46:04 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, 10:00:28 PM

Quote from: Mihaylovic on January 28, 2020, 11:34:35 AM

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, 11:22:25 AM

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, 11:34:35 AM

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

ronbennett_

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Quote from: Mihaylovic on January 28, 2020, 11:34:35 AM

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.

Mihaylovic

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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.

The Sceptical Chymist

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Quote from: ronbennett_ on January 25, 2020, 08:01:24 PM

The only question is whether you can exchange the new "TetherGold" for real gold and how.

Well, that's certainly not the only question I'd have about it--but regardless, I don't think this is a good idea even if it's real. There has been talk about gold-backed crypto for years, as I remember seeing discussion about it from my early days on the forum. And from all the comments I've read, it doesn't seem like it would be particularly popular--not to mention the fact that you'd have to trust someone to actually have the gold that the crypto represents. That's a big problem, and there have been other gold-backed digital currencies before (they were more like securities) that turned out to be scams.

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.

mu_enrico

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Quote from: Happy Waters on January 25, 2020, 07:51:42 PM

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.

I believe this "Happy Waters" account is a smurf account. Nice joke btw Grin

Anyway, the cops raided Liberty Dollar was because of criminal activities if I recall it correctly, not because of "gold-backed" feature. People still own/trade gold certificates or similar nowadays. But, the vault is audited periodically, and the companies have excellent reputations. Not sure about this ERC20 one.

bittraffic

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There is no one else to trust actually, not any stablecoin but one. MAKER DAI they say are more appropriate when talking about stablecoin. I just have no idea how all that will work for them.

Quote from: Easteregg69 on January 26, 2020, 07:59:29 AM

It's being traded on Bitfinex as we speak.

Been loyal to them for a long time. Heck I have been offering margin since the time they allow DASH but its only last year that I learned bout their tether issue.

thottum

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Still, the tether FUD which needs to be backed by the fiat dollar in the bank account has not clarified. Having the gold-backed tether is hard to store, maintain and we need to trust some third party for the same. We could rather withdraw the money and invest in the already available gold ETF and invest back into cryptos whenever required

Easteregg69

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Quote from: mindrust on January 26, 2020, 05:12:38 AM

Why do I have the feeling that they are going to use this new(!) asset to print more tethers?

If it is not audited properly by more than one trusted entities (which I am pretty sure is not going to happen), it will be only more of the same thing going on.

We already know that tether (usdt) is not only backed by USD but also other hard assets like RE, stocks etc. (so they say), what is so hard to include gold in those assets?

Whole deal is about buying one ounce of gold per coin. Your dollar and your corrupt feds.Talking USA would be soon be locked out if any more "misshapenings".

Edit: Misshappenings. Not sure if i just invented that word.

Easteregg69

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It's being traded on Bitfinex as we speak.

Easteregg69

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Quote from: Happy Waters on January 25, 2020, 07:51:42 PM

Quote from: Easteregg69 on January 25, 2020, 05:54:09 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.

Good luck on getting rich.

Thinking. Do you have an alternative? Seen enough suckers getting ripped on BTC. Hints. Keys and wallets and "hackers".

judaspriest

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Quote from: kentrolla on January 26, 2020, 04:03:45 AM

There is no way of such entity to ever exist, kindly understand that there would be no gold-backed crypto which would ever succeed and it's just a scam. Gold and Crypto cannot co-exist and don't be fooled by their professionally designed scam project. If it is directly from tether then there are chances of project being legitimate but again Tether will go through legal axes as it had been through in the past.

just avoid it and you will be safe from projects like that, indeed if you think it's hard for gold to be paired with cryptocurrency, if there is a Gold cryptocurrency project, then I won't believe it

ser7878

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Quote from: mindrust on January 26, 2020, 05:12:38 AM

Why do I have the feeling that they are going to use this new(!) asset to print more tethers?

If it is not audited properly by more than one trusted entities (which I am pretty sure is not going to happen), it will be only more of the same thing going on.

We already know that tether (usdt) is not only backed by USD but also other hard assets like RE, stocks etc. (so they say), what is so hard to include gold in those assets?

I'm pretty sure they'll make a now asset in order to back it with gold.
Imo there almost are no evidence of "backing" digital currency with anything.
So I assume they wouldn't back USDT with gold simply because they want to add another asset in current list on coinmarketcap so they'll scam more people.

mindrust

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Why do I have the feeling that they are going to use this new(!) asset to print more tethers?

If it is not audited properly by more than one trusted entities (which I am pretty sure is not going to happen), it will be only more of the same thing going on.

We already know that tether (usdt) is not only backed by USD but also other hard assets like RE, stocks etc. (so they say), what is so hard to include gold in those assets?

alyssa85

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Quote from: CryptoBry on January 25, 2020, 09:17:50 PM

Quote from: Happy Waters on January 25, 2020, 07:51:42 PM

Quote from: Easteregg69 on January 25, 2020, 05:54:09 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.

Tether has a questionable and controversial history that is I am quite wary of this so-called TetherGold but knowing that people behind Tether has this capacity to pull things and make them accepted by the market and be successful then I would not wonder if this new option (a gold-backed at that) can soon be as popular as the one backed by the usual fiat money. Seems to be that there are many people who are interested anything connected with gold, certainly a good market can be waiting for this one.

They're just drawing even more attention from regulators with this proposal. Besides, does anyone trust that they have gold to back their coin? If not, no-one will use it.

fiulpro

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Ok let's see , the thing is gold backed currencies were widely used in the 19th century and the early part of 20th , one should understand that there is a reason why they didn't work out in the 20th century .
One should understand that it's not on gold but also the disadvantages it comes with. , Gold backed cryptocurrencies would create a lot of problems because I do not understand why they need something like this when you already have virtual gold so people can directly invest in it rather than doing something totally same but yet do different m

kentrolla

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There is no way of such entity to ever exist, kindly understand that there would be no gold-backed crypto which would ever succeed and it's just a scam. Gold and Crypto cannot co-exist and don't be fooled by their professionally designed scam project. If it is directly from tether then there are chances of project being legitimate but again Tether will go through legal axes as it had been through in the past.

joniboini

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OP should at least give your insight about this topic and not simply saying "I heard this, tell me more".

Anyway, this sounds like a new way to avoid further issues about their 'reserve'[1]. Probably they have a hard time finding a suitable bank for their 'fiat reserve' and start to play another game. People should seriously stop trusting them before they went AWOL completely.

[1] https://cointelegraph.com/news/tether-launches-gold-backed-stablecoin-and-begins-trading-on-bitfinex

Kprawn

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I do not understand how people can still trust anything connected to Gold as an investment? We have seen in the past how governments

outlawed the ownership of physical Gold and how other rogue governments confiscated Gold. We have also seen how governments

have lied about the Gold they have in reserves and how Gold bars have been faked. (Lead core with a thin layer of Gold on the inside) Roll Eyes

I just do not trust anything associated with Gold investments, because it is all smoke and mirrors. Tongue

EdvinZ

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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.

Hallmader

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Quote from: Easteregg69 on January 25, 2020, 05:54:09 PM

As ERC20 And TRC20.

Tell me about it.

If USDT failed to back their tokens with real dollars, I think it would not also be able to back their Tether with real gold.

CryptoBry

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Quote from: Happy Waters on January 25, 2020, 07:51:42 PM

Quote from: Easteregg69 on January 25, 2020, 05:54:09 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.

Tether has a questionable and controversial history that is I am quite wary of this so-called TetherGold but knowing that people behind Tether has this capacity to pull things and make them accepted by the market and be successful then I would not wonder if this new option (a gold-backed at that) can soon be as popular as the one backed by the usual fiat money. Seems to be that there are many people who are interested anything connected with gold, certainly a good market can be waiting for this one.

ronbennett_

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Quote from: BlondBlock on January 25, 2020, 08:02:47 PM

Here is some recent news:
Ethereum block explorer Etherscan shows that there are 3,990 XAUT tokens issued as of the time of writing. If we assume a price of $1,560, that’s about $6.2 million worth of gold that’s currently tokenized via XAUT.
https://coincodex.com/article/6712/tether-announces-gold-backed-tether-gold-token/

also they have competition:
With asset-backed blockchain tokens becoming more widespread, it’s not too surprising to see that gold is one of the first assets that’s commonly tokenized. Singapore-based Digix offers tokenized gold with their Digix Gold Token DGX, 0.35% token, while US-based Paxos has created PAX Gold PAXG, 0.18%.

I agree that all of these can be shut down by aggressive Government action which we have seen before.

I would say that if Tether does everything neatly this time, this competition would have a very difficult time. Tether generally has strong partners and could quickly overtake this competition.

BlondBlock

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Here is some recent news:
Ethereum block explorer Etherscan shows that there are 3,990 XAUT tokens issued as of the time of writing. If we assume a price of $1,560, that’s about $6.2 million worth of gold that’s currently tokenized via XAUT.
https://coincodex.com/article/6712/tether-announces-gold-backed-tether-gold-token/

also they have competition:
With asset-backed blockchain tokens becoming more widespread, it’s not too surprising to see that gold is one of the first assets that’s commonly tokenized. Singapore-based Digix offers tokenized gold with their Digix Gold Token DGX, 0.35% token, while US-based Paxos has created PAX Gold PAXG, 0.18%.

I agree that all of these can be shut down by aggressive Government action which we have seen before.

ronbennett_

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Quote from: Easteregg69 on January 25, 2020, 05:54:09 PM

As ERC20 And TRC20.

Tell me about it.

Much could be said about it, such that Tether would enter a market that was dominated by only a few, such as Karatgold. The only question is whether you can exchange the new "TetherGold" for real gold and how.

But one thing is clear: Tether could produce gold with just 2 clicks. Wink

Quote from: Happy Waters on January 25, 2020, 07:51:42 PM

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.

This seems to be a reality soon. Official site of Tether: https://gold.tether.to/

Happy Waters

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Quote from: Easteregg69 on January 25, 2020, 05:54:09 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.

Easteregg69

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As ERC20 And TRC20.

Tell me about it.

Topic: Gold backed Tether coming. (Read 593 times)