Is there any successful precious metal crypto?

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Quote from: RabbiTANK on July 06, 2020, 01:19:33 AM

Even if there is massive adoption I still find it hard to believe that gold companies will want to use blockchain because they have no use for it, think this very well, tokens that are backed by real gold sounds too good to be true

Everything is still possible to happen, although you find it hard to believe that gold companies will not support the blockchain, but they can change the mainset to support the blockchain by considering things that they think can benefit themselves.

Davian144 I agree that anything is possible to happen, but for now there isn't strong crypto-project connected with precious
metals. I participated in CEDEX bounty 2 years ago, good bounty and good idea to connect diamond market and crypto-market,
but big dreams didn't help this project to make something. They are still alive but their price dropped a lot!

Rowenta

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Quote from: Python Master on July 03, 2020, 12:22:43 AM

Since the beginning of cryptocurrency we have seen many precious metal crypto project. With my little knowledge i don't know any successful one. All precious metal crypto projects disappeared after funding phase. Is there any successful precious metal crypto and traded?

PAX Gold is the only gold backed token that works very well, others are complete waste of time and money, if you see any do not trust that easily because it can be base of lies, the real truth is scammers find it easy to use this use case to deceive investors and since it's all about gold investors won't want to miss out

imstillthebest

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Quote from: AmoreJaz on July 06, 2020, 01:31:02 AM

i have seen this digital gold still doing good in the market - https://bitcointalksearch.org/topic/ann-gold-first-100-liquid-stablecoin-backed-by-gold-5161544

but tbh, i really dont believe in these precious metal-backed crypto project.

yeah same i dont believe on them either , not by thier potential but for saying that they are back by a real metal . i usually automaticaly see them as a sh8t coin .

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if you really do want to own this precious metal, better buy it in physical form, small quantities is better than unreliable token. at least you know you have the actual ownership. this tokenized precious metal, you have no way of owning the real one. and worst they can disappear anytime so your precious token may turn to worthless one

real assets are always uncomparable compare to digital ones . this digitallized metals cryptos are only good for fun or for stimulating a real one , if you dont have them yet . there are popular but i dont know if those were already succesful .

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Quote from: YOSHIE on July 05, 2020, 10:53:01 AM

Quote from: Python Master on July 03, 2020, 12:22:43 AM

Is there any successful precious metal crypto and traded?

OP, as said by: @coinfinger, 'precious metal crypto' for now that is very successful is the PAX Gold (PAXG) coin.

A little summary:

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PAX Gold (PAXG) is a digital asset where one token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s gold vaults. Anyone who owns PAXG owns the underlying physical gold, held in custody by Paxos Trust Company.

Currently PAXG coins are traded [15] trading exchanges around the world, with prices currently still at the level: $ 1,781.10 USD / coin, this is the most successful precious metal crypto currently on the market.

i have seen this digital gold still doing good in the market - https://bitcointalksearch.org/topic/ann-gold-first-100-liquid-stablecoin-backed-by-gold-5161544

but tbh, i really dont believe in these precious metal-backed crypto project. if you really do want to own this precious metal, better buy it in physical form, small quantities is better than unreliable token. at least you know you have the actual ownership. this tokenized precious metal, you have no way of owning the real one. and worst they can disappear anytime so your precious token may turn to worthless one

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Quote from: doctor877 on July 05, 2020, 01:12:31 PM

I have come across one metal coin project that was in 2017 but I don't think it's existing anymore. The challenge is that it dosent work after a while and then the project will die little by little. It's a truth that needs to be told. Somethings won't work using the blockchain untill there is massive adoption.

Even if there is massive adoption I still find it hard to believe that gold companies will want to use blockchain because they have no use for it, think this very well, tokens that are backed by real gold sounds too good to be true

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Quote from: Python Master on July 03, 2020, 12:22:43 AM

Since the beginning of cryptocurrency we have seen many precious metal crypto project. With my little knowledge i don't know any successful one. All precious metal crypto projects disappeared after funding phase. Is there any successful precious metal crypto and traded?

Not impossible but all the projects that have something to do with gold, silver and others are all scam and this scheme have been around for long, now investors always try to ignore projects that are untruly backed by gold or silver or whatever

doctor877

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I have come across one metal coin project that was in 2017 but I don't think it's existing anymore. The challenge is that it dosent work after a while and then the project will die little by little. It's a truth that needs to be told. Somethings won't work using the blockchain untill there is massive adoption.

YOSHIE

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Quote from: Python Master on July 03, 2020, 12:22:43 AM

Is there any successful precious metal crypto and traded?

OP, as said by: @coinfinger, 'precious metal crypto' for now that is very successful is the PAX Gold (PAXG) coin.

A little summary:

Quote

PAX Gold (PAXG) is a digital asset where one token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s gold vaults. Anyone who owns PAXG owns the underlying physical gold, held in custody by Paxos Trust Company.

Currently PAXG coins are traded [15] trading exchanges around the world, with prices currently still at the level: $ 1,781.10 USD / coin, this is the most successful precious metal crypto currently on the market.

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Quote from: kingzpro on July 05, 2020, 10:08:17 AM

Quote from: Python Master on July 03, 2020, 12:22:43 AM

Since the beginning of cryptocurrency we have seen many precious metal crypto project. With my little knowledge i don't know any successful one. All precious metal crypto projects disappeared after funding phase. Is there any successful precious metal crypto and traded?

I think there is no real or proven precious metal backed project available till now, even we get to see so many projects that claim to be backed by gold, platinum, diamond or silver no one has got the attention and no one has proven the backing assets that is why market has not taken them seriously. Among new projects also i would stay away untill a platform is proven and anyone can check their holdings maybe through a blockchain based link or direct contact at storage facility or a govt regulator. Let these projects prove them first in the market before investing or using them.

Unless these projects shows us the holding and audit it with independent auditor, have it stored with and independent agency, I'm not going to believe in them. Freezing asset is a much more difficult task than freezing cash, as the physical objects would require more cost of storage and safety as well as to save it from internal influences.

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Quote from: Python Master on July 03, 2020, 12:22:43 AM

Since the beginning of cryptocurrency we have seen many precious metal crypto project. With my little knowledge i don't know any successful one. All precious metal crypto projects disappeared after funding phase. Is there any successful precious metal crypto and traded?

I think there is no real or proven precious metal backed project available till now, even we get to see so many projects that claim to be backed by gold, platinum, diamond or silver no one has got the attention and no one has proven the backing assets that is why market has not taken them seriously. Among new projects also i would stay away untill a platform is proven and anyone can check their holdings maybe through a blockchain based link or direct contact at storage facility or a govt regulator. Let these projects prove them first in the market before investing or using them.

coinfinger

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Quote from: Python Master on July 03, 2020, 12:22:43 AM

Since the beginning of cryptocurrency we have seen many precious metal crypto project. With my little knowledge i don't know any successful one. All precious metal crypto projects disappeared after funding phase. Is there any successful precious metal crypto and traded?

I do know a few of them that are legit and being traded on some exchanges, majority are just scammers. Before you buy any token that is claimed to be backed by precious metals such as gold, you should properly research them and know about the people that are offering and who they are working with. It’s just like PAX Gold.

The first time I got to know about PAX is when they released their first cryptocurrency that is pegged 1:1 with the United States Dollar, a stablecoin. I have been making use of PAX, it’s the only stablecoin I’m using and it’s approved by NYDFS. Check out their PAX Gold, it’s really a good token. Another one I know about is Tiberius.

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Quote from: Python Master on July 03, 2020, 12:22:43 AM

Since the beginning of cryptocurrency we have seen many precious metal crypto project. With my little knowledge i don't know any successful one. All precious metal crypto projects disappeared after funding phase. Is there any successful precious metal crypto and traded?

May I know why you look for such bullion based cryptos? Do you still believe such cryptos are really having sufficient reserve of precious metals for circulating supply? In my eyes, they are just using fancy things to lure investors because working on billions in million dollars levels is not a thing of a dev team but government officials' level of work. So, do not get trapped yourself by fancy thing; if a company is capable of doing with bullion for millions then they are not probably doing here on this forum as their next targets would be on billion dollar things like how Elon Musk is expanding his business.

Quote from: iTradeChips on July 03, 2020, 10:10:36 AM

The reason for that is I think you make matters complex when pairing digital currency to physical assets. I don't think it will work.

I could not get on what kind of complexity you are referring to. Because, pairing is all about what we already to with gold prices or silver prices and I do not think anything got hidden in between just because of you are dealing with metals. One most probable reason must be the actual holding of physical assets.

Quote from: chichidori on July 03, 2020, 08:08:55 AM

altcoin can never be back up by gold or silver since its not tangible and can lose value in an instant.

You mean only stable valued things alone can be backed for altcoins? I do not know anything such is existing at all; because even fiats too do fluctuate. Gold or silver may lose value in an instant and may gain value at the same time frame.

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Well I am just basing on my personal experience and the experience of my colleagues who are also in crypto. And the answer to that question is, NONE. All of the projects that we heard of were not successful and I don't think any further projects will succeed. The reason for that is I think you make matters complex when pairing digital currency to physical assets. I don't think it will work.

NavI_027

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As far as I know, none. Most of the alts I know are based on real applications (privacy, internet-of-things etc.).. I haven't heard a crypto backed with something valuable aside from Tether. Besides it doesn't make any sense for me because minerals and metals are rare. It's impossible for a team to own huge amount of it to back up their own project. So if you bumped into a new token making such assumptions, get away of it already because it most probably a scam

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Eco_111

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Quote from: Python Master on July 03, 2020, 12:22:43 AM

Since the beginning of cryptocurrency we have seen many precious metal crypto project. With my little knowledge i don't know any successful one. All precious metal crypto projects disappeared after funding phase. Is there any successful precious metal crypto and traded?

Don't bother looking for one unless you want to throw away your money, they are mostly scam, they are created for hype sake to lure investors who really think that tokens can be changed for real gold, something that's 100% impossible

chichidori

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I think there is none some have tried to integrate gold and silver but all those projects rather fail or turn to scam, altcoin can never be back up by gold or silver since its not tangible and can lose value in an instant.

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Quote from: Python Master on July 03, 2020, 12:22:43 AM

Since the beginning of cryptocurrency we have seen many precious metal crypto project. With my little knowledge i don't know any successful one. All precious metal crypto projects disappeared after funding phase. Is there any successful precious metal crypto and traded?

Look for other real use case projects to invest your money on, some use case in crypto space are all scam ways of acquiring investors money, nothing more, focus on means of payment features, smart contract or finance, stay away from gold, silver backed tokens or real estate projects

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Quote from: Python Master on July 03, 2020, 12:22:43 AM

Since the beginning of cryptocurrency we have seen many precious metal crypto project. With my little knowledge i don't know any successful one. All precious metal crypto projects disappeared after funding phase. Is there any successful precious metal crypto and traded?

Precious metal? I guess you are referring to gold and its likes. Well, actually over the years there have many gold based crypto projects which all ended in scams and I don't think there is any which has been successful. Even recently I heard of a silver based crypto project, can't recall the name, but which ever precious metal they are basing their project on, it will likely end in a bad way because people have learnt the truth in a hard way. As for me, it is better investing in projects whose idea is applicable not imaginary like these precious metal crypto projects.

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Quote from: Python Master on July 03, 2020, 12:22:43 AM

Since the beginning of cryptocurrency we have seen many precious metal crypto project. With my little knowledge i don't know any successful one. All precious metal crypto projects disappeared after funding phase. Is there any successful precious metal crypto and traded?

no, to my knowledge there is no success, all ends in failure or scam. I think it's very unlikely that crypto can be backed up by gold or something. these two things are very volatile, it makes more sense if it's about FIAT. many cryptos supported by FIAT still survive today, such as tether.

so if in the future there is a project that says he's backed up by precious metal. better forget it, because it will not work.

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Quote from: 20kevin20 on July 03, 2020, 01:14:07 AM

While "crypto backed by gold" sounds great, I'm not sure anymore if the advantages are worth it. It makes cryptocurrencies non-trustless again so it defeats their purpose. I guess a fixed, deflationary supply with PoW mining is enough for a coin to have value.

It is one valuable point. When a cryptocurrency requires monetary inputs to produce new coins, new supplies it is better. Rethinking about the masternodes and staking coins, it sucks because people spend very little money to operate their nodes monthly (on VPS). Their initial capital for one node can be high or low depends on each coin and temporary price of that coin when they invest but operating cost is low, that contributes to more space to scam. Spend a little but earn a lot if successful scam.

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Most coins backed by precious metals offer you the opportunity to sell your coins for physical metals but that's just centralization. You simply can't create a decentralized physical gold transfer - and they request your personal information too & KYC. It's a much less hassle to simply buy real gold (or gold stocks) than purchasing these kind of tokens. So that's a no from me.

it is not true because people in crypto would prefer to own USDT or stable coins rather than USD. In some situations, usually when Bitcoin is dumped or pumped investors will have to spend more fiats to buy UDST which in turn will be used to buy bitcoin. USDT is a stable coin but its rate against real USD is changing a little.
https://coinmarketcap.com/currencies/tether/

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