no you are not - you are buying a 'token' as a representation of the oz of gold but not the actual gold - so when you pay for your token - who holds the gold?? How do I know they actually bought the gold and that it is actually being stored. How do I guarantee it is being held by a reputable company and is stated on the SKR that it is held to the order of the coin I purchased. The fact is the company cannot guarantee anything and cannot show they own and hold the gold and no vault company can give me the security required for me to feel safe that the gold held is backing my actual coin purchased. Therefore it can never be proven that the coin is worth what I have paid for and I am not prepared as won't everyone else to trust a bunch of tech people who say they are doing something to have actually done it. There are too many scams based on crypto currency to know that this is real as you will never be able to prove to me, other than sending me the actual gold, that you are not just taking the money and creating a ponzi scheme backed by nothing but a promise, which is how the current fiat based system works. I didnt mean you personally Jonnyyash , I know you are just reporting it as news on steemit :)
Well if you read my article, you'd see I wrote that I don't know too much about the company and any investment is a risk. I also said you should hold physical gold. My point was that I liked the idea. But you're right, you can't trust anyone. You can't lose what you don't invest, but you can't gain much either.
i see what you are saying, but in this case you will never hold physical gold for a token you have bought from them - personally buy gold direct from a gold dealer and then YOU OWN THE GOLD and the value :) - I read your article which is why I commented and I hate to see anyone ripped off by a clever scam, which I personally believe this is .. have a great day
People are ripped off everyday, does that mean I shouldn't talk about new ideas I find interesting? Should we censor this post and make sure no one else sees it?
no you are not - you are buying a 'token' as a representation of the oz of gold but not the actual gold - so when you pay for your token - who holds the gold?? How do I know they actually bought the gold and that it is actually being stored. How do I guarantee it is being held by a reputable company and is stated on the SKR that it is held to the order of the coin I purchased. The fact is the company cannot guarantee anything and cannot show they own and hold the gold and no vault company can give me the security required for me to feel safe that the gold held is backing my actual coin purchased. Therefore it can never be proven that the coin is worth what I have paid for and I am not prepared as won't everyone else to trust a bunch of tech people who say they are doing something to have actually done it. There are too many scams based on crypto currency to know that this is real as you will never be able to prove to me, other than sending me the actual gold, that you are not just taking the money and creating a ponzi scheme backed by nothing but a promise, which is how the current fiat based system works. I didnt mean you personally Jonnyyash , I know you are just reporting it as news on steemit :)
Well if you read my article, you'd see I wrote that I don't know too much about the company and any investment is a risk. I also said you should hold physical gold. My point was that I liked the idea. But you're right, you can't trust anyone. You can't lose what you don't invest, but you can't gain much either.
i see what you are saying, but in this case you will never hold physical gold for a token you have bought from them - personally buy gold direct from a gold dealer and then YOU OWN THE GOLD and the value :) - I read your article which is why I commented and I hate to see anyone ripped off by a clever scam, which I personally believe this is .. have a great day
People are ripped off everyday, does that mean I shouldn't talk about new ideas I find interesting? Should we censor this post and make sure no one else sees it?
No people should see it and see what others think of it - I think you and I agree to disagree :)