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RE: New Cryptocurrency Backed by Gold - ICO happening now!
how can they pre-mine them when they dont yet own the gold?? where is there SKR for the gold they own - how can this be proven and validated - which institution is holding the gold - and if they dont yet own the gold or the gold is leased, where is that agreement showing there lease agreement and t&C of that lease? - how can they premine and distribute their tokens with a value ?
When you purchase a token, you're actually buying a gram of gold.
at market value of gold.
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 :)
in 2011 it was recorded there is around 5,820,203,717 ordinary ounces of gold. Which would be 162,965,704,076 grams of gold.
LOL - thats not theirs..most of this is in private insitutions and families ! central banks etc
It was the calculated amount of gold in the world yes, not what this new ICO owns. But you said there isn't enough a gold, which is BS.
Yes you are possible correct, there is probably more than that, which is never recorded - but for them to say its asset backed by gold, they need to OWN the gold and they would never be able to own enough gold to sustain this type of coin - each coin would have to be assigned to a person with a SKR - this would never happen ... sorry dont believe in this - sound good but I believe its a ponzi scheme.....
You could be right, but that wasn't the point of the article.
lets agree to disagree - I think its a ponzi scheme and you like the idea of it as a new form of digital currency --:)