Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Peter90 on January 09, 2024, 03:27:31 PM

Title: Tether Gold (XAUt)
Post by: Peter90 on January 09, 2024, 03:27:31 PM
In the thread The impact of stablecoins on the market (https://www.altcoinstalks.com/index.php?topic=311723.msg1465595#msg1465595)  User Learn Bitcoin pointed me to this gold backed stablecoin, which I didn't know. (Thanks LB!)
I thought it deserves a thread.

https://gold.tether.to

Their Whitepaper Tether Gold - A Digital Token Backed by Physical Gold (https://gold.tether.to/Tether%20Gold%20Whitepaper.pdf)

Current Market cap: $500 Millions
Coins in circulation: 7,6 gold tons



Your thoughts are welcome!
Title: Re: Tether Gold (XAUt)
Post by: Gurujebs on January 09, 2024, 04:49:36 PM
Their Whitepaper Tether Gold - A Digital Token Backed by Physical Gold (https://gold.tether.to/Tether%20Gold%20Whitepaper.pdf)

Current Market cap: $500 Millions
Coins in circulation: 7,6 gold tons
Your thoughts are welcome!

I don't see anything special about this other than easy storage and transportation. If you want to travel today, taking long a gold bar of gold need extra verification in the airport, more security check for authenticity and a big load. Instead of traveling with kilograms of metal that is going to be a lot of extra energy, buying this will save you from that stress and improve security because you can actually redeem this on the traded exchange and get equivalent value in USD without anyone knowledge unlike the physical gold where you have to look for a pawn shop to sell or any available gold shop which is kind of another stress.

This is cool though but I hope the company behind this doesn't rugged because the gold bars are just 611 gold which is little compare to the total market of gold in existence.
Title: Re: Tether Gold (XAUt)
Post by: masudginanjar on January 10, 2024, 02:27:19 AM
(https://i.imgur.com/mUKvLIN.png)

Yes, that's right, I saw XAUt being traded on the Binance market and the price is very expensive, namely above 2000 USD.
I looked at the chart with type 1 week and the price continued to rise starting from 1700 USD to more than 2000 USD, indeed gold is expensive and more valuable than Shitcoin.
I have never traded gold but it seems like gold trading is very promising and you can make profits daily, unlike altcoins which after rising and making a profit can just dump and the pump takes a long time.
Title: Re: Tether Gold (XAUt)
Post by: therozaq on January 10, 2024, 05:09:21 AM
Current XAut price is $ 2,032, it will increase and touch ATH
XAut ever reach $ 2,111. I think It will touch soon.


~ indeed gold is expensive and more valuable than Shitcoin.

exactly, gold should not be compared with shitcoin.  That's not fair.  Because I lost a lot of money in the past because of shitcoins.  It's safer to invest in coins that have good projects than shitcoins.
Title: Re: Tether Gold (XAUt)
Post by: IyemRoker on January 10, 2024, 09:15:51 AM
Because I lost a lot of money in the past because of shitcoins.
Is it true?
What coins do you own or invest in that make you say "Shitcoin"?
How much is the loss due to the "Shitcoin" you bought?
Do you feel sad that you bought "Shitcoin"?

Even though I was interested in discussing XAUt because digital gold is backed up by real gold and developed by Tether, but after I read the reply to your thread, I was very sad.
This XAUt was extraordinarily developed by Tether, indeed Tether's dominance and innovation is extraordinary, very sophisticated and visionary, first creating USDT, a stable coin backed up by US Dollars and now XAUt Digital Gold which is backed up by real Gold.
Title: Re: Tether Gold (XAUt)
Post by: Husires on January 11, 2024, 02:00:23 PM
XAUt tries to have its price linked to gold, but there is no guarantee that when you buy, there is real gold deposited in the bank vaults. The main trading volumes of bitfinex and the main trading pair are USDT, and trading volumes on all platforms are low compared to stablecoins such as USDT, USDC.
It is very dangerous compared to buying gold, and its price is close to gold, but it is definitely not linked to gold.


(https://talkimg.com/images/2024/01/11/spCzb.png)
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on January 11, 2024, 03:55:41 PM
Even though I was interested in discussing XAUt because digital gold is backed up by real gold

... and now XAUt Digital Gold which is backed up by real Gold.

Kinesis' stablecoins (https://www.altcoinstalks.com/index.php?topic=129595.0) are backed up by gold.
There is proof for that, the 4x/year independent audits (https://kinesis.money/wp-content/uploads/2023/12/Kinesis-Audit-October-2023.pdf).

Tether Gold, there are no audits.
How can you be sure that XAUt coins are backed up by real gold?

Title: Re: Tether Gold (XAUt)
Post by: Learn Bitcoin on January 12, 2024, 04:18:02 PM
Thanks, Peter for creating the thread and giving me the credits.

Most of us doubted crypto's legitimacy when we started the crypto journey. The most important part of the crypto is, it's volatile. A lot of people trust gold but they avoid crypto because they are afraid of losing their money. Tether gold is the solution for them. Now it's possible to buy gold online and you could sell it whenever you want. Isn't it impressive?

But the only thing I am afraid of is, if this is really backed by the real gold or not. What if they sell the real gold after the audit? I cannot think such bad things against tether since they are the top stable coin in the market.
Title: Re: Tether Gold (XAUt)
Post by: IyemRoker on January 13, 2024, 10:26:54 AM
Even though I was interested in discussing XAUt because digital gold is backed up by real gold

... and now XAUt Digital Gold which is backed up by real Gold.

Kinesis' stablecoins (https://www.altcoinstalks.com/index.php?topic=129595.0) are backed up by gold.
There is proof for that, the 4x/year independent audits (https://kinesis.money/wp-content/uploads/2023/12/Kinesis-Audit-October-2023.pdf).

Tether Gold, there are no audits.
How can you be sure that XAUt coins are backed up by real gold?
Hii Peter, I've read about Audit from Kinesis, it's really great and it makes sense to do business with you.
But I'm just a small person who doesn't have that much money and only analyzes all aspects of digital assets in various forums.

I just assured myself that XAUt had been audited by the Financial Agency because I was referring to the condition of the USDT stable coin which had been audited by various Financial Agencies.
I'm still interested in discussing the differences between XAUt from Tether and KAU from Kinesis, can you explain in general the differences between these two digital assets??
Title: Re: Tether Gold (XAUt)
Post by: Learn Bitcoin on January 13, 2024, 02:00:59 PM
Kinesis' stablecoins (https://www.altcoinstalks.com/index.php?topic=129595.0) are backed up by gold.
There is proof for that, the 4x/year independent audits (https://kinesis.money/wp-content/uploads/2023/12/Kinesis-Audit-October-2023.pdf).

Tether Gold, there are no audits.
How can you be sure that XAUt coins are backed up by real gold?

I wasn't aware if XAUt was audited or not. But Tether is a known company for their Stable coin USDT and people trust them because of the massive about of money they have in circulation. That doesn't mean we cannot trust XAUt. Maybe they are planning to do an audit with an well-named international auditors. I still have some doubts for some reason.

I guess I have shared what is the reason. Even though Kinesis were audited, we never know if they have moved their assets somewhere or not. There is no way to verify it except for another audit. Crypto.com did the same thing after a audit. But people caught them.
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on January 13, 2024, 06:17:33 PM
But the only thing I am afraid of is, if this is really backed by the real gold or not. What if they sell the real gold after the audit? I cannot think such bad things against tether since they are the top stable coin in the market.

Hi LB,

"What if they sell the real gold after the audit?"

You are right, but on the other hand, it is impossible to audit the asset of a company every day.
Every audit is made on a regular basis, but not every day.
Professional investors and institutions require an audit on a regular basis, nobody requires the impossible.


"I cannot think such bad things against tether since they are the top stable coin in the market."

So LB, let me understand... on one side you don't trust a company (Kinesis) that let their assets be audited every 3 months because they could sell the metal after the audit... but on the other side you do trust another company (Tether Gold) that never let their assets be audited ... because they are... big?   :)


Besides, can you remember the time when everybody - maybe you too - was convinced that each USDT represented 1 US dollar in the bank?
So what did you think when you learnt that for each USDT there are only 0,04 US dollars in the bank (https://www.altcoinstalks.com/index.php?topic=314971.0)?
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on January 14, 2024, 12:00:35 PM
Hii Peter, I've read about Audit from Kinesis, it's really great and it makes sense to do business with you.
But I'm just a small person who doesn't have that much money and only analyzes all aspects of digital assets in various forums.

I just assured myself that XAUt had been audited by the Financial Agency because I was referring to the condition of the USDT stable coin which had been audited by various Financial Agencies.

Hello Iyem,
just a quick note about the "to do business with you"  :D   I'm not an employee of kinesis nor an associate of that company.
Kinesis has an affiliate program, everybody can participate, and as you can see from my signature, I do.


My position is this:

a) gold is a better money than fiat, because it's a better store of value than fiat (https://cdn.knoema.com/infographics/Knoema_Data_Driven_Gold_and_Fiat_Money.png),

b) gold-backed stablecoins will facilitate ordinary people (small persons who don't have that much money  :D, like you and me) to use gold as money and to invest in gold,

c) at this point kinesis is the most advanced gold-backed stablecoin: they offer 4x/year audits of their assets (no other gold-backed stablecoin does); they offer a debit card so everybody can use gold and silver to pay in all places where Visa and Mastercard are accepted; they have a partnership with the government of Indonesia (https://kinesis.money/projects-indonesia/); they offer a yield system (https://kinesis.money/yields/) ...



USDT is audited (by a private company specialised in auditing: BDO).
XAUt is not audited.

No serious professional investor, institutionals or money manager invest in a stablecoin without audits.
Audits are very expensive.
If a gold-backed stablecoins company let their assets be audited, they will advertise it with big size, bold and CAPITALISED  characters :D
This is their website https://gold.tether.to
This is their Whitepaper https://gold.tether.to/Tether%20Gold%20Whitepaper.pdf
No audits

Title: Re: Tether Gold (XAUt)
Post by: IyemRoker on January 14, 2024, 02:54:57 PM
USDT is audited (by a private company specialised in auditing: BDO).
XAUt is not audited.

This is their website https://gold.tether.to
This is their Whitepaper https://gold.tether.to/Tether%20Gold%20Whitepaper.pdf
No audits
I have checked to check that the audit for Tether USDT really uses BDO and CCR services. (https://tether.to/en/tether-releases-independent-auditor-report-from-top-5-accounting-firm-bdo-reinforcing-its-dedication-to-transparency-and-revealing-another-major- cut-to-commercial-paper-holdings/)
Then I also read the Whitepaper about XAUt which was developed by Tether for 13 pages, and couldn't find an audit, only a comparison of the advantages of Physical Gold, Gold ETFs and Tether Gold.
This kind of thing must continue to be discussed because it concerns our assets and if we don't know its security, it will be very dangerous for ourselves.
If Tether's USDT is audited by BDO for privacy, then Tether's XAUt is not audited properly or even not audited at all, then I have many questions:

1. Will XAUt someday dump from the real gold price?
2. To what extent do investors and traders trust XAUt for trading?
3. I see that trading for XAUt is still ongoing and stable with large trading volumes, is this not dangerous for the trader?
Title: Re: Tether Gold (XAUt)
Post by: Learn Bitcoin on January 14, 2024, 07:33:44 PM
So LB, let me understand... on one side you don't trust a company (Kinesis) that let their assets be audited every 3 months because they could sell the metal after the audit... but on the other side you do trust another company (Tether Gold) that never let their assets be audited ... because they are... big?   :)

You got me wrong Peter90.
I didn't talk about Kinesis only. The same thing applies to Tether.to as well. If Tether sells its assets after the audit, we will never know that. But, I didn't know that Kinesis gets audited every three months. Is it true? I didn't know that. Still, I don't want to convince myself to invest in any stable coin or in Digital gold.

Buying digital gold online means, I bought the gold and they will hold it for me. What I am holding right now? A wallet with some digital numbers. Isn't it better to have some physical gold than having it digitally?
Title: Re: Tether Gold (XAUt)
Post by: IyemRoker on January 15, 2024, 01:57:08 PM
Buying digital gold online means, I bought the gold and they will hold it for me. What I am holding right now? A wallet with some digital numbers. Isn't it better to have some physical gold than having it digitally?
This is a very good statement and made me think because this concerns our assets and this is a discussion of the topic that I want, an open and more transparent discussion that can be seen by ourselves.
I definitely prefer real gold and store it in a Local Bank to be able to use it or just to save it, so that one day it can be taken out more easily when the price goes up, it's very different from digital gold which I can't even see its physical form.
There is a very big comparison between real gold and digital gold because I will definitely choose real gold, I also need further understanding Peter90 to continue paying attention to digital gold from various platforms, including Kinesis, XAUt and various other digital gold.
Title: Re: Tether Gold (XAUt)
Post by: Learn Bitcoin on January 15, 2024, 05:01:12 PM
Buying digital gold online means, I bought the gold and they will hold it for me. What I am holding right now? A wallet with some digital numbers. Isn't it better to have some physical gold than having it digitally?
This is a very good statement and made me think because this concerns our assets and this is a discussion of the topic that I want, an open and more transparent discussion that can be seen by ourselves.
I definitely prefer real gold and store it in a Local Bank to be able to use it or just to save it, so that one day it can be taken out more easily when the price goes up, it's very different from digital gold which I can't even see its physical form.

The logic behind it is too simple. Digital gold is not a decentralized platform. All of those companies that offer to buy digital gold are just some centralized companies that built some trust in the market and people buying from them. No matter which company it is. It could be Tether as well. We can't check if they have the physical gold or not.

Let's say they have sold them all and I live in a different country. I won't be able to catch the company and won't be able to claim my gold. In comparison, If I kept in a bank in my city, I would always be able to take my gold. But if someone want to trade gold, then maybe digital gold is better option for them. But I don't recommend it.
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on January 15, 2024, 06:48:44 PM
I'm still interested in discussing the differences between XAUt from Tether and KAU from Kinesis, can you explain in general the differences between these two digital assets??

Hi Iyem
this is the best I can get comparing the two.
Maybe there are mistakes, I have done my best.


1) Kinesis: minimum purchase 0,0001 gram gold
Smallest fraction of KAU = 0,0001 KAU (maybe less, I don't know). 1 KAU = 1 gram gold, so you can start buying 0,0001 gram gold. 1 gram gold today = 64$, so you can start with 0,006$ (maybe less).

Tether Gold: minimum purchase 1,5 kg gold
"As of the date of this whitepaper, to buy XAUt directly from Tether Gold verified users will be required to purchase a minimum of 50 fine troy oz of gold (i.e., 50 XAUt tokens)".
1 ounce (oz) = 31 grams, so 50 oz = 1500 grams 
Your first purchase must be at least 1,5 kilogram gold...
How much $ is 1,5 kg gold?


2) The kinesis blockchain (https://kinesis.money/de/blog/why-the-kinesis-blockchain-network-was-forked-from-stellar/), a fork of the stellar network. Cheap and fast, because KAUs are designed to be used as everyday money, all around the world, tens of thausand of transactions per second.
Kinesis explorer (https://explorer.kinesis.money)

XAUt run on Ethereum blockchain. Slow and expensive.
XAUt, no blockchain, no explorer
XAUt is just a way to invest in gold. It's impossible to use XAUt in order to buy a coffee at the bar. Too slow and expensive.


3) The Kinesis Exchange (https://kinesis.money/kinesis-exchange/), where you can trade gold (KAU) and silver (KAG), the major fiat currencies and the major cryptocurrencies.
Tether Gold, no exchange.


4) KAUs transfer fee = 0,45%, so sending 1 KAU (1 gram of gold, 64$) to your friend will cost you 0,3$
XAUts run on Ethereum.
How much would it cost you today to send 1 gram of gold (64$) using XAUt to your friend?


5) the Indonesian government has checked Kinesis inside out before entering the partnership (https://kinesis.money/projects-indonesia/?gclid=Cj0KCQjwm66pBhDQARIsALIR2zAdVmALVG5v_tgOorFRcrsb30IHir8xh2-tw1t6I0fT6xAtaYF40LgaAhcDEALw_wcB) with them.
Tether Gold, no partnership with no gov.


6) Kinesis minimum redemption = 100 grams
You can ask for redemption of your KAUs = they send to your address your physical gold, minimum 100 grams.
Tether Gold minimum redemption = 13.300 grams
"As of the date of this whitepaper, to redeem XAUt for the physical gold associated with it, the holder must generally have a minimum of 430 XAUt tokens (i.e., 430 fine troy oz of gold)."
1 ounce (oz) = 31 grams
430 oz = 13,3 kilograms

The day you or your family can redeem 13,3 kg of gold, call me.
I will take my bicycle, run to you and merry you on the spot.
No questions asked  :D


7) If you ask for redemption, Kinesis can deliver your gold all around the world.
Tether Gold deliver only in Switzerland: "Should you ever want to redeem your XAUt tokens for physical gold, you can. We deliver physical gold bars to any address in Switzerland."


8 ) Kinesis, gold and silver.
Tether Gold, only gold.


9) Kinesis, vaults in 13 locations (Dubai, Hong Kong, Istanbul, Vaduz, London, New York, Singapore, Sydney, Toronto, Zurich, Panama City, Batam, Brisbane).
Tether Gold, only Switzerland.


10) Kinesis, yield system (https://kinesis.money/yields/).
Holder’s yield: „Earn a passive monthly yield on every single gram of gold and silver for long as you hold your precious metals with kinesis“
Velocity yield: „Be rewarded every time you trade KAU and KAG on the Kinesis Exchange or spend it with your Kinesis card“
Tether Gold, no yields.


11) Kinesis debit card (https://kinesis.money/kinesis-virtual-card/) (at the moment only virtual), you can pay with your gold and silver wherever Visa and Mastercard are accepted.
You don’t need a bank account anymore - hello Spasybo (https://www.altcoinstalks.com/index.php?topic=315187.1467317#1467317)  :D
Tether Gold, no debit card.


12) Kinesis mobile app (https://kinesis.money/kinesis-app/) (never used. I hear it doesn’t work always smooth)
Tether Gold, no app.


13) Kinesis Pay (https://kinesis.money/company-news/kinesis-pay-launch/), for businesses and their clients, so they can do business without banks and without fiat - hello again Spasybo! - using only their gold or silver.
Tether Gold, no such feature (because XAUt is not designed to be money. It’s just a way to invest in gold.



You can open an account at kinesis - ... yes... KYC... - and look around. It’s free, no credit cart, no bank account. With your kinesis account you get your referral link so - if you want - you can start referring people, and if you are good at it - I'm not - you get referrer yield. You can chat with their support, I think they have people speaking Turkish and Arabic. And if you want to say Thanks Peter you can use my affiliate link  :D there are no downsides using it.


Title: Re: Tether Gold (XAUt)
Post by: yhiaali3 on January 15, 2024, 08:15:04 PM
This is a very good statement and made me think because this concerns our assets and this is a discussion of the topic that I want, an open and more transparent discussion that can be seen by ourselves.
I definitely prefer real gold and store it in a Local Bank to be able to use it or just to save it, so that one day it can be taken out more easily when the price goes up, it's very different from digital gold which I can't even see its physical form.
There is a very big comparison between real gold and digital gold because I will definitely choose real gold
Yes, of course, real gold is better than digital gold, but in the age of technology you need both. You can keep real gold in a safe place to preserve the value of your money, while you can keep digital gold in your wallet to conduct financial transactions and transfers across borders with ease, while you cannot do that with Real gold.

For example, you cannot take a piece of gold and go to the supermarket to buy some necessities. Real gold is used as a store of value in the long term, but it is not suitable for daily transactions.
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on January 16, 2024, 12:07:20 PM
But, I didn't know that Kinesis gets audited every three months. Is it true? I didn't know that.

Q4 2023 Quarterly Audit (https://kinesis.money/company-news/kinesis-passes-quarterly-audit-q4-2023/)

Now you do know  :D


Isn't it better to have some physical gold than having it digitally?

No

1) Your gold at home can be stolen - both by unknown but also unfortunately by known people... Much more difficult in a military grade vault.

2) Gold in vault is insured, your gold at home is not. Gold in vault disappears, insurance company is there. Gold in house disappears, bad luck.

3) Buy/sell premiums of gold coins can be 10, 20... 30% and more, meaning you pay 30% more when you buy and get 30% less when you sell to your gold dealer.
It's called premium, or spread.

4) When you sell your piece of gold don't forget your certificate of authenticity, maybe they don't trust you.

5) Where to you buy/sell? There isn't a gold shop at every corner. It's a big world LB. In some regions of it - think Africa or Asia - it's a long journey to the next gold shop.

6) Your gold shop has an item, 10 grams, 640$. The next bigger item on sale is 30 grams, 2000$.
You want to buy 50$.
You'll buy nothing.

You want to buy 1000$. What do you do? Gold is not cheese. They can't cut an additional slice for you.
You have a 600$ piece of gold and another 2000$ piece. You need only 1000$. You are forced to sell the 2000$ piece.

I could go on & on



You are overlooking the biggest and most evident argument pro gold-backed stablecoins: the piece of gold that you keep at home can't be used as money.

Go to the market and try to buy 3 apples with your piece of gold.
Step in in that taxi and offer to pay with your piece of gold.
The taxi driver will think that it's fake and that you are trolling him.
You want to buy that pair of Nike on Ebay? Try to send your piece of gold to the seller. And don't forget the certificate of authenticity.



You can't say one way is better than the other.
Keeping at home, depositing in the bank, letting it vaulted in Singapore... each case has pro and contra.
That's why they talk about diversification  :)
Title: Re: Tether Gold (XAUt)
Post by: IyemRoker on January 17, 2024, 07:08:18 AM
-
Understanding from you is so much and complex, I have to read it in detail and continue to check every link you give and almost 1 hour I read it.
This makes me keep thinking critically to understand kinesis. But it seems like I will continue to ask because I have a kinesis in this CoinmarketCap, what happened?
Does Kinesis not have so many trading with a volume of 100,000 USD in 24 hours?

Then in the final paragraph there is the word "KYC", oh my god?
So, this Kinesis application requires KYC for trading KAU and KAG?




Title: Re: Tether Gold (XAUt)
Post by: Peter90 on January 17, 2024, 09:09:18 AM
No matter which company it is. It could be Tether as well. We can't check if they have the physical gold or not.

You are right LB

but think about this: money managers, institutional investors, professional investors... they invest in gold held in vaults of companies specialised in precious metals storage. These companies are called custodians - Brinks, Loomit, Malca Amit... - and are worldwide renown (and btw. they are the custodians of Kinesis' assets). Probably these custodians manage also the gold reserves of the Central Bank of your country.


Money managers... institutional investors... pension funds... investment funds... professional investors... wealthy people!
They don't keep the gold they invest in at home... nor in a little room behind their office... nor in the basement of their headquarters... where they could check every day if their metal is there and where they would be sure nobody sells their metal behind their back.

Why?
Do you think they are naive?
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on January 24, 2024, 11:15:38 AM
Let's say they have sold them all and I live in a different country. I won't be able to catch the company and won't be able to claim my gold. In comparison, If I kept in a bank in my city, I would always be able to take my gold.

 :D No

1) if the bank is closed, you can't.
Banking crises? Russia? Asia? Argentina? Cyprus? 2008? ... 
If there is a banking crisis, banks are closed. They have invented a funny expression for that, bank holiday.
Have fun on the street, banging on the doors of your bank.


2)

(https://i2-prod.chroniclelive.co.uk/incoming/article8398711.ece/ALTERNATES/s615b/JS54006365.jpg)

England, 2007
Each one of these people thought „If I kept in a bank in my city, I would always be able to take my gold“  :D



3) If your bank sells your gold you won’t get it back.
After the end of the legal proceedings - years of waiting and praying - you’ll get compensated (if your bank has enough funds).
Same thing with a custodian, like those who store Kinesis' gold stocks (Loomis, Brinks etc.).

These custodian companies don’t have their headquarters in the middle of Himalaya, where one day everybody disappears and on the spot where there was the office now there is only snow.
By the way, we are talking about companies that are 30, 50, 100 years old. Internationally renown companies. Do you think companies like these are willing to go down for selling your metal behind your back?
How rich are you?  :D




Further: how can you be sure that your gold in your bank is there LB? Are you going to visit your safe box every week?

Why would you trust your bank in holding your gold more than a worldwide trusted company specialised in precious metals storage?

At the end of the day, it is like this: everybody is free to make their choices and trust whom they want to. You trust your bank, I don't.


Btw, do you know about your obligations to disclose what you keep in your safe?
Do you know that that room has cameras?
Do you care about the fact that what is known to your bank is known to the authorities?
Do you know that if you don't pop up for some time your gold becomes property of your bank?

Do you know the provisions that allow your bank to open your safe?
Title: Re: Tether Gold (XAUt)
Post by: Learn Bitcoin on January 24, 2024, 03:46:50 PM
Risk is thousand time less with the banks than some shitcoins or shit token. The bank holiday does not remain for a whole month. Before you keep your money, you have a couple of choices. You have to check their history and then pick which bank you want to use. Surely you will be able to catch them. The risk of banks does not eliminate the risk of investing in digital gold which I would never be able to see if they shut down their website and remove the trading pairs from the exchanges. I would have nothing to do.
Title: Re: Tether Gold (XAUt)
Post by: Wiseman on January 29, 2024, 08:31:02 AM
XAUt tries to have its price linked to gold, but there is no guarantee that when you buy, there is real gold deposited in the bank vaults. The main trading volumes of bitfinex and the main trading pair are USDT, and trading volumes on all platforms are low compared to stablecoins such as USDT, USDC.
It is very dangerous compared to buying gold, and its price is close to gold, but it is definitely not linked to gold.
I totally agree with you , it doesn't seem very true , but I will point out that it is possible and we don't believe in it because no one has done it yet , let's see how this token will develop and where they get support from and how they provide the price with real gold .
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on January 29, 2024, 11:54:26 AM
but there is no guarantee that when you buy, there is real gold deposited in the bank vaults.

... because they don't offer independent audits ...



its price is close to gold, but it is definitely not linked to gold.

Coin price not being 100% linked to gold price is the best proof that that coin is not 100% backed by gold
Title: Re: Tether Gold (XAUt)
Post by: IyemRoker on January 30, 2024, 09:32:14 AM
-
Then in the final paragraph there is the word "KYC", oh my god?
So, this Kinesis application requires KYC for trading KAU and KAG?
Hi Peter, you haven't answered my question regarding KYC, okay I'll repeat it :

-Then in the final paragraph there is the word "KYC", oh my god?
-So, this Kinesis application requires KYC for trading KAU and KAG?


The problem is with KYC and everyone doesn't want their privacy to be disturbed.
Never mind out there, on the altcoinstalks forum there are also many people who don't want to and don't agree with KYC issues.
It seems like KAU and KAG trading will feel hampered if every member who wants to trade has to use KYC. This is only my experience with forum and cryptocurrency space. :D
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on February 02, 2024, 12:48:24 PM
Hi Peter, you haven't answered my question regarding KYC, okay I'll repeat it :

-Then in the final paragraph there is the word "KYC", oh my god?
-So, this Kinesis application requires KYC for trading KAU and KAG?


The problem is with KYC and everyone doesn't want their privacy to be disturbed.
Never mind out there, on the altcoinstalks forum there are also many people who don't want to and don't agree with KYC issues.
It seems like KAU and KAG trading will feel hampered if every member who wants to trade has to use KYC. This is only my experience with forum and cryptocurrency space. :D

Good morning Iyem,
if you do business with governments and public agencies - like Kinesis does - you must KYC.
For example, the Indonesian gov requested - obviously - KYC as a condition to build their partnership (https://kinesis.money/projects-indonesia/?gclid=Cj0KCQjwm66pBhDQARIsALIR2zAdVmALVG5v_tgOorFRcrsb30IHir8xh2-tw1t6I0fT6xAtaYF40LgaAhcDEALw_wcB) with Kinesis.

But even if a stablecoin company doesn't aim at partnerships with public institutions, if that company wants to get serious and expand globally they will KYC.
Without KYC, authorities can shut you down anytime, banks... credit card and fintech companies... will refuse do to business with you... etc.
Look what is happening in the USA with Operation Choke Point 2.0 (https://blockworks.co/news/chokepoint-2-0-efforts-effective).

"The verification process at Tether.to is a standardised compliance measure for Anti-Money Laundering (AML), Know Your Customer (KYC), and Counter-Terrorism Financing (CTF) laws and regulations."
Do you think USDT had become what it is if Tether didn't KYC?
A multinational company aiming at expanding their business either adapt to laws and regulations or dies.


Anyway, I understand your point Iyem - I like anonymity too. That's why you don't see KYC verified near my name in my profile... - but at the end it's a trade off: opportunity vs. anonymity

For some people - think of the Indonesians who are registering in the PosPay app - the opportunity of buying/selling gold with minimal spreads... sending/receiving it digitally... having it stored in fully insured, military-grade security vaults... managing everything directly through your smartphone (no financial advisors who know everything you do anymore!)... not needing a bank account (which is important for unbanked and underbanked people) (... but also for fully banked people who don't like banks :D )... extremely low minimum trading amounts... the option of redempting the coins and getting the corresponding physical sent at home...
... for some people these opportunities are more important than anonymity.


Btw, how many banks do you know that don't do KYC?
Your bank does KYC.
Does it prevent you from using your bank account?
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on February 05, 2024, 09:46:24 AM
Hi Peter, you haven't answered my question regarding KYC, okay I'll repeat it :

-Then in the final paragraph there is the word "KYC", oh my god?
-So, this Kinesis application requires KYC for trading KAU and KAG?


The problem is with KYC and everyone doesn't want their privacy to be disturbed.

Hi Iyem,
everyone among who?
I'm pretty sure you mean the crypto community.

One major problem when crypto people discuss about benefits of cryptos for society or economy is that they look at things from the point of view of crypto traders and not of ordinary people.
In my view, gold-backed stablecoins exist in order to serve ordinary people, not crypto traders.

So I ask you now, considered the benefits of gold-backed stablecoins I listed above, what do you think will ordinary people choose between opportunity and anonymity?
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on February 07, 2024, 04:53:45 PM
This is cool though but I hope the company behind this doesn't rugged because the gold bars are just 611 gold which is little compare to the total market of gold in existence.

The market cap says nothing about a company being honest or not Guru.
Letting your reserves - what backs up your coins - being audited by an independent company, that's much more important.
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on February 09, 2024, 12:43:30 PM
Current XAut price is $ 2,032, it will increase and touch ATH
XAut ever reach $ 2,111. I think It will touch soon.

XAUt price is the price of an ounce of gold
because each XAUt is pegged to 1oz of gold

XAUt will touch ATH and reach $ 2,111 when 1oz of gold touch ATH and reach $ 2,111


This 1-year chart compares gold and XAUt

(https://i.ibb.co/HG7MzdB/2.png)
Title: Re: Tether Gold (XAUt)
Post by: IyemRoker on February 13, 2024, 02:58:33 PM
Hi Peter, you haven't answered my question regarding KYC, okay I'll repeat it :
-Then in the final paragraph there is the word "KYC", oh my god?
-So, this Kinesis application requires KYC for trading KAU and KAG?

The problem is with KYC and everyone doesn't want their privacy to be disturbed.
Hi Iyem,
everyone among who?
I'm pretty sure you mean the crypto community.
Yep, you think that's right.
Many cryptocurrency lovers do not support the presence of KYC because no one wants to interfere with their personal lives and they tend to be very private.

One major problem when crypto people discuss about benefits of cryptos for society or economy is that they look at things from the point of view of crypto traders and not of ordinary people.
In my view, gold-backed stablecoins exist in order to serve ordinary people, not crypto traders.

So I ask you now, considered the benefits of gold-backed stablecoins I listed above, what do you think will ordinary people choose between opportunity and anonymity?
If we refer to ordinary people, of course this opportunity takes precedence over anonymity because ordinary people like me are not hypocrites to look for profit opportunities in every place.
But I also support privacy in the cryptocurrency environment because it also makes me comfortable being able to flip a coin without knowing who the owner is and where it came from.

That means, the KAU and KAG markets are completely targeted at ordinary people, right?
For the cryptocurrency community it may be a choice of two or more than ordinary people.
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on February 15, 2024, 11:11:36 AM
That means, the KAU and KAG markets are completely targeted at ordinary people, right?

KAU and KAG - the entire Kinesis Monetary System - were designed in order to serve the need for "good money" of ordinary people.
At least this is my understanding based on the speeches of their CEO, on the discussions within their telegram group, and on what they are doing in Indonesia.

Back to anonymity, I think KAUs and KAGs one day could be traded anonymously on some exchange that doesn't request KYC.
But those anonymous accounts won't be eligible for the Holder's yield (https://kinesis.money/holders-yield/) and the Velocity yield (https://kinesis.money/velocity-yield/).

As I said, it's a trade-off between anonymity and opportunity.
Title: Re: Tether Gold (XAUt)
Post by: Peter90 on February 17, 2024, 11:49:03 AM
Hi Peter, you haven't answered my question regarding KYC, okay I'll repeat it :

-Then in the final paragraph there is the word "KYC", oh my god?
-So, this Kinesis application requires KYC for trading KAU and KAG?


The problem is with KYC and everyone doesn't want their privacy to be disturbed.
Never mind out there, on the altcoinstalks forum there are also many people who don't want to and don't agree with KYC issues.
It seems like KAU and KAG trading will feel hampered if every member who wants to trade has to use KYC. This is only my experience with forum and cryptocurrency space. :D

This is what happen if your crypto company don't KYC, Iyem

(https://i.ibb.co/mF4J6FL/3.png)

If the regulators aren't fast enough to come after you, it will be your - regulated - competition which will rat you out.



“While direct legal actions against offshore entities and decentralized firms are complex, indirect measures and international cooperation could potentially hinder the usage of tether,” analysts led by Nikolaos Panigirtzoglou wrote.

Forthcoming stablecoin regulation will probably put “indirect pressure on tether as its attractiveness would diminish relative to stablecoins with more transparency and greater compliance with new regulatory KYC/AML standards” the authors wrote, adding that this issue would also apply to decentralized finance (DeFi), where USDT is used as a source of collateral and liquidity. KYC refers to customer identification and AML to anti-money laundering regulations."

coindesk.com (https://www.coindesk.com/policy/2024/02/16/us-regulators-do-have-some-control-over-stablecoin-tether-jpmorgan/?utm_medium=referral&utm_source=rss&utm_campaign=headlines&source=pmbug.com)

Currently, a crypto company that don't KYC can't expand globally.
Regulated (KYC) crypto companies have a huge strategical advantage vs. unregulated (no KYC) ones, and this advantage will play itself out in time.