Quote from: batfink68 on March 15, 2017, 08:49:18 AM

We're still waiting to learn why and how the dev's can't abscond with the gold.

A deposit slip from a bank/vault is not a legal guarantee that funds are protected.

Heck, ryan kennedy reeked havoc on the bitcoin and dogecoin etc communities because he simply stole everything and there wasn't a legal mechanism in place to prevent him from doing so- he was arrested on rape, not on the theft of bitcoins from moolah when moolah imploded from him stealing the money.

All you're telling me is 'xaurum is backed by gold' and that's simply not enough.

Thank you for your questions, your concerns are valid, but our situation is different to the one of crypto-exchanges, that you have mentioned. Crypto is relatively new, and in crypto the laws can be evaded; gold, however, has been around for quite some time and theft and/or fraud are always prosecuted.

We always state publicly that the gold is owned by Xaurum users, this ownership is entrusted to Auresco, that serves as the escrow for gold. No one can take the gold without legal consequences, as it would be considered both a theft of funds from Auresco, and as fraud of Xaurum users committed by Auresco. The only person to have the access to the gold reserves is the director of Auresco, and is therefore legally responsible, for both theft and fraud, if that were to happen. In the next week, our legal consultant, JK group, will prepare a legally binding document, publicly determining the users of Xaurum as the legitimate owners of the gold of the Xaurum commonwealth. Additionally, we have the daily Loomis audit system, that reports the balance of our gold storage, so anyone interested can be aware of the gold at all times, and raises the alarms in case it goes missing. We will always publicly announce larger melts, if they happen, to avoid any confusion.