Re: [ANN][GoldReserve][XGR]X11 Unique Stabilizer Fund, BACKED BY GOLD NOW!
1. How is XGR backed by gold?
2. For every ';x' amount of coins how much gold is there backing it?
3. Does price fluctuation affect the amount of gold being backed?
4. Is there constantly more gold being added to catch up with coins being created from PoS?
5. What proof is there that the gold is actually there? Can we 'audit' you at any time? Also what type of security is there in order to prevent theft of this gold?
6. Is there any possibility in the future to trade 'x' amount of coins for 'y' amount of gold?
Not being a hater, just common criticism questions I'm sure other investors are curious about. I'd love to know more about this coin before I invest properly into it thanks
2. For every ';x' amount of coins how much gold is there backing it?
3. Does price fluctuation affect the amount of gold being backed?
4. Is there constantly more gold being added to catch up with coins being created from PoS?
5. What proof is there that the gold is actually there? Can we 'audit' you at any time? Also what type of security is there in order to prevent theft of this gold?
6. Is there any possibility in the future to trade 'x' amount of coins for 'y' amount of gold?
Not being a hater, just common criticism questions I'm sure other investors are curious about. I'd love to know more about this coin before I invest properly into it thanks
1. XGR is not backed by Gold at the moment. It is backed by 2000 USD equivalent of Corion tokens, 2010 USD equivalent in Bitconnect in active lending.
2. I will calculate the actual minimum price of 1 GoldReserve after the swap.
3. The amount (in any currency or asset) will grow over time, price fluctiuation does not affect it. Imagine it as the first coin which has a set (and ever growing) minimum price, which you can get any time you want to exit from the coin completely. Imagine the worst situation: XGR price on exchanges goes to 0. If it happens to any other coin, you are screwed, your investment is gone. With XGR, there will be a floor pice calculated according to the backup assets worth and the tokens in circulation. So even if the exchanges will give 0 for 1 XGR, you can get a certain amount if you are selling your coins to the floor price exchange. At the begining that will be through a website, but later, it will be smartcontract based, completely decentralized.
4. Yes
5. 3. answer
6. As I changed the asset backing a bit to be more uptodate and decentralized, Gold will be only part of the backup portfolio.