Anyone who is concerned about their money should be concerned about USD. I use USD as an example of governments control people by creating arrificial value of unbacked paper (usd, euro, ruble etc.). Considering that USA debt is so high and only gets bigger, considering BRICS nations coming together and accumulatign gold, considering high inflation and unaffordable housing, we are very near the exposure and decline of USD. That will affect global economy and especially us, common people, not rich. So, yes I'm concerned about USD.
I don't really understand your second point. I think you answered it yourself😆 I don't think you need an "expert, financial counselor or trading advisor" to take money from the gold wallet and buy gold 🤔 It's not that difficult is it? If you mean you are worried about legal sidr of things, that's a different question.
The link on website to my instagram works, but it only works on phones. So if you use your phone to access it, you should be fine. I don't know why instagram link on PC doesn't work. I guess it's just instagram isn't optimised to PC.
Back to the legal side, I address it on our Youtube channel, so you can find full explonation there. Watch the first video. But, let me address it shortly here. Some gold-backed tokens don't exist anymore because they were scams, others don't exist because they tried to do things legally and got sued by the government. The governments are fully against crypto, what to speak of gold-backed crypto. So I'm not going to complicate the process by creating a company where everything is legal, so the government can take it away. Instead, I honestly tell people that I buy gold that belongs to me, but I only use it for the project. That way I'm not legally binded. So it all depends on trust. Do people trust a transparent men with good intentions, or do they trust the government, fiat currencies and banks, which keep crushing. Where is the security nowadays? So it's the choice people have to make. And if you don't want to trust me after watching all the videos and you can feel that I'm dishonest somewhere, it's your choice and good on you for doing the research and making your own decision.
Except that gold's price fluctuate? And I am pretty much sure you need a tad bit of understanding macro and micro economy to know the good time to buy [or sell]? Unless you're planning to buy them at a predetermined time every month, without any consideration of the current price?
Second, I am somewhat sure your project title is kinda misleading? All of those gold-backed projects in the past aside as I am barely following any them, you're not backed by gold in the sense that each of your token represent a fixed value in gold. Below is a nice short explanation of a gold-backed currency,
The gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold. With the gold standard, countries agreed to convert paper money into a fixed amount of gold. A country that uses the gold standard sets a fixed price for gold and buys and sells gold at that price. That fixed price is used to determine the value of the currency. For example, if the U.S. sets the price of gold at $500 an ounce, the value of the dollar would be 1/500th of an ounce of gold.
Your project is
investing in gold --and an extremely small amount too, if I may add, 2% of tax-- in a sense that a tiny portion of your project's total supply will be "exchanged" to gold. There is a massive difference of understanding for the two concepts.
Further, about how exacty is this gonna create a sense of security, I am not quite sure. Let's see if you can explain more, but from the brief that I read, basically your project runs on a premise that a tiny portion of the total supply
bought or
sold --2% of the tax-- is in gold, because you purchase it with the said revenue, of which --you argued-- will secure the coin from dropping because this is the security of the coin, people feel secure knowing that they're "backed" by gold, and in case it still did, you'll sell the gold --purchased from that 2%-- to stabilize the price.
Let's assume a case where the token price dropped 50% of it's initial price, how exactly a portion --or all reserves-- of gold purchased by 2% of each token transaction stabilize the price? I imagine the total accumulation will not be significant enough?
And we're still not talking about the fact that the gold themselves are stored "at your personal address",
id est, in your possession, beceuse you're not trusting the government. Again, how is this a sense of security?
Here on these situations, I am sure your previous and current expertise could help us understand the term "false sense of security" better?
Thank you for your considerate reply 👍
Firstly, the gold price indeed fluctuates, but historically it's more stable than any fiat or crypto currency. Considering the current trends in micro and macro economies, the last thing you would want to keep your
savings in is USD or Bitcoin (Bitcoin may be a good investment option for next year, USD is about to decline a lot, so I'm talking about savings, not investment). So if you want to keep your money safe, buy gold, silver or GRC. Any amount of gold at any given price and time is the best place for savings. The price of gold is historically the most stable price. So, at the moment, I will be purchasing gold regularly based on the timeframe rather than price. The faster we can purchase gold is better, since every day USD price can drop significantly.
To your second point. It is true, but the definition you put is about governments setting a fixed price on gold and then backing their currency. As you know I'm not the government, I can't set the fixed price on gold, so I'm not sure why you quoted that definition. It's a straw man argument, which makes 0 sense in a current discussion. In the future (this is part of our roadmap and development), when people are able to exchange gold for GRC tokens, each GRC will have a fixed value in gold. Gold GRC tokens will be minted and certain amount of GRC tokens will represent 1 gold coin.
To your third point of 2% of being a small amount to back the token. Let me remind you 2% tax is on buying AND selling GRC. That's a lot of money. I'll give you current numbers, so you understand the example. Currently, as I'm writing, there is $4,782 in GRC liquidity. Also, until this time it took us accumulate this much liquidty, we accumulated $1,317 in gold wallet, that's currently there. If I had enough money in gold wallet to purchase and store it in gold, that number would have been much higher as BNB price dropped a lot. Nevertheless, if I was going to buy back coins with gold wallet money now, I could get the price up for GRC significantly, by about 50%. Remember, 2% comes from daily trading volume. So, that's a lot of money. So, yes the price is secure.
To your last point. Currently the gold will be stored at Melbourne mint. But in the future, we would have our own storage, as you pointed out correctly I don't trust any government. Indeed, the governments create false sense of security by promising to keep the currencies stable and your savings in banks safe. None of these promises hold true and the history showed it again and again and now it's evident too. The banks are collapsing, and fiat currencies are shaking up before people become fearful and the bubble of debt money pops. It's a matter of time, and I promise it will happen before the end of 2024. Every fiat cureency has historically failed. Only gold never did. So, there is more chance people's money can be safe and secure with a random guy like myself, who is transparent and honest (for you to decide) rather than the government.