Well here we are on September 27th, LiveCoin, the only exchange that DIG is listed on has halted trading, the price is down 25% in a day and down 60% from a month ago... DIG has been an unmitigated catastrophe for everybody that has touched it, including Ronnie Moas, the main promoter, who says that has cost him followers, business, reputation, and a lot of headache.

Even if this weren't an outright scam, which it sure looks like, the entire model is flawed. What does "backed" really mean? It has no meaning. Unless you have a financial mechanism for converting the value of the gold held into value in crypto, "backing' is an empty term. Look at the stable-coins. They achieve backing because they have traders and/or contracts that literally sell or buy the stable coin using FIAT or using ETH/BTC or to stablize the movement. That is backing. Its backed because there is an entity or mechanism built in to buy/sell against/for the token to keep its value in line.... There is nothing like that in the DIG plans. The promise is well if we own gold, this smart contract listed on an exchange should be valued the same as the gold we have. Makes no sense. No mechanism to achieve that. They don't even begin to the sophisticated, programming or financial, to pull that off.

Never mind that they don't have the gold, they don't have miners, they don't have anything except a website and some press releases, but even if they did it doesn't mean anything in terms of the value of the contract. What they are really hoping is that the promise of "Backed" token will leads to price appreciate purely based on hype and sentiment. That's what makes it scammy. Its obvious they have no real intention of carrying out any legitimate business. Its vaporware.

Just in the nick of time, Ronnie sends out yet another DIG pump email out to his followers.... Was crashing down below to .07 and then cue Ronnie and boom, quick 20% pump... Of course its sliding yet again...


PS - The video posted above with the MP of Bermuda shitting on Dignity is priceless! He's just making common sense observations about how ridiculous and non-credible this project is and the obvious red flags we've all been talking about for months....

Yeah well the market just doesn't believe the press releases any more ("500,000 miners up an running, me swear!"). Price down 40% this week... Plus Arbitrade is constantly selling tokens so without a pump it will drain and drain to zero while they cash out and everyone else stuck holding the bag.... Its brilliant business model!

Sorry but I can't help to post this... Directly from Ronnie Moss' email list today:

"I requested $80,000 to write the paper for DIG (formerly known as UNY) back in July of 2017 after they approached me and asked me to write a report."

"Many went in aggressively and completely disregarded my warnings regarding diversification. If you get burned on this name -- that is your problem. Furthermore, unless you got in late, nothing is stopping you from cashing out"

"I can’t continue to give you regular updates on this name. You are on your own from this point forward. You need to be on the cryptobontix.com and arbit rade.io mailing lists. You need to follow their official social media feeds."

Looks like Ronnie FINALLY admitted to a major conflict of interest bordering on fraud in promoting and hyping a coin who was paying him $80,000 to promote them but never disclosing that! And second, he has finally cut them loose. Looks like DIG speculators are on their own for now as Ronnie won't be pumping them any more... Of course DIG dropped heavily on the news....

Ouch!

Someone please explain this to me. The biggest holder of the DIG ECR-20 token is this address:

https://ethplorer.io/address/0x5b0cfea78617caeccc626b07e5436f554fbbb7c0#pageSize=100


It hold 60% of the 3 billion issuable DIG under the terms of the token, approx 1.6 billion DIG. If you look at this address, it is transferring out $15K-25K worth of DIG every single day. Its been doing this for weeks. It looks like this is just a pilfering of DIG, where the issuer is literally cashing out... No wonder the price is going down in a steady trickle. Even if the bag holders are holding, the company is selling their DIG every single day,  day in and day out, cashing out to the tune of $15-$25K. Check it for yourself.... My question, how exactly is this not an insider coin fraud? 

I'm sorry but this is a complete shit-show. Dropped from coinmarketcap. XCLR is only trading on DEX with no volume and price at $.001... I think its safe to say this entire ICO has been a disaster...down +90% from pre ICO price.. You're right there is nothing to do. It is so worthless its not even worth selling at this point.

Wow that's fucking crazy and it makes a lot of sense! And look at the volume keeps dropping and dropping. Without Ronnie Moas constantly pumping it, there are no buyers... This thing will be forgotten soon enough and back to the shit pile with all the other get-rich-quick-crypto-scams....  I came across yet another "gold-backed" crypto today.. AurumCoin. These things are basically designed to suck the gold-bugs into the crypto space and take all their money with promises of "100% backed by gold" with of course zero evidence. Aurum has been for 3 years and supposedly backed by gold... These things are all classic pump and dump scams and when the volume drops, the price goes to shit because there's no organic interest it. Its all driven by pump...

I'm still unclear regarding wallet for GoChain. So if we set-up MEW with this different node, will we be able to transfer GOC to an ETHEREUM address? I find the project interesting but confused as to what exactly it means to be ETH compatible but a separate blockchain running under completely different block-formation protocols..... My main question is if I buy some GOC on KuCoin and want to transfer it off the exchange, can I send it to an ETH wallet address? Thanks!

Well there is no doubt that facility is a co-location data-center. Nothing wrong with that except they present it as THEIR facility. Same with the fact that all of the mining has been outsourced to a 3rd party system integrator. The whole thing is outsources because they don't have any technical people. It suggests that there is very little value being created here but more than that is the presentation of it, which reflects low integrity (i.e. pretending that it is your facility when obviously you are leasing space there)

Futhermore, every time anywone asks Ronnie Moas about DIG its always "confidentiality" "big deals with governments and companies that can't be disclosed." That is a HUGE red flag. Lots of reasons why they can't tell more about the projects, who'se on the team etc. This is what scammer do. Its right of Glen Garry Glen Ross....

So far its all hype, zero delivery. On the plus side for people who've been pulled into this, I'm surprised that DIG hasn't tanked futher. So far its only down 50% from the high. That's not too bad.... Frankly, I expected this thing to tank to .06 by now, which is pretty much where it was when Ronnie Moas started hyping up on his newsletter....

Yeah Ronnie's even apologizing on his email list because he's getting so much flack for this from his subscribers and  on Twitter, etc. When DIG goes down its "manipulation" and yet he's the one pumping it like there's no tomorrow. I've never seen him do that for a crypto before..... There's something very fishy here....

DIG is now because the video/pictures did not impress.  6 months after them boasting about 55,000 miners and there's nothing set-up! It was like a tour of a empty colocation facility. Smoke and mirrors eventually catches up with you....

I'm on Ronnie's newsletter. Bought DIG back when it was UNITY and rode it for a few hundred of those %. But when I took the time to look into it looked sooooo shady I honestly could not believe that Ronnie was promoting this. I bailed frankly. I don't like being involved with shady scammy shit. I made money on XVG too but won't touch it going forward  once I saw all the shadey tricks being played by them... You can't wrong avoid scamminess. And the whole Cryptobontix/Arbitrade/whatever project just seems like a lot of smoke a lot of mirrors and lots of proclamation but no evidence. I'm getting an email a day from Ronnie hyping it and promising more press releases. I really don't give a fuck about a press release. I want to see actual substance that justifies these absurd statements about billions on gold, 200 top crypto programmers, and 65,000 mining rigs. very complex stuff but they can't bother to put together a website. Everything is released to the public through emails and press releases. That is very very odd.

They pump out press releases, the price goes up... then it drops... then they pop another. Ronnie shoots another "Update" to his subscribers saying something is coming... This has been going on for months... Where's the beef?

The Mandela hands thing is a fucking joke. I mean its seriously funny if you look into it.  Basically they've only paid the guy $50,000 with a promise to pay $250K every quarter. They are buying this tiny amount of gold on installments. And yet supposedly according to people on here they own $ 1 Billion worth of gold... Ridiculous! They have 65,000 mining rigs but have to buy the gold on installments. Its patently absurd.

I did not know about  Hogg and his background as a scammer until someone posted that on Twitter. Didn't even know he was the founder of Arbitrade that's not on the website. This makes sense to me. I'm thinking old Ronnie got duped as well.

This project is almost the definition of scam. I simply do not understand how Ronnie Moss can be hyping and promoting this so much. I heard about it through his newsletter and thought it was funny that he was promoting a small-time coin on the very flimsy exchange of Livecoin. All his other recommendations have been major alt-coins.

Let's start with what we have:
1) The "former Pepsi executive" CEO is over 70 years old and retired. This geriatric guy is supposedly running a cryptocurrency exchange, merchant bank, family of tokens, etc. Yes a very old retired Pepsi guy is what you want here.
2) There is nothing in existence currently except a lot of press releases and a shitty website.
3) Company has changed its name and its smart-contract name 3 times already. Cryptobontix -->  Arbitrade. UNITY -> Dignity
4) They are CLAIMING to do something that already exists. If you want actual gold backed token use Digix's DAO's DGX token. They have actual tracked bullion with serial codes, the date/name of purchase location in Singapore and scanned copies of receipts. Every contract is verified backed by bullion and they have independent auditors with the names and auditing reports published.  45,000 tokens. 45,000 grams of gold.
-> https://digix.global/app/#/provenance/assets-explorer/assets-list                        <---- That is what a NON-FRAUD looks like. Evidence. Auditing.
5) They have 3,000,000,000 tokens! Are you kidding me? They are going to buy 3 BILLION USD$ worth of gold bullion and have it stored in a vault. That is absurd.
6) They already had to abandon their last currency from previous exchange due to smart contract scripting errors. This is why there was a migration.
7) There is no technical team. None! Not one programmer. Its all retired old business men from Ontario. Wow what a hot team. Why would you invest money in a cryptocurrency that has no technical team.
All their hype about buying 5,500 mining and their strategic partnership with Coin Miner LLC is just hype. CoinMiner is a website selling off-the-shelf mining rigs. Its like Amazon.com. So they bought a bunch of ASICs from a website. Not exactly earth-shattering. Thats a couple of million dollars of mining equipment. The return on investment on these things is 6-12 months minimum. So assuming they actaully bought these rigs, they have enough money to to generate maybe $1 million a year. And this is supposed to support $3 BILLION in gold purchases?
9) $DIG straight from their press release:
10) Their 100% backed by gold token is actually going to be backed by debt..... From their recent press release: " 50% daily earnings are used to pay off bullion debt that backs tokens”



Bottom line, the market cap currently is $500,000,000 for a bunch of press releases and white papers. The business model is to somehow buy enough rigs to generate mining profits that will support debt that will allow them to buy gold to "back" their token with $1 worth of gold per token. Currently there token is NOT backed by gold. Its backed by whitepapers. This is a juggling act hoping people don't abandon it before they can pull off this elaborate joke scam.

Without Ronnie Moss hyping and promoting it this thing would be trading $0.00. Frankly, I've lost a lot of respect for Ronnie in this process. I will not be re-subscribing to his newsletter any more. It basically has become a DIG pump machine. I'm getting 3 emails a week from Ronnie saying that yet another press release is around the corner and will drive up the price. That is not investing. That is not trading. That is pump and dump.