Should you buy digital gold at a “vending machine?”

Have you ever wished that you could buy or sell gold with a vending machine? I haven’t but that’s what GoldMint aims to make possible with their blockchain-powered custody bots.

Should you use GoldMint?

Currently, it looks like they only have custody bots deployed in Moscow and Dubai so you’ll have to wait until one pops up in your neighborhood. If they locate one near me maybe I’ll pay it a visit! But after passing KYC you can buy digital gold (in the form of their MNT token) directly from GoldMint…

BUY FROM GOLDMINT

But I found nothing on their website approaching an audit of their gold reserves or details about where the gold is — important information that any savvy investor would need before buying their digital gold. Also, as far as I can tell the only way to buy gold from them is with Tether, the stablecoin fraught with scandal. A use-case suggested (rather cinematically) in their promotional videos is GoldMint as a stablecoin for crypto-traders, which makes some sense but it’s only really a stablecoin if their transparently demonstrated asset-backing. On review websites and social media, I couldn’t find much discussion (positive or negative) of the project.

They did conduct an ICO in 2018 for their ERC-20 MNT digital gold token. Their MNTP utility token is listed on CoinMarketCap — holders of this token get paid in gold ounces for validating transactions done on their Proof-of-Stake network.

I wouldn’t buy much MNTP until I saw the wider deployment of custody bots as that hardware seems to be the main driver of the project. If GoldMint can validate their gold reserves and get their custody bots in airports and malls around the world, it would be a bridge worth owning a brick in between the real world and the ethereal crypto-sphere!

About GoldMint

GoldMint is registered in Singapore but it looks like the team is Moscow-based.

For the last 20 years, gold has been growing steadily against the dollar. Owners of crypto dollars have a need to save sometimes money in gold, but it is not easy to do so, as entry and exit from the crypto are expensive. Crypto gold solves this problem, here you can exchange USDT for gold and earn on the growth of the value of gold. Any volumes for the conversion of dollars into gold and back are provided by automatic hedging instruments on the stock exchanges. Digitally, it makes it easier and faster to deal with gold.

from goldmint.io

GoldMint runs on a blockchain ledger and works through a digitized cryptoasset called GOLD whose cryptocurrency value is based on physical gold. The decentralized platform uses a special blockchain that helps gold owners trade, loan, invest in and, generally, use their commodities for profit.
GoldMint buys, sells and repurchases GOLD at the current market price for physical gold. The company uses gold futures (hereinafter — “futures”) or physical gold (of 999 quality) as its security. GoldMint’s gold reserves equal or exceed its mined amounts of GOLD.

from the GoldMint whitepaper

Originally published on MarketplaceGOLD.com. I’m an independent researcher passionate about financial antifragility and economic philosophy, not a licensed financial adviser. This is not financial advice. Please practice skepticism and critical thinking.

Adventuring philosopher, Pompous pontificator, Writer, K-Selected Biohacker, Tantric husband, Raconteur & Smart Drug Dealer 🇺🇸