Crypto Investing #33 – What Is A Digix Gold Backed Token?

Tai Zen: What’s up guys? This is Tai Zen, I’m on a road trip with my buddy- the Doctor might say hello doctor.

So in this video guys, I want to talk about something that I’ve been getting a lot of questions about. I’ve been getting questions about the Digix Gold Backed Token that’s going on top of the Ethereum network and I’m just want to share with you guys my quick thoughts on this.

First of all, I want to say that there, I’m just give you a quick history here guys. They announced that they were going to do an ICO and they’re going to look to raise some money and they were hoping to raise they raise less than a day, they don’t raise at least half a million dollars US dollars.

Then they were going to return everybody’s money back to them. But instead of having a minimum within 14 hours after they opened up their ICO, which is the initial coin offering that’s similar to a stock IPO in case you’re new.

They offered their coin their token available for purchase and they were going to sell 2,000,000 gold back tokens and I take it they had like five and a half million dollars worth of gold in a vault in Malaysia and Singapore or somewhere and they were going to back up this gold, these tokens with real gold so that in the future, if you want to send somebody some gold, you can send them the tokens and these Digix tokens can be redeemed for the quantity of gold that it represents.

So what happened was they released the ICO and available for buying and investing to the public in Europe and all of a sudden within 14 hours they sold out all five and a half million tokens because that’s all the goal of the have in reserve.

So now there are a lot of people promoting this. I know that one of the guys that I follow, I think it was a, I forget what his name is, I forget, but there’s a lot of people out there promoting this, a token system that’s going on top of the Ethereum blockchain, and they’re saying that this is going to be the wave of the future because you can redeem these tokens for real gold.

Now I have no doubts that its the real goal. I’m not, that’s not even my concern. I’m not even going to question that, that’s not what I’m worried about. What I’m concerned about is this is, first of all, they released the IPO the ICO and by the time the western countries like North America, Canada, North America, and South America woke up the Digix ICO was already done.

So hardly anybody from the Canadian, from the western side from Canada, North America and South America, the Caribbean islands could have invested into this because it was sold out.

So I saw it like around midnight in New York, I think I was in New York at that time and I saw it being made available. And I was too exhausted and too tired to invest into the ICO. I was going to put a small amount in there just to check it out. And I was too tired and exhausted. And by the time I woke up in the morning, it was already sold out so I could not jump into the ICO.

Now, first of all, I wanted to invest a small amount of Ether or Bitcoin into it. And that was it. But I want to share with you guys is, even though I was looking forward to investing in the ICO, I’m not a big fan of them. I actually don’t even believe in it.

I actually don’t believe in the idea of backing any Cryptocurrency with gold because the Cryptocurrency is the latest technology, the latest evolution, the latest innovation, the latest revolution in currency technology and in financial technology in money technology.

So there’s no point as going backward. Ever since the car was invented, the automobile was invented. There’s no need for us to go back and use the horse and buggy to get from point A to point B unless it’s necessary. In modern times, it’s unnecessary to use a horse and a buggy to travel from point A to point B. Likewise, we are living in the Internet age, the gold bugs.

Now, keep in mind guys, I’m saying this and I personally invest in gold myself. I personally invest in precious metals and gold and silver. So my friend’s LeonFu.com and all my friends, we all invest in precious metals. However, we’ve invested in precious metals for different reasons. We don’t invest in it for the same reason as some of these gold bugs have it. They believe that someday we’re going to go back to a currency system.

We’re not, I refuse to believe that we will ever go back to a gold currency system. Go base where we use gold coins and silver coins and stuff like that because that’s ridiculous. I mean, how are you going to send that to Amazon when you need to order some books or some computer components or anything like that.

So even though I was aware of that this Digix was gold back Cryptocurrency and a lot of people in the community and the Crypto community are all excited about it because it’s backed by gold, to me, that’s just a bunch of.

That is like going back to Fiat currencies and having it backed by the government or anything. Cryptocurrencies by itself don’t need to be in here, here’s the thing, guys. Currencies don’t need to be backed by anything, by anything, by anybody.

Currencies is anything that other human beings, a group of human beings are willing to accept as payment and use it to transact for transactions, for financial transactions. That’s all it needs. You don’t need anybody to backup anybody.

If you’re out here on the streets, we use a piece of paper with a picture of Benjamin Franklin with the number of $100 on it as the unit of currency. If you go into like the American prison systems, they use a sandwich bag, a quarter of a sandwich bag, a plastic bag with a few grams of coffee- Folgers coffee in it and they use that as a currency.

They also use American US postage stamps as a currency to pay for goods and services inside the prison system. They use cigarettes, they use marijuana, they used cocaine, they use all kinds of things like a currency to get to buy products and services inside the prison.

So that lets you show you that a currency is anything that people is willing to accept as payment or as a for payment for their products or their services. So the idea that any type of currency needs to be backed up by another person or backed up by my precious metal is just a silly thought just because we did that in the past. Just because we did that in the past does not mean that it’s valid today.

There was a time when people used to your doctor, you know, there was a time when people used to bleed to death thinking I was going to make them feel better. Was that a good idea back then?

Yeah, it was a great idea. But today we don’t go and bleed somebody to death just because not feeling well. Did you ever believe anybody to death? My point is this, you know, they were all those times when the doctors would prescribe people to swallow drink led

Doctor: Small amounts

Tai Zen: Small amounts, like it, was cost syrup or something. But nowadays we do that no more because we find that that doesn’t work so well. Same thing with currencies, guys. The idea that using gold as a currency is so ridiculous.

Guys, when you take an ounce of gold or a gold coin and you go out into the real world and you ask somebody. Hey, do you know what this is? Most people don’t even know what it is. They’ll take a piece of paper over an ounce of gold.

Now if you listen to this and you understand what gold is, you have no problem. Why are you tailgating this guy for him? I mean, you almost touching his bumper, bro.

Doctor: I got you. I got you out of my car because you were doing that, same thing, I don’t tailgate. That guy came over in the center lane and slowed down. Look at him back there and I end the wait to get over.

Tai Zen: I know if somebody does that,

Doctor: I go to an RD burg or not you are not supposed to help me out here.

Tai Zen: Hi Leesburg

Doctor: Don’t keep going at 20, I get off here.

Tai Zen: No, no, you keep going on Heidi’s book right here.

Doctor: You sure? If you take me to hell, we’re in trouble.

Tai Zen: So it’s going to be in the lane.

Doctor: Thank you so much.

Tai Zen: Remember I said that it’s not we’re not going to Meridian, Google maps told us to go to Hattiesburg.

Doctor: And then what?

Tai Zen: And then going straight to Pensacola.

Doctor: Straight to hell from Hattiesburg. Well, we got to go through mobile.

Tai Zen: We’re going to go through mobile. So we’re going to from Dallas, Texas to Pensacola, Florida guys on a road trip here. So with my doc friend here. Anyways, guys, I’m the idea of a backed a Cryptocurrency with gold. I don’t know guys that’s like, you know, going back in that’s like saying, hey, let’s get a Ford pickup truck and let’s go tow a horse with it or get a horse at tow a Ford pickup truck, that to me that just doesn’t make any sense.

Cryptocurrencies, currencies or Cryptocurrencies? Gold is gold. That’s it. One does not need aback. The other and the other does not need the back the other. So that’s just my thoughts guys. Now here are the thing guys, regardless, even though I do not believe in backing up a Cryptocurrency with gold, which is silly?

Because the whole idea of a Cryptocurrency is you are the bank. You get to control sending the money, you have control of the currency. When you backed it up with gold, the gold is sitting in some vault in Singapore and another country somewhere. I don’t even know where Singapore is that on the map. Like if you put a map in front of me, it would take me a few minutes to look for Singapore on there.

Even though I lived there when I was young in Malaysia as a refugee in the refugee camps when I left Vietnam. So even then I’m going to still have trouble finding where it’s at. So that’s not gonna work for me guys.

I’m not going to have my money sitting in some vault in Singapore when I never even go there. At least when I put it in chase bank or Wells Fargo or bank of America and the US, I can walk into the bank and grabbed my paper money. But I’m not going to believe in that.

However, that does not prevent me from investing in the Digix. Because if there’s an opportunity, like, excuse me, it was made the ICO is available on May 30th and by started trading on May 4th of this year 2016. And as I’m making this video, two days after it was available for trading, it already went from the ICO price of $2 and 75 cents per $2 and 75 cents per token.

Now it’s worth $6 and 80 cents a token. So no, no, it was worth, what would I say was worth $15? It’s only went up six times guys. I did the math earlier, I forgot the number, but it gave you a 600% profit.

Doctor: $60 or something?

Tai Zen: it’s up to like $60 or something. So you made 60, you made a 600% profit already. So to me, I’m in this to make money guys. I really don’t care what it’s for. If there’s an opportunity. Some people asked me on a YouTube and left in the comments, hey Tai, is this another bubble with the Cryptocurrencies, is this a bubble?

Just like in the Internet bubble back in the 90s. And the answer is absolute yes. And there were thousands of millionaires that were created during the Dotcom boom and the Dotcom bubble. So anytime there’s a bubble, there is the opportunity to make money.

Matter of fact, I wish we had bubbles every month everywhere in the world so that people have an opportunity to make money. So don’t let the idea that it’s a bubble or if it’s bullshit, prevent you from making money and profiting from the ICO.

So I just want to share this with you guys here that I really do not believe in backing any Cryptocurrency with gold or silver or anything or governments or anything. The currency itself, as long as people willing to accept it that’s a currency. That’s all it needs is acceptance from other people.

So hope you guys liked this video. So if you guys asked me about Digix. No, I did not invest in it. I do not believe in it. I did not invest in it. Not because I didn’t want to, but because I miss they ran out, they sold out. Otherwise, I would have invested in it anyway just because there is an opportunity.

Anytime you can invest in something that gives you 100% profit, 200% profit, 500% profit, or 1000% profit, you take advantage of it regardless of what it is, as long as it’s not drugs or narcotics or something that’s illegal. If it’s legal, you got to take advantage of it. It doesn’t matter if you believe in it that you still take advantage of it anyway.

Thanks for watching these video guys, and I hope you guys like it. You guys want I’m probably going to talk too much more about it, so it doesn’t matter if you give me a thumbs up or not. Just wanting to share my thoughts and my views on backing up a Cryptocurrency with gold, that’s just silly to me.

You guys like these videos, give me thumbs up, you don’t like it, give me a thumbs down. If you haven’t subscribed to my channel already. Make sure that you guys subscribe to this channel. That way you can learn more about how to easily invest in Cryptocurrencies and make lots of profits from him.

If you guys have any friends or family that want to invest into Cryptocurrencies and they don’t know about it, I would recommend that you share these videos with them so that they can learn about it in a simple manner. Because we don’t PS around here on this channel about how to invest in Cryptocurrencies. Relax, Bro! So thanks for watching the video. I’ll see you guys in the future video.

 

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