PAXG

jimmycryptso

PAXG

John_Crypto_Rambo

I honestly wish we would all use PAXG instead of dollar based stablecoins.  Why would you want to use this as basis for anything? https://fred.stlouisfed.org/series/BOGMBASE And the government wouldn’t get its panties in such a wad if crypto didn’t have dollar as the base everywhere.

crypto_grandma

I almost bought some PAXG back in 2020. I liked the concept but in the end just bought more Bitcoin, which worked out well

JamieLannistorr

Look into Paxos, the stablecoin operator who uses Chainlink proof of reserve for its gold-backed stablecoin PAXG, and USDP, its U.S. dollar-pegged stablecoin.

Precedens

PAXG (gold peg) just went ballistic to 3200usd (market price of ounce is 2350 right now)

arrand4le

it's called PAXG

HippoDance

Yup. I'm looking at a 5 way split for safety - USDT + USDC + DAI + PAXG + Fiat

MacGuffin-X

Is PAXG better than USDT or USDC or any other stablecoins?

ChadBangs

Convert to PAXG over time. Now you hold a direct physical gold equivalent.

ShaneTuscarora

if you prefer gold - $PAXG

Guru_Salami

PAXG, most stable unstable coin

Guru_Salami

You sell 5% for 10k btc goes up or something? i.e sell 5% @ 55k, 65k, 75k... Do you think selling for PAXG is better option than stable coin as gold is expected to have steady little pumps ⛽ even when crypto and economy is having rough time

DigStock

I went for PAXG since it can be traded directly on kraken.

noviwu97

PAXG is legit

ChadBangs

I think this is absolutely true over time—I think BTC holders may have an incredible opportunity to hedge volatility by parting into something like PAXG towards the late middle of cycles—always within reason of course.

Cravensworth_3dux

Yeah PAXG isn't available on Coinbase. So using their on chain wallet, Coinbase Wallet is the only way. Hence the high cost of swaps. Basically, Binance was your best choice to do what you needed. 👍

wayfarer8888

All on PAXG.

slvbtc

Gold backed crypto already exists. PAXG is a gold backed token issued by a US trust company called paxos. Heres the thing through, if I wanted to pay someone in Indonesia they cant do anything with a PAXG token but if they recieve bitcoin they can easily find a way to turn that into their local currency. They also would likely not trust the PAXG token due to it being issued outside of their country but bitcoin is globally recognised. This showcases how bitcoin is global while gold backed tokens will be national and restricted to use within borders.

_Stealthy

I'd like some PAXG on Cardano

sandworm87

PAX Gold (PAXG) has been around since 2019. It's an ERC20 on Ethereum so tradeable on Uniswap, as well as Binance, Kraken and other CEXs. They have monthly reserve reports issued by an independent third-party accounting firm https://paxos.com/paxg-transparency/ https://www.coingecko.com/en/coins/pax-gold Tether also have a gold-backed token called Tether Gold XAUT, but I'm less familiar with that: https://gold.tether.to/

Devildiver21

Yeah they can sieze your funds if they are in a hot wallet. PAXG in cold storage the best of both worlds. You own your keys but not the hassle of storing gold.

Ordinary-Broccoli-41

If you're using small amounts anyway, why not buy WBTC on BSC or Polygon? Can store in USDC or PAXG until you're ready to buy.

AshleyStopperKnot

Been thinking about buying PAXG for like two years now, they seem to be trustworthy enough.

Strawberry_666

Depending on the country you're in, there are several amazing cash out options you can use. 1. ETH to stable coins ( USDC, DAI, PAXG and KAU ) 2. ETH to crypto debit cards ( I don't want to shill any names here. Just google a few ) 3. ETH to your bank account ( same as point 2, but be careful. Banks are boomers who will sodomize you with "AML" questions just because you use crypto. You have been warned ) 4. ETH to gift cards to real products and services 5. ETH to car ( you can buy a car and sell it for cash immediately ) Congrats on finding your wallet! Just watch out for DM's. Lots of parasites, rats and cockroaches will try to message you to "help" you get rid of your ETH as fast as possible. Good luck bro! Enjoy your gains!

Somebody__Online

lol they are not new tokens. PAXG has been at peg with gold on uniswap since September 2020

AlethiaArete

When I looked into it a while ago PAXG was the only one worthwhile. DAU wasn't around at the time. There's really no need to. It's basically a custody setup just like plenty of companies do already, and they're going to charge for the custody of gold to make the token also. It has the same risks, and so forth. A lot of the crypto companies in the gold space probably aren't going to have the mindset or the security to do gold custody correctly, and a lot of the people in the crypto space aren't going to understand what's necessary for gold custody leading to most of the gold tokens being unsatisfactory in some sense. The last thing is that with gold you can hedge against both issues in the crypto space whether it's poor regulation by whatever government you live under, your own mistakes with self custody, corrupt or incompetent companies, and forever inflation of fiat currencies. There's an important difference between crypto and gold. Crypto is more correlated with technology. Gold is the ultimate safe haven play. As much as I get why people call BTC "digital gold", the fact that it acts like technology means it isn't, at least not yet. That means crypto is for gains and gold to protect what you have. Because of that using gold tokens on a blockchain doesn't make sense. You're exposing yourself to fees, counterparty risk issues, all the issues with self custody, and then on top of that "not your keys, not your crypto" has an equivalent in the precious metals space: "If you can't hold it, you don't own it." What all that means to me is I'm just not interested. Gold on the blockchain might be nice to transact in, but there's still the element of trust which is why crypto like BTC and XRP which does not have the same trust elements attached to it will always be better than a pegged token, whether it's a stablecoin or a gold token.

borkalifya

No crystal ball here, but I'm intrigued by the possibilities for DAU, XAUT, and PAXG. Let's see where the journey takes them.

SecretUncle69

I mean Paxos is a Financial Institution, so are banks, don’t know how it’s much different when they accomplish the same thing. Paxos is also secure as hell down to the fine text, fully cash backed for $USDP and fully physical gold backed for PAXG.

jaimewarlock

I guess that is why he included "first bank". PAXG was the first tokenized gold though. The real question is which is more secure.

Goldbaerig

Actually you already can redeem PAXG for physical gold.

Goldbaerig

Do you think gold backed stablecoins like PAXG are superior to fiat backed ones, because of golds role as inflation hedge?

wayfarer8888

Next time Bitcoin collapses 70% in a year the perspective will be different. Both have their place. If gold ever goes back to $1600 I would buy GLD ETF. PAXG is a nice gold-backed stable coin to park profits.

Bandit_Quick

Know about it, but Gold is in IRA via a broker. Have Google in there too....PAXG would be good otherwise!

HansTilburg

PAXG, then you have both, google and crypto

wayfarer8888

tl;dr ZiG - Zimbabwean Investment Gold Not well-received at all due to total lack of trust in the Zimbabwean reserve. Good 🤞 luck with the idea. Couldn't even find which network they're on. I'd stick with PAXG and their audited reserves, or some of the other smaller Gold coins held in Western nations (like Australian vaults).

wayfarer8888

Question: is USDC any better? Do you think one of the basket coins like DAI, MIM or FRAX are safer alternatives? I personally like PAXG which is backed by real audited gold reserves, but it's only on Ethereum L1 (maybe Arbitrum One, but I couldn't verify the contract and liquidity is probably an issue).

photog623

PAXG or XAUT. Less hassle and less fees.

IanfinityXD

Paxos says that you need a minimum of like, 445 PAXG to redeem it for physical gold 😮

DigitalDude_42

I did get some PAXG. Seems a little riskier since then I'm also betting that ETH will be around, but then ETH is fairly popular. Even if times change to something new hopefully I could bridge it or cash out.

IanfinityXD

Assuming you are planning to buy gold, in which of these forms would you rather buy it as? > Physical gold bars/coins > XAU on exchanges/Gold ETFs > Gold-backed stablecoins such as PAXG and XAUT

wayfarer8888

So that makes them solid? It's a collapse just waiting to happen. They sell you IOUs which could risk less make 3-5% returns in government bonds and be overcollaterized and Tether would still reap a huge profit (easily 2 billion per year). But that's not what's happening. I hope people phase out of this B.S. coin, we just got lucky so far. We also got lucky on Luna, that is until we didn't. There's a few stabiles I'd trust, honestly I like PAXG which is backed by gold and also the new PayPalUSD which is managed by Paxos as well. I am certain there's more. I usually avoid Tether and rather use DAI, MIM or FRAX for short term swaps or bridging.

rootpl

What about PAXG (Pax Gold)? It's been pretty solid over the years.

_Stealthy

Yea, PAXG is cool, should be made available on more networks as a token.

IanfinityXD

I mean, there's PAXG (and the dumpster fire that is XAUT made by Tether) for troy ounces of gold

EpicHasAIDS

Is PAXG considered a stable coin?

deckartcain

PAXG has been around long enough without serious issues, I might have to diversify my stables a bit more.

Ben_Dover1234

Me too (I am not trying to shill) but I did a post about stablecoins yesterday that talked about resource backed coins like PAXG.

poncha_michael

PAXG is an ERC-20 token. If you enter your Ethereum address on the Paxos website, it will give you the serial number of the gold bar(s) you own a fraction of. As you buy PAXG, they allocate the gold in their vaults. It's a good way to buy fractions at spot until enough is accumulated to trade for physical.

Ben_Dover1234

>Paxos' gold-backed crypto, PAXG, is backed by London Bullion Market Association-accredited (LBMA) gold bars and is redeemable for physical gold. Yeah their gold is backed by a 1:1 ratio of a troy ounce of gold.

thom_orrow

There were 25 tokens; However, after yesterday’s overhaul, the roster has been notably truncated, (with only 8 tokens). Bitcoin (BTC) and Ethereum (ETH) are the only non-pegged coins, featured in the 8 tokens, alongside Gemini Dollar (GUSD), GMO JPY (GYEN), GMO USD (ZUSD), Pax Gold (PAXG), Pax Dollar (USDP), and PayPal Dollar (PYUSD). Source: https://bitcoinist.com/xrp-dogecoin-ltc-removed-new-york-crypto-greenlist/

wayfarer8888

PAXG is an ERC-20 backed by physical gold in a vault. Paxos trust is legit, they are also behind pyUSD from PayPal. Not the only gold token.

elliold

PAXG already exists.

WineMakerBg

Yeah, you cannot say it is their first interaction with Crypto. They have years on experience with BUSD and PAXG.

Ben_Dover1234

Pax Gold (PAXG) is backed by gold. Not sure if there are more but it is a cool concept.

photog623

What about PAXG/USDT pair? Theoretically, one could convert their USDT into gold using this pair..

simplicity92

Great idea to be honest. But the company behind each stocks would really need to back the token with each stock. Its not easy and lots of regulation by the shitty SEC. Anyway its the same as the PAXG that has gold backing.

rootpl

Who the fuck would invest in lira stablecoins? Does one even exist? You can have USDC, USDT, DAI (ETH) or PAXG (Gold) and many other.

Thinpizzaisbest

Paxos Gold PAXG works for me. If the "end times" come for the dollar I will still have my PAXG.

tylermm03

1. Putting all of my eggs in one basket. I got into crypto in October of 2021 when I was a dumb teenager, still in highschool, and quite naive about how to properly manage my money and investments. I stupidly bought into the hype of SHIB and bought hundreds of dollars of it. Had I diversified my portfolio I would’ve probably still taken heavy losses, but they wouldn’t have been as bad if I had stayed with blue chips like BTC and ETH that aren’t as volatile. 2. Putting my money into exchanges & coins with high interest rates. I should’ve probably known better since by this point I had been in a personal finance class for a semester and an investments class for a few months, but I put a little bit of money into UST on Nexo because it was paying somewhere between 14%-20% APY. I ended up losing a good percentage of that when Luna collapsed. I also put ETH, BTC, and PAXG into Earn on Celsius, thinking that it would be a good idea to earn a high interest rate if I was going to hold that crypto for a long time (it was intended for retirement). What I didn’t realize is how stupid I was to stake an already very volatile asset on an exchange with an interest rate exceeding the yield of US treasuries. Luckily I didn’t lose more than $400, so if anything I’m happy that I learned the lesson of higher interest rates being an indicator of the risk of an investment. 3. Not listening to this sub when things at Celsius were going down hill. I saw numerous comments on here warning people to get everything they had off of Celsius. Being the naive teenager I was, I ignored them thinking it would blow over and everything would be fine. I was obviously very wrong. Again I didn’t lose much money here, so if anything the silver lining to this experience was that I learned to listen to what others on here are saying especially if it’s numerous people saying it.

Jocogui

I noticed the existence of PAXG months after the Ukrainian War, wish I knew it in that moment so I would 've swapped some stables for gold to buy the dip later last year.

FiatFree

I held one PAXG for sometime just as stable. Used it to buy BTC dip.

diwalost

PAXG

jaimewarlock

When I feel BTC price is getting a bit manic (like exponential curve on log chart), I start converting some of it into PAXG, then start selling PAXG and buying back BTC after it (BTC) crashes a bit.

johnnyb0083

Any ERC-20 token can be used for payments if the entity accepts it. PAXG is only on mainnet right now, as you said probably cost prohibitive given the gas fees.

johnnyb0083

As part of their regulatory compliance they have the option of freezing and seizing any PAXG tokens.

johnnyb0083

I think one of the main benefits to traditional ETFs is how easy it would be to lend/leverage this token for any reason. You'd need to work with your brokerage if you wanted to leverage or loan your ETF shares. With PAXG you only need a wallet to be able to prove ownership. With that freedom comes more risk.

Ur_mothers_keeper

I'm curious about PAXG, particularly, I see it is traded on some DEXs like uniswap and I was curious, anyone familiar with it, do they freeze tokens if they don't know who owns them? I'd like to buy some in liquidity pools and not directly from Paxos, I'd like to use DEXs to gain gold exposure at strategic times and don't want to deal with all the nonsense in the process.

Impossible_Soup_1932

I had some PAXG for a while. It’s pretty cool this option exists. Easier to move around than normally and more practical than physical gold. Just not sure the issuer can be trusted

johnnyb0083

You can redeem at the website, you need enough PAXG to cover a London Gold Bar...which can be 3/4 of a million to 1 million. You can also redeem it at gold retailers if they take the token.

MilanCC

So when they go bankrupt, you supposedly do not lose your gold. But you also cannot take delivery of said gold. And neither can you come and pick it up. I do not see how that would work. Do they actually have the gold? Physically? What stops them from just selling the gold? I’m sure PAXG will be sold globally. So unless I’m from the same country as Paxos I’ll have to start a lawsuit in another country to claim my gold. Try explaining to a judge what you did and why that gold is your and not part of the Paxos Bankruptcy. And considering how quite a few of the crypto companies have been set up. You’ll probably have to argue in a Lithuanian court or something. Creating an extra layer of complexity to the case. Good luck in getting your funds back.

derika22

While I like the idea of PAXG, I find that for me PAXG is more a thing for traders than for gold hodlers who would be better off with holding physical gold

pokeholo23

It's been possible for almost 3 years. It's possible to trade it outside normal hours which makes it better. Fees cut into the profits and for Crypto standard fees are high so it matters. PAXG is the only legit one in my eyes. A few others exist that try to peg the price to Gold or Silver. The risk as always is a depeg from gold prices.

johnnyb0083

They also issue PAXG, which is a gold-backed ERC-20 token.

83nno

I like PAXG it’s a cool idea

WineMakerBg

Paxos issues BUSD. They got investigated. Binance dropped BUSD PAXOS issues PAXG ...

johnnyb0083

You can redeem for physical gold...however you need enough PAXG to be able to purchase one of the gold bars in whole. They range from 370oz-435oz which is a substantial amount of scratch.

Impossible_Soup_1932

I had some PAXG for a while. I like the idea of gold combined with crypto. But I’m not sure PAXG is trustworthy enough

sumpg41

bro just buy PAXG if you're looking to buy gold

JoelCrisp

You have coins like PAXG which is tied to the weight of gold and can be exchanged for the physical gold?

FoolishColossus

I’d use PAXG as one, if it was possible. Gold is safer than a dollar pegged stable.

robbie5643

I mean it’s still a crypto but it’s been around since 2019 but PAXG is a gold backed crypto you could buy. Seems pretty stable to me but I haven’t done heavy research into them.

CryptopherCoinbus

What do you guys think about PAXG?

wayfarer8888

Before I get downvoted, I am not shilling Paxos. I had posted a link above. They say it's audited monthly in a London vault, fully redeemable and they are a registered trust in NYC. Sounds legit, although I'm not sure how they make money with this. I mentioned PAXG because I held the coin in a CEX in the past before I got bored as gold wasn't moving in price. I think there are others like it, but even less popular.

tylermm03

I don’t think so, here’s the reasons why I think life changing gains with crypto are far from over: 1. Each bull run gets new people interested in crypto, and as more of us stick around after each one the more demand there will be for crypto and prices will continue to rise. 2. There’s a lot of potential with blockchains that do more than replace fair currency and you can create things with. For example with ETH, you have USD stable coins (some of which are audited), tokens backed by gold such as PAXG (that are also audited), NFT’s, side chains that make transactions cheaper and faster than the ETH main chain, and much more. 3. Crypto is much faster and less expensive to use than your traditional digital transaction methods such as ACH and EFT transfers, money orders, credit and debit cards, and payment apps such as Venmo and Zelle. Collecting accounts receivables and payments as soon as possible is very important for any business, and cryptocurrency can do it a lot faster, cheaper, and efficiently than the traditional methods I listed. This is also why crypto could be appealing to your everyday consumer. 4. People are losing faith in governments and central banks due to global events, and their government’s policies. As trust in a nation’s government currency deteriorates, people are going to seek more stable alternatives that are cheap to use and easily accessible. Even if these people turn to stable coins of widely used and trusted fiat currencies such as the Euro and USD, it will bring more interest and money into the crypto economy. 5. As I’ve learned through my own experiences with crypto (which is almost 2 years) and from finance classes I’ve taken in school, I’ve learned the great importance of having a diverse portfolio. Diversifying your portfolio across different assets classes and individual investments is extremely important to both maximize the return on your investments and to keep your money safe. Considering that crypto, even blue chips such as BTC and ETH, can provide higher returns than the S&P 500, it’s quite possible that both individual investors and financial managers will add crypto to their portfolios considering that even having as little as 5%-10% can increase a portfolio’s overall returns a significant amount.

Kaliberrrr

I believe gold-backed stable coins like PAXG offer a more stable and inflation-resistant choice compared to US dollar-backed coins. Recent issues with some US dollar-backed stable coins may be pushing investors to explore alternatives like gold.

Impossible_Soup_1932

I like it actually. Gold that's traceable on the blockchain. It makes sense to me. Although I don't know if PAXG can be trusted

anthonyhill1234

Paxos Gold (PAXG) is a digital token that is backed by physical gold. Each PAXG token is redeemable for one fine troy ounce of gold, which is stored in Brink's vaults in London. PAXG is designed to be a stablecoin, which means that its value is supposed to be pegged to the price of gold. This means that PAXG should not experience the same volatility as other cryptocurrencies. In the past, PAXG has held its value relatively well. However, it has not always been immune to dips. For example, in March 2020, the price of PAXG dropped by about 10%. There are a few reasons why PAXG may hold its value better than other cryptocurrencies. First, PAXG is backed by physical gold, which is a relatively stable asset. Second, PAXG is issued by Paxos, a reputable company that is regulated by the New York State Department of Financial Services. However, it is important to remember that PAXG is still a cryptocurrency, and as such, it is subject to market volatility. If the price of gold goes down, the price of PAXG may also go down.

evandollardon

PAXG is a stable coin backed by gold, pretty good investment IMO

crypto_dood

It's a stable 1oz of Gold. Therefore the price of PAXG is the same as the price for gold at any other exchange. The company Paxos says it stores Gold in a vault, just as companies issuing stable coins say they store cash equivalents somewhere.

Schwacolyte

Tezos, maker, curve, GMX, PAXG, 1 inch, Gnosis are all below 50 and I think they’re solid projects.

ReitHodlr

Holy shit. My portfolio is all green today. Is today the day? Also, Alex Mashinsky just got arrested. Hopefully Celsius victims are made whole soon. I want my BTC/ETH/PAXG back. F\*ckers.

Tasigur1

The altcoins held by Celsius Network amount to approximately **$164.5 million** (prices are from 5 days ago) on the EVM chain, including: 3.16 million LINK 98,268 AAVE 2.9 million SNX 7.95 million TGBP 1,812 PAXG 12.650 BNB 3.841 million MATIC 419,899 UNI 9.25 million ZRX

letsdrinktothat

Is tokenisation that big of a deal yet, for him to be worried about over-tokenisation? Other than PAXG and the other previous metal-backed stablecoins, what tokenomics real-world assets are actually available right now?

HansTilburg

I run a rebalancing strategy with BTC, ATOM and PAXG. BTC because that’s what you want to have more from, ATOM because of the volatility which doesn’t follow BTC as much as other alts, and PAXG to store value in bad times, when the other two go down together. If you have patience you outperform the hodling of the coins. I had a 20% more profit in 6 months. But it can be months until you ho into profit. I plan to do a simulation of what would happen if I just rebalance BTC and PAXG. That would be less risky than adding an alt. PAXG is quite stable (depends on gold) so maybe there’s enough volatility against BTC

HansTilburg

I’m from the Netherlands and I’m rebalancing my ATOM/BTC/PAXG wallet and that feels very strange to sell BTC and PAXG and buy ATOM but that’s rebalancing.

Precedens

PAXG depegging, another nice scam looks like.

Precedens

Does anyone know why PAXG can't hold it's peg? I know liquidity is low but this is really concerning.

Iksf

Shares are shares Options are options Eth is eth Not sure what your point is, except for maybe like PAXG or leveraged tokens

Precedens

Can't make this up converted to PAXG because gold seems a good hold mid long term and it's depegging now. FML

Precedens

Can someone explain why PAXG is depegging after BInance announcement? Just please don't write "scam, rugpull etc", any logical explanations?