Michael H

[goldilocks]

Hi,

Ive been investing in gold and silver for about 10 years now. I was sent this link by a friend who has purchased gold through an organisation called TROY, they are a cryptocurrency and claim to be registered in Malta with a contract with some mine called Bullseye in Australia. I done some reading and both seem to check out, but I have zero experience with the crypto industry. I know there are a-lot of scams out there also, but at first glance, these guys to seem to check out.

In short, they are selling tokens that you can buy gold with in 2 years, they're giving you 40% extra now since you have to wait two years. They seem to be closely connected to the mine. It feels a bit like an IOU type setup to fund the gold being pulled from the ground.

Can someone with a bit more knowhow have a read through and make sure i'm not missing something?

 

 

[Shinus73]

I can’t help feeling that the thing you might be missing will be your investment.

[goldilocks]

I see the link I put up has been removed by admin, they are called TROY gold

Can you have a read about them and the mine [link revoved] and give me your thoughts?

[MancunianStacker]

These are the types of things I’m skeptical about. Eggs n baskets 🧺 etc 

[HelpingHands]

I've removed the link as it's most likely a scam.

If it is a scam they will just exit with your money before the end of the two year lockup.

[HelpingHands]

1 minute ago, goldilocks said:

I see the link I put up has been removed by admin, they are called TROY gold

Can you have a read about them and the mine [link revoved] and give me your thoughts?

If a link is removed it's probably best not to post another.

[goldilocks]

Guys please, im asking for a genuine opinion on them based on reading, not the assumption that its a scam. As I said, i've seen they are regulated and incorporated in Malta, the mine has done the same in Aus. Seems legitimate to me, but I just want to see if im missing anything

---

Added 0 minutes later...

Just now, HelpingHands said:

If a link is removed it's probably best not to post another.

Understood

[goldilocks]

2 minutes ago, MancunianStacker said:

These are the types of things I’m skeptical about. Eggs n baskets 🧺 etc 

i'd never put all my eggs in one basket. Just seems like a good opportunity to invest in a new mine

[HelpingHands]

Here is my advice.   Forget any of these projects that try and connect crypto and gold and lock it up for a period of time.

Experience tells me this.    If you want to be involved in cryptocurrencies and gold then buy some bitcoin and buy some gold.

[Zhorro]

If you do not understand how the scheme works, do not invest in it.

[Shinus73]

29 minutes ago, goldilocks said:

Guys please, im asking for a genuine opinion on them based on reading, not the assumption that its a scam. 

My genuine opinion is that I wouldn’t lock my money into a scheme that I didn’t fully understand for 2 years.

I’d prefer to buy silver/gold, trade it for a couple of years and try to make my 40% that way.

[HawkHybrid]

26 minutes ago, goldilocks said:

i'd never put all my eggs in one basket. Just seems like a good opportunity to invest in a new mine

 

wouldn't it be simpler to look up a company that

is starting up a new mine(and all of the rest of the

research), and buy shares in those that meet your

criteria?

 

HH

[Coolsmp]

I think you have the answer the your question! If you're looking for cryptocurrency try looking into Coinbase or something similar. 

(Disclaimer: im not a financial advisor and this isnt financial advice)

[HighlandTiger]

2 hours ago, goldilocks said:

they are selling tokens that you can buy gold with in 2 years, they're giving you 40% extra now since you have to wait two years.

If that sentence isn't ringing any alarm bells, then I'm afraid that PT Barnum is proved right yet again. 

The other alarm bell is a new member, who, instead of coming on the forum to say hi, makes their first post a link to a get rich quick scheme, pretending to ask for advice. It might have worked on a reddit forum, or mumsnet, but the Silver Forum are a savvy bunch, highly intelligent, (well most of us  ), and never trust anyone on anything without doing due dilligence, (ignoring the brain freeze many of us had with the Buckingham Collection, )

 

[Martlet]

3 hours ago, goldilocks said:

Guys please, im asking for a genuine opinion on them based on reading, not the assumption that its a scam. As I said, i've seen they are regulated and incorporated in Malta, the mine has done the same in Aus. Seems legitimate to me, but I just want to see if im missing anything

My genuine opinion is you are here to sell the scam.  

[Serendipity]

1 hour ago, Martlet said:

My genuine opinion is you are here to sell the scam.  

I agree with you that he’s the one hard selling the get-rich-quick scam. We can all see it’s a scam with the exception of the scammer.

[sixgun]

On the Troy gold website i can see many of the features of other gold backed cryptocurrencies. There are a number of this sort of project around. Quite a few have never got off the ground or have fizzled out. Some are plodding along but not making traction. i would say to date nothing of this sort has really made an impact.

i am invested in Kinesis which has gold and silver backed digital currency units, which are title of ownership over metal. The Kinesis coins are not at a discount - the gold is at $8/oz premium and the silver 50 cents/ounce premium. There have been a number of delays for various reasons - these projects are not straight forward usually due to regulatory issues.  If Troy gold were ever to be a currency system there are huge regulatory issues to deal with.  Kinesis has had to work with regulators, central banks, governments, commodity exchanges, a stock exchange, clearing houses, debit card providers..........and more. This is why even genuine honest projects just don't make it. The task to get a fully formed and functional gold backed digital currency up and running is massive.

Kinesis will (crossed fingers) kick off at the end of August. i do not know about this Troy gold project - it may be fine and this would appear to be a fund raising stage with discounted tokens. That being the case what is on the website is likely just ideas and hoped for objectives. This is not to denigrate this project, i am just being honest about it after having looked at a number of this sort of project. 

In reality no-one here knows about Troy gold. One must remember anyone can say anything on a website and it can all be good or all rubbish. i have been watching Karatbar International for example which has drawn in quite a lot of people - it did not take me many minutes to see it is a pyramid scheme and a scam. i don't get that immediate impression with Troy gold but this is certainly not a recommendation.

[sixgun]

2 hours ago, Martlet said:

My genuine opinion is you are here to sell the scam.  

Well here to promote Troy gold seems likely - the jury is still out of whether it is a scam.

[HawkHybrid]

13 minutes ago, sixgun said:

Well here to promote Troy gold seems likely - the jury is still out of whether it is a scam.

 

I'm reading it's more likely a scam.

you openly promote kinesis.

why didn't the op openly promote troy gold?

what is the op hiding?

 

HH

[sixgun]

Well i think i would be a bit careful about turning up on a forum as a new member to post about a gold backed token. i was here for quite a long time before Kinesis even existed - people know i am a genuine gold and silver bug, so admin should know i am not going to intentionally promote anything dodgy. A newcomer is something completely different.

Do i think this guy is here to give this project a plug? - very likely. Is it a scam? - quite possibly not. Will it be a successful project - quite probably not. As i say even with the best will in the world there are many obstacles to success and most don't have the experience, knowledge and resources to get over them.

[MancunianStacker]

14 hours ago, goldilocks said:

i'd never put all my eggs in one basket. Just seems like a good opportunity to invest in a new mine

I’d just buy shares in a mine.

[dicker]

Just an observation from me that is NOT intended as stirring the pot or to wind things up - just my personal view. 

About 8 years ago the people I know on the dodgier end of the business spectrum all moved into renewable energy - I think driven by government grants, and companies spending big on renewable companies  

Those same people are all now seem to be starting or involved in new crypto currencies.  

Caveat emptor! There are clearly some really good Crypos out there so select carefully and it makes sense to spread total cash invested across a number of investments.

Note: I am not suggesting the Crypto above is dodgy.

Best

Dicker

[goldilocks]

I have just returned and read all of these posts. 

Yes, I am a new member - Yes I did ask a question about TROY, but what's wrong with that? I'm a bit surprised at the accusations that I am here to promote when my original post quite clearly shows I am asking for an opinion as to whether or not its a scam. I am also a bit surprised to see people stating its a scam without even telling me why its a scam, is this just your usual case of "i don't fully understand it so it must be a scam"?

After doing a lot more diving into them, their regulation checks out in both countries, it seems that they are trying to fund raise to bank roll the mine (Bullseye) who are transitioning into becoming a fully fledged mining operation. I'm sure there are alot of costs involved with this.

I think they have a difficult task ahead of them but not an impossible task. 

The 40% bonus threw me a bit but i'm considering that its gold still in the ground, with that comes risk, although it has a JORC its still in the ground. TROY have probably negotiated the heck out of the mine who are probably desperate to get funds in which is why they are selling at such a price.

Yes, there is a two year wait, who knows - maybe even three if their plans get delayed. But, i'f i'm getting gold now and have to wait a few years i'm ok with that. Spots going to rise!

Thanks for looking guys, and thanks for the views on Kinesis, i also invested in them, good project.

[Roy]

But who is Michael H?

[goldilocks]

1 minute ago, Roy said:

But who is Michael H?

I think the moderators changed the subject name