Most of the time, I've been pretty skeptical of projects that aim to have a tokenised version of physical Gold and Silver. Some of the projects even have their roots in old scams and physical reserves that are at best difficult to verify. Quite some time ago, in the crazy 2018 euphoria, I had a friend ask out of the blue if they should invest in gold backed tokens.... apparently another friend of theirs had gotten interested and was suggesting that they should invest. Weirdly enough, you would buy the tokens at a significant discount to the actual gold that they were supposed to represent... thus, hauling in a "guaranteed" profit when the project went live! Dodgy sounding... yep... I said that if they wanted to have gold exposure, then they should just go and buy physical gold or some reliable representation of it... not some weird new crypto startup (which seemed to share the same name as an old scam..) which promised over 10x profits for early investers.
Anyway, fast forward to 2019/2020... and we have a much more reputable tokenised representation of gold in collaboration with the highly reputable Perth Mint (Australia). The Perth Mint Gold Token (PMGT) is an ERC20 (Ethereum) token issued by Inifinigold which are digital representations of gold held by the Perth Mint under their Gold Pass Programme. Long story short, each full PMGT token represents the 1:1 digital version of Gold Pass Certificate. In turn, each Gold Pass Certificate represents 1 fine troy ounce of physical gold that is held in custody by the Perth Mint in Australia.
From the Perth Mint's GoldPass app (Android and iOS) you can easily link your Ethereum address to purchase PMGT, Gold Pass or physical gold from the Perth Mint. Plus, all versions appear to be easily exchangeable 1:1 for a different representation. Sounds like a much more reliable project than the ones that hit the cryptosphere during the cowboy ICO days!
Anyway, Kucoin was (and still is) the first major exchange to list the PGMT token with a launch contest at the start of the year. I have to say that it was something that caught my eye, and I was pretty surprised how well received it was! With a bit good luck, I was able to pick up some tokens before the price spiked... and exited the contest with PGMT and the initial BTC outlay covered.
Coming up this week, there will be another PMGT contest which will allow Kucoin users to try out the PMGT token. Hmmmm... the thought just crossed my mind to see if the PMGT token is a decent way to move from fiat to crypto via the Kucoin trading platform? Things to check out for later.... or perhaps there is arbitrage in there... seeing as the PMGT is hard backed by gold... it shouldn't deviate too far from that, as it has a definite definable worth and shouldn't act as a speculative asset like the rest of crypto.
So, like any of these Kucoin and Binance contests, you really have to pick your battles. There are people with waaaayyyyyyy more money and time, so unless you are stupidly loaded you don't want to be wasting time and transaction/exchange fees on useless trades in a futile chase for rankings.
Part 1. Gold Miner Carnival: Rank in the Top 30 by PMGT Net Buying Volume to Win a Big Share of the 3 PMGT Reward Pool.
Activity time: 18:00:00 on June 10, 2020 to 18:00:00 on June 17, 2020 (UTC+8)
Haha... pass! To be in the top 30 you are going to need to have some SERIOUS cash to flash! Added to that, this is a NET buying contest. Which means it is the balance between buys and sells and withdrawals. So, you will be buying and holding... even if it doesn't match the actual underlying asset price of gold! Not a good trap....
That said, it could present some opportunity for those who are willing to try and profit out of those who are playing the contest. If the price deviates from the gold price significantly then it could be a good time to be selling to the contest players....
Part 2. Hold PMGT (World's Only Digital Token Backed by Government Guaranteed Gold) to Share a Prize Pool of Approximately $11,000 in PMGT Tokens!
Activity time: 18:00:00 on June 17, 2020 to 18:00:00 on June 24, 2020 (UTC+8)
This is a much better option. Note that the contest times are different to the first option. Now, this is again a NET buying situation... which means that you will need to buy and hold 0.05 PMGT during the contest time. Which will qualify the first 1000 people to 0.0065 PMGT each. So, that is a roughly 10% bonus if you do that and manage to qualify in the first 1000 accounts.
This is the one that I'm going to do.... seeing as I'm interested in holding PMGT anyway! Note that the amount awarded does NOT depend on the amount that you buy as long as it is over the minimum amount.
You just have to be quick off the mark at the start of the contest! Mark it in your calenders!
Part 3. Golden Blind Box: Guess the PMGT Price to Earn Up to 0.25 PMGT! (approximately 400 USD)
During the second activity there will be a price guessing contest for PMGT at the end of the contest. Keep in mind that to qualify you need to have bought the 0.05 PMGT to be part of the second round of the contest and you need to make your guess (for June 24) BEFORE 19th June (and of course, after the start of the second round).
Well, seeing as I'm doing the second part, I may as well do this one as well! Just for guessing, you have a chance of winning either 0.25 PMGT or 0.05 PMGT for very little effort.
The actual method for submitting the guess is not published yet, so keep an eye out on the contest page!
https://www.kucoin.com/news/en-pmgt-listing-campaign-golden-trident/?rcode=8ubh6b
Anyway, that is a bit of a heads up for my #ssg friends! Good Luck!
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