GoldFinX — Telegram QUIZ & AMA — November 10
By: Gains Associates
Tags: Blockchain, Gold, Gainsama, Cryptocurrency, Mining

Product

Q — Alex Raffin from GAINS: Can you tell a bit more about the ideas & reasons behind GoldFinX and the problems that you are hoping to solve?

A — Philippe Bednarek from GoldFinX: Hello all, I am Philippe Bednarek, CEO at GoldFinX. Let me start by saying GoldFinX was the product of many years of experience. Many team members witnessed first-hand the atrocious working conditions of artisanal gold miners.

Small gold miners extract a hot commodity that everybody desires. So why do they barely survive from this activity? The simple answer is that they don’t have access to capital that would allow an increase in their production to benefit their entire community. This is where we come in. GoldFinX brings this capital and gets in return 20% of the mine production. By doing that, we solve another problem.

Q — Alex Raffin from GAINS: How do things change thanks to the capital GoldFinX brings in?

A — Philippe Bednarek from GoldFinX: There is a reduction in the use of harsh chemicals like mercury and cyanide. Think about these numbers: To extract 600 tons of gold annually worldwide, the artisanal gold miners use 1,000 tons of mercury! This is crazy!

Q — Alex Raffin from GAINS: Does using mercury have bad consequences on the environment?

A — Philippe Bednarek from GoldFinX: Well think about it, 40% of the mercury you find in the oceans comes from this activity! The consequences on the environment and our health are immense.

Q — Alex Raffin from GAINS: Thanks to capital, you change the way gold is mined. Is it now more environmentally friendly and are you able to find more gold as well?

A — Philippe Bednarek from GoldFinX: Yes, financing the Artisanal Gold miners gives them access to modern equipment that doesn’t require the use of chemicals.

We are not a charity but properly financing this activity has huge impacts: social, economic, and environmental.

Q — Alex Raffin from GAINS: Can you tell us how the token comes into play?

A — Philippe Bednarek from GoldFinX: Crypto allows us to do what the traditional finance world is not interested to do. Crypto is the perfect asset to get investors involved in a project and get directly rewarded for its success.

Q — Alex Raffin from GAINS: How different is it from just buying gold?

A — Philippe Bednarek from GoldFinX: Very simple. If you buy gold, you just bet its value will increase. In our case, we invest in Gold mines which is where most of the value is created.

Q — Alex Raffin from GAINS: Right, it’s an asset that generates a cash flow. Buffett would be proud.

A — Philippe Bednarek from GoldFinX: Yes, the gold is available, but it needs equipment to be extracted. This a very simple business model.

Q — Alex Raffin from GAINS: What is the biggest focus right now for GoldFinX?

A — Philippe Bednarek from GoldFinX: So far, we already financed 2 mines in Ivory Coast which just started to produce Gold. Those 2 mines were producing 1kg/month each, now they are ramping up to 10kg/month each. We are making sure the scaling up is done smoothly. As you see, we are now far from the proof of concept. We are executing the business plan detailed in our Whitepaper. Our focus now is expanding in other countries such as Canada, Bolivia, and Tanzania.

Q — Alex Raffin from GAINS: Can you explain where that gold goes and how extracting more gold can be reflected in the token price?

A — Philippe Bednarek from GoldFinX: When production starts, we recoup our investment in gold, and after we receive a partnership share of all production (20% again in gold).

Q — Alex Raffin from GAINS: From a token holder perspective, what are the mechanisms behind it if I’m wondering if I should buy GIX?

A — Philippe Bednarek from GoldFinX: This Gold is stored in vaults and backs the GIX Coin through an independent Trust. It gives a floor value to the GiX coin, meaning that if something goes wrong, the Trustees will liquidate the gold and distribute the proceeds to the coin holders

Q — Twitter user @BlockchainMolly: What are the main aspects of GoldFinX you would wish to build upon going forward?

A — Philippe Bednarek from GoldFinX: We are immensely proud of our ambassadors. We are going to be making a more significant focus on supporting them soon with an ever-evolving incentive program dedicated to helping us spread awareness of GoldFinX and its objectives.

Q — Twitter user @Emidm28: How does GoldFinX choose which gold mine to invest in?

A — Philippe Bednarek from GoldFinX: GoldFinX selects from projects and operations of submitted or invited mines. It challenges the business plan, recommends any optimization of the technology (extraction and treatment.) etc.

We prioritize the projects by the quantity of the gold reserve, easiness to extract, legal and political stability, and other criteria, then recommendations are submitted to the Board for final approval.

Q — Twitter user @Kvindvr: How does GoldFinX rate the importance of the user community? What was GoldFinX’s plan to build the user community?

A — Philippe Bednarek from GoldFinX: Our community & ambassadors are of vital importance to our mission and overall success, and they will continue to play a key role in our expansion plans long into the future.

For this reason, we are incredibly focused on what we can offer them, in the form of meaningful rewards and recognition for their continuous support, and ongoing efforts to promote us.

Please head over and check out our GoldFinX Ambassador program. You can find more info on the official website + telegram channel.

Q — Telegram user 💚Blanca💙 ❤️: Your roadmap includes South America and Africa, these continents are characterized by a high presence of illegal and violent mining and social conflicts. How does GoldFinX deal with these problems?

A — Philippe Bednarek from GoldFinX: Bringing the miners out from illegality is at the core of our mission. We help them to get claims and titles.

Q — Telegram user John: How do you cope with the criminalism that occurs in the areas you’ve targeted?

A — Philippe Bednarek from GoldFinX: Unfortunately, we have to stay away from some countries where our team would not be safe, Congo (RDC) is one of them.

Q — Telegram user Lily Collins🌹: What makes GIX tokens unique?

A — Crypto Hendrix from GoldFinX: We are a gold protected token, leveraging the use of crypto to fund neglected and mismanaged mines. A coin with a real use case and purpose! With huge offerings and potential for social change and impact globally. What more could you want!

A — Philippe Bednarek from GoldFinX: Most of the Gold-backed tokens are either stable coins or backed by the production of one operating mine. Our model is unique as we aim to finance many gold mines and we receive a fair share of the production for the lifetime of the mines

Q — Telegram user TsumaniX: On your whitepaper, there is a four-step ”fair trade crypto financing” model running in virtuous circles. Could you please summarize how this ”circle” actually functions between GIX Coin, Gold in Vault, Gold Production, and Gold Mines?

A — Philippe Bednarek from GoldFinX: The virtuous circle concept is pretty simple: We raise money selling our coin. Money is invested in Gold Mines. Gold Mines pay us Gold. Gold backs the Coin.

Q — Telegram user Aleksandr: The largest U.S. bank, JP Morgan Chase, reported on Sunday that many large institutions are switching off from Gold to cryptocurrencies such as Bitcoin. Does GoldFinX see this more as an opportunity or as a challenge for the project, considering that you’re operating in both of these fields — cryptocurrencies and gold?

A — Philippe Bednarek from GoldFinX: We are convinced that a cryptocurrency backed by an ever-growing gold asset and with a social and environmental purpose is a winning combination.

Q — Telegram user Gouldie: How do you leverage blockchain technology in your platform?

A — Philippe Bednarek from GoldFinX: One of the many ways we utilize blockchain technology is via TrueOrigination, a supply chain management system (SCMS). It employs blockchain technology to document and ensure the integrity of the source of mined gold. this alone will give credibility to the investment community’s increasing demands to ensure that the gold they buy comes from legitimately and ethically run sources.

Q — Telegram user Shekwoyemi: Apart from mining, what other utilities does GIX provides?

A — Philippe Bednarek from GoldFinX: We are focusing on Artisanal Gold Mining. We built a database of 500+ mines worldwide. We have complete due diligence on 25 of them, ready to be financed.

Q — Telegram user Caleb: Is there a fee for mining gold with GoldFinX?

A — Philippe Bednarek from GoldFinX: This is how it works. We pre-purchase an amount of Gold corresponding to the CAPEX and OPEX of the selected mine. Once the mine starts to produce, the gold we paid for is delivered in priority. After that, we continue to partner with the mine taking care of the logistics, trading and get in return 20% of the production for the lifetime of the mine.