GoldFinX AMA with Philippe Bednarek and Satoshi Club Telegram, Full Transcript
In this AMA with Satoshi Club, Philippe Bednarek answers questions and discusses GoldFinX’s mission, team and core features. Along with other project developments in the official Satoshi Club Telegram community
Here is a compiled list of the questions and answers, so if you missed it, you can check it out just below!
Introduction Questions
Question 1: Please tell us a bit about yourself. How did you develop in crypto. And also about your project. What is Goldfinx?
“I am the CEO of GoldFinX but also the founder of Atlas Group of Companies, a private equity firm investing in technology since 1995! The group came to crypto as investor in 2016. We were also investing is Gold (trading trackers etc..).
I personally know gold very well, trading it and more importantly sourcing for 15 years, but I noticed that something was wrong in this market.
80% of the world production is done by major listed companies without any financing problems, 20% is extracted by miners with rudimentary tools without any access to capital.”
Philippe Bednarek from GoldFinX
Question 2: I read that you finance small gold mines. Am I understanding the project concept correctly?
“Yes, we focus on artisanal mines which have huge potential but no money to extract it. Think about it, most of these miners are using the same way to extract gold than thousand years ago! If you give them equipment they produce X10 times more.
This is a very simple business model, we finance and we get 20% of the total production for the lifetime of the mine. The social and environmental impact of what we do is the essence of GoldFinX.”
Philippe Bednarek from GoldFinX
Question 3: How big is your team?
“We are 27 in total, a mix of crypto and mining profiles, all ages and 10 nationalities!
We will be 40 at next year end as we expand our mining reach to Canada and Bolivia.”
Philippe Bednarek from GoldFinX
Question 4: Which countries your mines are located?
“Today we have 3 mines financed in Ivory Coast, we are now expanding in Bolivia and Canada (Yukon and Quebec).”
Philippe Bednarek from GoldFinX
Question 5: Please share your Tokenomics?
“We are very transparent in our data : We raised 15,871,000 Euros so far. We have 18,103,766 GiX circulating + 5,000,000 GiX for the team and contributors locked up for 5 years.”
Philippe Bednarek from GoldFinX
Question 6: Do you plan to add other exchanges?
“Yes we are talking to Huobi and Binance, they love our “impact coin” proposal. Our GiX is really a different asset. But we take our time and focus on execution ot the business plan.”
Philippe Bednarek from GoldFinX
Question 7: Are you planning to increase total supply of your tokens?
“Yes we are still raising money because more money means more mines to finance, and more mines means more gold to back the GiX, and its intrinsic value increases. The total minted is 300m.”
Philippe Bednarek from GoldFinX
Questions from the Community
Question 1 from Telegram user @Pratze:
GoldFinX project have token that backed by the real Gold or backed by real operating mine, So do you have your own operating gold mine? What is GoldFinX specialty than other stable coin or token which back by real gold?
“We are not operating gold mines, we finance them and we get a share of 20% of their production for the lifetime of the mines (usually between 15 to 20 years).
The main difference with stable coins backed by gold is that we are not raising money to back our coin, we raise money to finance gold mines which deliver us gold accumulating in our Reserve backing the coin.
So in our case the underlying asset is growing and not stable.”
Philippe Bednarek from GoldFinX
Question 2 from Telegram user @reinleoken:
Most people in the crypto are of the opinion that storing of value in gold is antiquated, it’s almost like gold vs crypto. How certain are you that your platform would bridge the gap between this opposite factions? And what happens if the value of gold drops, does that mean the value of GiX drops? And lastly over the years we have seen crypto increase value a lot more than gold, how do you convince folks to buy a token backed by gold when Bitcoin itself is projected to give better returns on investment?
“First, I think gold and crypto will coexist and are not necessary “opposite factions”.
Same as debt and equity coexist and sometimes are combined ( as in convertible bonds i.e), I strongly believe there is a huge opportunity for this bridge between crypto and gold.
Your 2nd question about value : yes a gold price drop could affect the value of the GiX, but remember it is an ever growing asset in volume. Every month, sometimes weekly, we receive shipment of gold that accumulates in the Reserve.
Finally about Bitcoin: I am a big believer in BTC and compulsive HODLER! but I think portfolio diversification is always a good rule. And a special coin like GiX has its place in an investment strategy.”
Philippe Bednarek from GoldFinX
Question 3 from Telegram user @victorogb:
My question is quite simple, Why focus solely on Gold when there are other precious metals and minerals mined around the world which needs same environmental preservation and best mining practices?
“You are right but we cannot do everything. The Artisanal gold mining is the cause of 1 million tons of mercury released every year in the rivers and oceans (to produce 600 tons of gold !). 40% of the mercury in the oceans come from this activity…”
Philippe Bednarek from GoldFinX
In your opinion, can this be somehow changed for the better?
“Yes, there are many NGO working on it but they take the problem on the wrong side. We think access to capital, efficiency and productivity is the solution. If miners are barely surviving from their work they will continue to use mercury
Mechanization prevent use of mercury, but it is costly.
They cannot afford the investment, this is where we come in. GoldFinX is not a charity, it is a profitable business but its social and environmental impact is immense.
Our motto: Do good, Receive Good!”
Philippe Bednarek from GoldFinX
Question 4 from Telegram user @leixagarcia:
I want to confess that your project has moved me a lot… I am Venezuelan, specifically from one of the States or Provinces richest in gold and I have lived face to face all the consequences that are the product of bad planning in the exploitation of gold.
I can make you the long tragic story, but just by telling you that this site is the biggest focus of Malaria in the whole country I think it is more than enough.
My question is this: How does GoldFinX promise to solve this terrible problem of Malaria? I know it is only one problem among many, but believe me when I tell you that this disease causes hundreds of deaths every month in Venezuela.
“Malaria is a tragic problem and many NGOs (like Gates Foundation) are trying to tackle this problem.
Our action is focussed on Gold miners community, our social impact improve the life conditions in increasing the revenues of the community. The access to potable water and health structure has an indirect effect on Malaria problem. But is is modest compared to the situation and again we are more dedicated to the mercury eradication.
We have a great Ambassador program for those who want to spread the gospel! https://goldfinx.com/ambassador/”.
Philippe Bednarek from GoldFinX
Question 5 from Telegram user @antoni_azx:
What happens if a contract mining agreement is violated and you have already supported the operations with engineering, technology, strategies and more? What will be the paper of the GiX coin in this supposal and how affects it?
“Good question. First, we have our people on the ground overseeing the operations on a daily basis. Second we have a lien on all equipment, it is released only when we get our money back. Three: The equipment is equipped with trackers and remote kill switches.
More important: it is not a debtor/creditor relationship but rather a partnership.”
Philippe Bednarek from GoldFinX
Live Questions from the Community
Question 1: Why did GoldFinX decided to finance a mine in Canada knowing fully well that the region is not an impoverished region?
“Native tribes in Canada are barely living from their gold mining activities.”
Philippe Bednarek from GoldFinX
Question 2: How was the project affected by the COVID19 outbreak? Did it lead to a change in your roadmap?
“Yes, we were supposed to already deploy in Bolivia. Instead we chose to finance more mines in Ivory Coast where we have a team, a local headquarter and a lab.”
Philippe Bednarek from GoldFinX
Question 3: Many projects focus solely on selling tokens rather than making a real contribution to the blockchain world. Will GoldFinX really fix a problem?
“We are not fixing a blockchain problem, we are fixing a real world problem with blockchain. Before our initiative nobody in the traditional finance world cared about gold miners in the jungle and the 600,000 working children intoxicated by mercury. Crypto gave the opportunity to do something good for them, for the planet and for the coin holders.”
Philippe Bednarek from GoldFinX
Question 4: Are there any big updates that you would like to announce or have planned that we should look out for?
“We are working with United Nations agencies who support our initiative! Big announcement for Q1.”
Philippe Bednarek from GoldFinX
Question 5: Really how far can GoldFinX go? Only 20% royalties? Or are there really many more projects that you want to develop?
“A long term deal must be a fair deal. We are not predators. We could ask for 30 or 40% but for how long it will last? We have more than 50 mines in our Due Diligence pipe line in Africa, South America and Canada.”
Philippe Bednarek from GoldFinX
Question 6: To extract gold from the ground, cyanide is required and it is really deadly to people. Do you have plans to overcome this problem?
“Sorry but you don’t need Mercury and Cyanide to extract gold. A good equipment using gravity does the job but it is expensive.
The Ambassador program exists because this project is not just about selling coins. Any help is welcome to spread the word about our initiative. Any contact in NGO, manufacturers, Refineries, medias, governments, is welcome. Any social media campaign is appreciated. This is a work in progress!”
Philippe Bednarek from GoldFinX
Question 7: GoldFinX have been out there for a few years now. Can you tell us about the development of the project in the past few years? What have been the most important achievements until now? What would you say is the event or events that have made a difference in the growth of GoldFinX?
“GoldFinX is a 2.5 years old company. We raised 18m, we have have a database of 400 mines worldwide, 50 mines passed the due diligence. We have team of developers, geologists, engineers, financier, lawyers. 3 mines are operating in Ivory Coast, 2 more next year in Bolivia and Canada, will produce 500k of pure gold in 2021.”
Philippe Bednarek from GoldFinX
Question 8: Can you tell me what is no store for long term investors?
“We have an OTC desk offering great discounts against a one year lock up.”
Philippe Bednarek from GoldFinX
Question 9: Tell me its 3 unique features that your competitor doesn’t have? How will people attract toward Your project?
“We don’t see much competition. Most of the gold backed coins are stable coins with not much upside to expect unless gold price continue to increase. Some projects are using crypto to finance one big operating mine.
But I don’t know any coin financing many artisanal mines and therefore having such impact on the lives and on the environment.”
Philippe Bednarek from GoldFinX
Question 10: Why do you think this idea is better than just tokenize the gold?
“Tokenizing the gold doesn’t create any wealth. Gold certificates exist for centuries, Tokenizing is just digitalization of an asset.
What we do is totally different: we help to create wealth in giving access to capital to a deprived industry.”
Philippe Bednarek from GoldFinX
Where do I purchase GIX tokens?
Interested in buying GIX tokens? You can do so from the following exchanges.
OTC — Email otc@goldfinx.com
