LODE Project Reviews 85

The social telegram channel is taking on a political tone at times (mostly in the late night hours), and that is decidedly NOT what I signed up for. Can it just be about the gold and silver and the great potential of this project?

A scam company. On Dec 22 they wrote the community that the LODE visa was coming then two weeks later they said they were pausing. In that letter they blamed exposure to FTX. I thought this was a token backed by gold and silver so why would their be exposure to FTX. Since then all emails to their admin team go ignored. This is a criminal enterprise I'm 100% certain.

I have faith in the project and the people behind the project. It is a long term investment. It is egalitarian and designed to help everyone in an honest manner. It is not something for nothing. Spendable gold and Silver Worldwide is your best bet with a crashing bond, stock and real estate market. I wish you luck.

Amazing all-around feel-good experience with the LODE Project.
I'm a believer in the future of blockchain and honest money.
As a proponent of DeFi (Decentralized Finance), I had done my research while playing in the shifty and unregulated crypto game for months prior to discovering the LODE Project. My sources (David Morgan, John Perez, Wall Street Silver and countless others) all advise to buy and hold Physical Precious Metals which I do. The challenge I discovered was how to bring the these together; a Secure Blockchain Protocol backed with Real Metal!
LODE is the solution; a secure, regulated, independently vaulted and insured precious metals backed, functioning digital currency system. I "dipped my toe in" downloading the LODEpay app, which I found easy to set up and work with. I then booked an appointment with LODE’s VP of Business Development, Tom Halapatz to learn more. Tom is very professional. It was an easy back and forth, friendly, no pressure conversation. I felt assured that I could trust Tom.
I completed extensive due diligence and felt confident LODE is an excellent and exciting investment opportunity. I see their business model as the answer to the fiat (fake), money "house of cards" financial system I’ve lost faith in.
In full faith I contributed a portion of my Physical Silver to invest in LODE and be a founder of the GS DAO new Gold Standard.
In summary, LODE’s customer service and sales support is top notch; responsive, communicative and very customer focused.   Through every step of my process, Tom has been there for me as a patient guide.
All said, we'll be working with LODE to develop a custom business payment system for our company and highly recommend LODE to those who are searching for sound alternatives to the world’s debt currencies.
Z.Z.  Ucluelet, BC. Canada

If I could give them zero stars I would do so.

As a long time buyer of physical gold and silver I was intrigued when I first heard of the lode project. After looking into it further I downloaded the app to my phone and purchased a small amount of lode tokens and the AGX coin in May 2021. I subsequently purchased a small amount of the AUX coins.

I didn't invest anything after that as I wanted to see if the investment would show any returns. My balance essentially stayed static, not a big surprise as the price of gold and silver has not changed much since my initial investment.

Looking to obtain some additional spending money as Christmas approached I inquired how to withdraw some of my funds. I was given instructions on how to fund their debit card and followed them using nearly all of the amount of my AGX coins. After doing so the card showed a zero balance. Thinking it might take a day or two for the transaction to be posted I didn't think much of it. However after two days had passed and the card still did not show a balance I requested assistance from their support people. They requested a copies of the screen shots with details of the transaction and I provided them. That occurred on December 18. Subsequent inquiries to them about the status of my issue have been met with "our tech team is investigating the problem."

At this point I view this investment as a total loss as I don't know if I will ever be able to obtain a refund of the remaining balance I have in lode tokens and AUX coins. I am baffled on why it is so hard for them to trace the whereabouts of the funds I transferred to their debit card. I can only assume that they are incompetent or their system is broken or they misrouted my funds deliberately.

The only redeeming feature of this experience is that I had the good sense not to invest additional funds with them.

Update Jan 23
After posting this review I received a phone call from them and after explaining my problem they credited my account with amount that I had attempted to transfer to the debit card. They said that the technical team working on the debit card had run an update on the system without advising everyone. Additionally, they advised that when the card system was fixed they would credit my card with the amount that I had originally attempted to transfer. Essentially crediting me with twice the amount.

I have to assume that my original review got their attention. I'm still not happy with the lack of liquidity in their system but they assured me that they are working on correcting that issue and I would be able to withdraw or use the funds in a month or two.

I have been leery of cryptocurrencies because, although I like the concept of a decentralized system, I have always thought of it as the same as fiat in that it is created out of thin air and is backed by nothing. I was drawn to gold and silver because of their physical value and their history as real money. But lugging metal around is not feasible. Fractional spending is also difficult with silver and gold. This concept solves all of this! There is tremendous potential here and I am excited to be a part if it.

I first got into LODE nearly 2 years ago and it's been great to see the project's progress since then.
It's been tremendous - from a novice idea to a reality where I am now able to spend silver digitally!! I really commend the team for their work and for actually making this a reality for me. I especially appreciate how well the LODE team keeps me informed on any updates on the project and/or exciting new features they release for my precious digital silver.
Kudos LODE!

I have been involved as a Lode Token contributor (essentially an equity position) since January 2018. Creating an asset backed crypto using silver was a speculation worth investing in. While the project has been delayed a few times, as the team had to adjust to the changing US and global regulatory requirements, there has been nothing but positive interaction with the support and development teams.
When the team knows answers they are happy to provide responses. While some might be frustrated, it is understandable to me that as LODE attempts to merge the blockchain and real money (i.e., silver) that there will be technology delays and hurdles to overcome.
I have tripled my LODE TOKEN position over the last few months as the development team has continued to make progress on this project to restore silver to the monetary system.
No investment is guaranteed and patience is often required on speculative investments. If recent communications are accurate LODE is on its way to not only meeting but exceeding original expectations

Been invested in the LODE project since 2017. LODE Ambassadors have responded to my questions efficiently, timely and professionally. The Transparency report and White Paper have been been updated as the project progresses. LODE Ambassadors avail themselves to live questions on Telegram as well as on several live webinars that were open for all to attend. The FAQ's are detailed and has grown along with the project, it's an easy goto. The Terms Of Service definitively spells out in detail, involved participant standing; made my risk analysis easy.

I recently received a transparency report from the LODE project. it was very well prepared, or at least exceeded my expectations. It contained information about the project accomplishments, financial information, Vault Audit reports, and extensive information about the Team, the Service Provider Alliance, seems like the team is now well over 55 people working at LODE worldwide. Founding Contributors from 52 countries and 5800 members from 110 countries. Its an impressive project IMO.

Excellent growth potential. As a startup there are always snags, but this group has great vision. This company is for true long term investors. Chris

I have been a precious metals aficionado, and it was long overdue the time of silver and gold to clash with technology. I contributed to LODE at a time of great confusion in the asset backed and crypto regulations... LODE is still here and other have fallen, I have purchased their AGX and now the Gold backed AUX and I can say I am now a DIGITAL SILVER AND GOLD STACKER... technology AT ITS BEST... THANKS LODE GUYS! … I even purchased bullion with my AGX just to try it out with no issues whatsoever....

After holding LODE for over 2 years I can honestly say I've never seen this level commitment to communication with its community from a project.

It's not flawless, but you'd be hard-pressed to find another asset-backed project that's as committed to really restoring asset-backed money to the world.

The project can feel slow-moving at times but LODE has taken the time to navigate an extremely difficult legal landscape with blockchain and to protect its community and its vision. By comparison, most asset-backed tokens are actually securities.

Now they've got credit cards coming and awesome new affiliate programs on the way, a year or two from now people are going to look at this project the same way people look at Apple stock when it was exploding.

For lack of a better term, this is a scam. They have changed the terms of service several times, each time slightly tweaking and weakening the investors, to take more and more of their invested money. The original creator of the idea, Ian Toews, is selling the investors silver, and paying himself a salary exceeding $200,000. It’s a typical: sell the dream, raise money, give yourself a job, and over pay yourself until the moneys out. This isn’t his first time around. Wash, rinse, repeat. He should be in jail. I hope the law does its job on this one.

I have to agree with Wayne from Utah.
I'm in the same position (they changed the rules), but still do not have my silver back.

They cannot talk about being "backed" by silver if one cannot redeem it.

To have a note backed by silver means being able to redeem one’s note for silver.

If one says that transferring ownership of the note (paying someone) means that person now has a claim on silver, would mean that they can now redeem the note for silver. Otherwise they have just been paid with a note.

If the note is not redeemable, then the currency is not backed.

All that has taken place here is that we have handed over silver for an icon on a webserver. We have an icon, and someone else has our silver.

---
Response to their reply.

Beware!! You cannot redeem your silver, so this is a scheme to separate you from your silver, much like an ICO. They suggest you find some other victim to sell the "silver backed" tokens to??

They know they are in violation of securities regulation since their white paper states that the "offering" may not be distributed to the US, Canada, Iran, and Australia.

AGX Coin is registered in the Caymans, while the LODE Association is in Lichtenstein, however the vault and software developers are in Canada.

Contact me at fouriewa-trustpilot at yahoo.com

I've watched this project grow over the last 2 years, the team has accomplished so much. I'm eager to see what happens next.

Awesome project with a high quality team!

Great community of members, service providers and awesome technology. I have an automated subscription to pay for AGX every week and have been accumulating AGX and Lode since June.

I can use AGX to pay for purchases, or convert it to Lode tokens, and every AGX coin is backed by one gram of physical silver deposited in vaults, which is bonded and also verified by Veritas.

Don't be misled by some of the reviews complaining about providing documentation, as KYC and AML are legal and compliance requirements for any coin or token designed to mitigate fraud and money laundering. And, people that indicated they couldn't get out is probably because they simply didn't try to sell their tokens to people interested in buying them.

Very satisfied with progress made so far. Received the first micro payment of this project. A project with high potential and rewards.

After investing silver with this company they imposed new identification requirements that made it impossible for me to use their system. They have not returned my silver and all efforts at resolving the issue have been stonewalled. Beware.

Update:
It took 3 weeks for action finally to be taken to return my silver. The return process was begun only after I posted reviews like the one above and after I directly contacted the third party vaulting facility. The only method of communicating with anyone at Lode is by web chat and subsequent emails that can be, and in my case were, left unanswered for long periods or altogether ignored, and my experience was of repeated promises of action but evasion as to when such action would finally be taken.

All of this was subsequent to discovering the newly instituted KYC process does not allow for post office box mailing addresses in rural areas where there is no mail delivery to physical addresses, and after being subjected to an absolutely Orwellian live video identification process far beyond anything required to open online accounts at financial institutions like banks and brokerages. For those who still value privacy, I say again, beware.