Why We Don’t Fear Criticism: Debunking the Most Common Diamonds and DIAM Misconceptions (+Exciting Updates!)

diamDEXX
diamDEXX
Mar 7 · 4 min read
Oh yeah, we’re about to tell you EVERYTHING.

Ah, the Internet. We know it, we live it, we love it.

Ever since our project went public, we’ve received a considerable amount of messages trying to “expose” and ridicule our idea. And, to be fair… we don’t sweat it! Cryptoland is full of iffy players, so why shouldn’t we have to prove ourselves, like everyone else?

Well, today, that’s exactly what we’re doing.

During the last week, we’ve carefully re-assessed the most common –and even the most ridiculous — misconceptions about our project, diamonds, and the current state of stablecoins, and put together our case for the whole world to see and evaluate. As a company with nothing to hide, we can’t hope for more than give you the facts and let you decide.

So buckle up and hold on to your seatbelts… things are about to get real.

Common misconception #1: Diamonds can easily be fabricated in a laboratory! They’re essentially worthless! They’re unfit to back a currency! Mafia!

One could argue that the logic behind these claims is flawless… until it’s not.

One of the qualities that make diamonds so widely desired –besides from their rarity — is the fact that they’re an incredible store of value: Over the last century, they’ve massively outperformed oil, gold, and pretty much every other asset in crisis resistance and stability. This is because of the regulatory standards imposed by IDEX, the world’s widest trading network and authority, which ensures the industry standards (such as socially-responsible mining and compliance with trademarks) are upheld.

Lab diamonds, on the other hand, lack these production standards and therefore receive no certificates stating their value. This renders them virtually worthless and separates them from real diamonds, which conserve a special rarity that can elevate their value depending on their cut, colour, and other properties.

Common misconception #2: Blood Diamonds

Photo by Andy Holmes on Unsplash

Perhaps the most common misconception –and the one we take the most seriously — about our project are blood diamonds.

The history of the diamantaire industry is not one without a stain. Mo’ money, mo’ problems, some might say. However, the implementation of several best practices –some of them recognized by the UN and NATO, such as the Kimberley Process adopted by 84 countries — have led to procedures oriented towards avoiding the financing of criminal groups, tax evasion, child labour, and other despicable practices.

At diamDEXX, we take these practices as a must-have and a token of social responsibility, and only back our stablecoin DIAM with certified, Kimberley Process and IDEX-compliant diamonds.

Common misconception #3: A $1 stablecoin backed by assets is still, in essence, one US dollar.

Taking regular, everyday fiat money as an example, it’s easy to see that the minute currencies stop being backed by assets is about the time everything bad hits the fan. Having a stable, asset-backed currency works wonders when introducing convertibility and market advantages –which we’re doing through our platform DiamDrop — , effectively providing users with a quick path for making the most out of their investment.

Common misconception #4: Anyone can issue a stablecoin, and diamDEXX (:O) has no way to prove they have the reserves necessary to back a currency with physical diamonds.

Photo by Tim Evans on Unsplash

Except we do.

As a means of providing our investors with transparency and security, we’ve set aside $150 Million worth of certified, clean diamonds, in a vault established in a Free Trade Zone. This vault will be audited by IDEX itself before the launch of our currency.

Foreword & Updates

At diamDEXX, we hold the values of transparency and constructive criticism in high esteem.

We hope that answering to the most common misconceptions regarding our project has helped you understand why we believe in the revolutionary potential of a token backed by diamonds, one of the most stable assets in the world. We’re also always open to receive constructive criticism and to discuss new ideas with the brilliant, innovative crypto community.

As a follow-up on our latest updates, we’re happy to announce that our official wallet, diamDEXX will be launched within the next couple of weeks, and that it will allow users to exchange a variety of cryptocurrency for ERC-20, stable DIAMs. We’re also happy to see that our latest article resonated with the crypto community, reaching the headlines of Yahoo! Finance and triggering a variety of replies.

Behind the scenes, we continue to work to reach our highest potential. Soon we’ll be bringing you more news, including our Airdrop campaign, exchange listings, and more!

diamDEXX

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diamDEXX

Creating the first currency to be 100% backed by Real, Physical Diamonds — DIAM! https://www.diamdexx.com/