this post was submitted on 02 Dec 2023
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Goldbacks have been around since 2019. They may not be for everyone, but it is innovative form of cash.
https://www.goldback.com/
It feels more like a scam than an innovative form of money. I'm not sold on the intrinsic value of a few snowflakes of gold, assuming they are there in the first place.
I've been keeping an eye since the beginning and I can't say I've seen interest growing. Other than the occasional 5 dolar novelty gift, you have to wonder what's wrong with coins? They are easy to verify and way more durable. What is the innovation here? The need to trust an issuer?
It's likely a choice that was made to add novelty and cater to the American pallet.
It's novel because it's not how it's typically done. It's not done like that normally because they're worse than coins.
Easier to carry in a wallet and use in small denominations. Can be melted back down if you want the gold out of it. I've read about a few small regions in the US where they have gained traction. They've focused on promotion in only a few states and areas from what I understand last I heard about this.
They had more info than I can provide on their site last I checked when I was first told about it and got curious but I haven't kept up with the project. Just sounded interesting to me.
I like more options in the marketplace to compete against and provide alternatives to fiat.
https://www.goldback.com/frequently-asked-questions
It sounded interesting to me too (initially) don't get me wrong. It can supposedly be melted, it can also get damaged pretty easily and most importantly, there is no way of verifying I'm buying what is being advertised.
The FAQ is all marketing and nothing of value, have a look. The "can it be faked" part gives it all away. There's nothing to do with gold, you trust the company and their "patented technology".
More options are always better, this is not one.
Fair point. I didn't think about how it would be far more difficult to verify using a metalytics scanners and verifiers and such.
And thinking on it more, that the FAQ doesn't provide how one might, like an acid test or something, and that they haven't developed and marketed a home-based way to verify seems like a red flag.
After all, Monero is all about "trust but verify"
Absolutely. Anything that gets people out of the fiat currency system and into something that functions like real money and doesn't support malicious central banks and the endless problems they create.
GoldATMs are not helping and. I am sure these are way overprized and you will have a hard time finding any place accepting these flakes. They are probably designed to rip off drunk tourists.
Better stick to digital decentralised crypto currencies, which can be spent/sent worldwide via internet.
Don't purchase or use them then. No skin off my back.
By the way, I'm not even going to down vote you. I like the opinion and the discussion from different points of view. Hope Lemmy can keep that spirit active. Reddit and many of the other alternatives are a cesspool.