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Are goldbacks a curious economic experiment or a gold version of a shitcoin?
294 sats \ 8 comments \ @stack_harder 18 Mar econ
So I saw goldbugs shitting on them recently and decided to join the subreddit for them because it's quite entertaining to watch the various factions in the gold community beef if out.
If you haven't heard of them, they are physical gold-based currency notes that contain actual gold embedded within a polymer material. They are designed to be used as small-denomination, spendable gold money. Kind of like sats or, well silver i guess, for smaller denomination.
They do look cool, I have to say
Apparently, they're popular in Utah because they have a law that allows gold and silver to be used as money.
the company claims 'Every year, around 2,500–3,000 tonnes of gold are mined globally. That’s enough to create a functional gold-based economy, especially when used in a hyper-fractionalized form like Goldbacks.'
what do you guys think of this attempt to modernize gold ? might it be something attractive for normies because 'it's real' or are they just a novelty item with a high premium?
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32 sats \ 1 reply \ @Signal312 18 Mar
I think it's a cool idea, and the people that are interested in this are probably "our kind of people".
I still wouldn't buy any, though. Bitcoin is enough for me. And isn't the actual gold in them WAY less than the dollar denomination?
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0 sats \ 0 replies \ @stack_harder OP 19 Mar
I would maybe get one as a novelty piece, or something for the kids, like hey, here's some cool-looking gold money
not sure about the gold to dollar denomination though, i think they use the spot gold peg so the value goes up and down
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21 sats \ 3 replies \ @LibertasBR 18 Mar
I found the notes beautiful and in person they must be even more so. Other than that, it sounds more like an artistic intervention than something actually usable as it is intended. Of course it serves as money since it is gold, but it is within the current physical and legal limitations. Bitcoin is simply better than that, it just doesn't have beautiful notes like this one lol.
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19 sats \ 2 replies \ @stack_harder OP 19 Mar
i suppose technically you could make a type of gold note for bitcoin and have sats on it, you could put a qq code on there, or could put sats on there with cashu, would be a bit wasteful though.
although it could be a fun prize in some bitcoin related competition, a Willy Wonka-esque golden ticket with a ton of sats on it
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32 sats \ 1 reply \ @LibertasBR 19 Mar
Yeah, imagine finding a seed with sats inside a bag of chips? LOL. I’d love to have a physical Bitcoin coin, one of those you see for sale, gold-plated with a symbolic seed—just to keep in my living room as a piece of art.
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0 sats \ 0 replies \ @stack_harder OP 19 Mar
that would be wild and pretty good marketing IMO (also MSM would probably hate it and shit all over it lol)
apart from the plated ones, they sell actual gold bitcoin coins https://www.apmex.com/product/247334/1-oz-gold-round-bitcoin
other shitcoins too, wonder how many they actually sell!
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14 sats \ 1 reply \ @Satosora 18 Mar
I think it is a great idea. It doesnt hurt anything by using them, and the people who use it and accept it are satisfied with what they have. I also think it is an educational way of teaching people the value of "money".
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0 sats \ 0 replies \ @stack_harder OP 19 Mar
i think it could be a good way of teaching people about money in general because you don't get mainstream backlash with gold, in general, like people arent going to fight you.
apparently they launched an app with a map of where people accept them and where they can be exchanged etc, a bit like btc map, interesting to observe, if nothing else
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