A growing number of small businesses across Utah are now accepting what are called “goldbacks" - a local currency that's been gaining attention during the pandemic.
At first, I thought Goldbacks were weird because I had no idea what they were, but then after I did some learning, I started to like them quite a bit. Now, I have my own and I absolutely support this project.
Which would you rather? A promissory note representing debt from a government that lacks integrity or gold? Five millennia would say gold, how 'bout you?
Don't know if the math was right or I didn't understand, but I think he gave him 3 goldbacks which were about $3 a piece, which was around $9. The clerk gave him $2.87 back. So that would mean that apple was $6.11 legal tender.
Yeah it gets weird when you mix currencies, maybe they should make larger ones with silver to cover smaller purchases since gold is incredibly valuable.
@@baremetalmachine933 Isn't there already a precious metal gray market where people pay for things with gold to avoid taxes if so I doubt they'll crack down on it unless it actually starts being a threat to their fiat
@@baremetalmachine933 Yeah it's just not yet big enough to be worth dealing with but if enough people just pocket them and don't report them they will start sniffing. But yeah I don't want feds sniffing around precious metals since I can totally see them making lists of precious metal holders whether it be to make sure they get their pound of flesh or for that day when they run out of money and they start doing mandatory gold and silver "buy backs"
@@baremetalmachine933 so basically you mean it cost more to buy em than it does to actually spend em. Gold would have to rise very substantionally for the GBs to be worth equal to we actually pay for them . .
Each has their scope of value and usability. And each are looking to break away from the current fiat system in different ways. But if it’s the privacy aspect of bitcoin vs physical goldbacks that is the question, then privacy coins like Monero should be looked at instead of bitcoin.
Going to gun shows in California I want to say roughly 30% of vendors will accept goldbacks about a year ago now I want to say it's a bit closer to half
@@Jerry-me1fy when people say things like that, they are just referring to the end of the current economic system or ruling structure. During and mostly after, this would be probably one of the best ways to barter.
I bought a 1oz bar of gold online. The company also sent me a 1 Nevada Goldback. I thought it was some kind of trinket so I just set it aside (almost threw it away). About 3 months later I was something online about them and now I'm buying as much as I can afford.
@@chrisbytwerk3712, yes, to the state level. I believe its five states now making them. I would say all P.M's are "decentralized" in that they can't be debased or inflated by the extortion racket known as the Federal Reserve!
They didn’t say haw much they shops charges for their fancy, decorated apples. Apparently, they;’re like caramel apples with other coating combinations.
What people forget about goldbacks is that you really don't lose the premium when you spend or sell them. And If you buy them from websites that offer them at the exchange rate with free shipping over a certian amount, all your really paying is maybe sales tax. I don't see the premium as a net loss since you get your premiums back completely. The exchange rate is the price of the gold plus the manufacturing cost. You're esentially paying for the technology and useability of spendable fractional gold. The main issues with fractional gold is that its too physically small to spend, and the premiums are absurdly high, so when you try to spend or sell a micro bar, or coin you're losing money. Goldbacks solve that for the trade off of being less of a stack gold by weight for the cheapest premiums kind of stacking and more of a extremely difficult to counterfit fractional gold coin that maintains its high premiums when you sell it. Less gold, but more consistency and stability when using it as a form of money like its intended.
Unfortunately when the government lets its people down America is resilient. We can't trust in the dollar no more. What guarantee its people that dollar has value? Uncle Sam is a long term tax gainer. Tax on everything from Goldback to GLD"S 28% collectible tax rate hahaha.
So he paid like $7 for 1 apple? [If 1 goldback = $3.24, 3 goldbacks = $9.72 and he gets $2.80 in change back?] Why? Would it be better to stack em? Premium is high though too.....
It's gold. That means it IS money. The dollar is a fiat currency. Did you know that fiat currencies revert back to gold and silver when they collapse? And they always collapse.
Yes! Goldbacks are legal in all of Utah. Go here to read more about at goldback dot com forward slash legal Even without this designation, the Goldback is still legal to spend and use anywhere in the United States. There have been thousands of other local currencies in the United States and there are nearly a hundred active ones today. There are also thousands of different gold products available for sale in the U.S. The Goldback is a marriage of the two. The Goldback is valuable in large part because it is gold. See goldback dot com forward slash the-faqs
It's not legal tender. It says it on it. Utah legalized the use of silver and gold as currency within its state in utah. I think Nevada and a few others are going to do it as well. They have a low premium considering how other types of fractional gold sell and they're beautiful. Anyway, you can barter with them with whomever, but getting my daily Starbucks with a goldback that I had to pay shipping for... nah. I have all of them as a collection type of thing. Spent about 1100 or so for and I use them to tip the bartender, cleaning lady, waitress. That kind of thing.
Actually it can be. Get a UPMA account and vault Goldbacks. They offer a debit card linked to your Goldback account and you use the debit card for online purchases. The downside is that if you use it regularly there is a monthly fee, the upside is if you use it just for emergencies or deposit a certain amount each month into your vault account you can avoid those fees.
You can buy Goldbacks cheaper than the current market price if you know where to look. Anyone paying more than market for a 1 Goldback note is a fool. Also a 1 Goldback note does not equal a 1 dollar bill.
@@shauncronin5885 Its simple Shaun, if a merchant doesn't want to respect its value then that merchant just lost a sale you can just use fiat. Also, there are ways to purchase Goldbacks that you vault and you don't lose any premium. You sell back at their market price, so when gold goes up the value of your Goldbacks go up. If you hold physical Goldbacks and want to sell back to them you take a 5 percent hit for a restocking fee so that is even less than the premium you would normally lose from buying from a bullion dealer and selling back to that dealer or LCS. I have no way currently of spending Goldbacks and I still purchase them. Take a look at UPMA. You can also get a debit card that is linked to your Goldback account that you can turn on only when you need it and then turn off so you can avoid fees as well. Edit: Also UPMA doesn't charge any vaulting or membership fees for the Goldback accounts.
