Goldbacks are physical gold, not tokens

#1

I posted this on the member content page for the Q1 wrap-up, but I feel it should also be here in the forum.

Joseph said in the Q1 quarterly wrap up, “It’s like those silly so-called goldback currencies that we’re seeing, where you get a piece of plastic that says 1/2000th of a troy ounce. Well, OK, fine, you know. You can do that if you’ve got a system that can calculate those kinds of decimals, but you’re still holding virtually, a worthless piece of plastic.”

I have to correct this. Goldbacks have the gold vapor-deposited on them, so they are not just plastic. The 100 goldback has a full 1/10th troy ounce of gold in it and is much larger than the 1/2 goldback you have. The plastic can be separated from the gold of any goldback = the gold is fully recoverable. The 1/2 goldback you have is exactly 1/200 of the 100 goldback in gold content. The value of goldbacks is the accuracy with which they manufacture such small denominations of physical, tradeable, gold.

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#2

But again, you are misrepresenting me. I REALIZE fully that there is a VERY miniscule amount of gold on those. In fact, I specifically mentioned the 1/2000th of a troy ounce to drive home my point that you can talk about it being gold backed all you want, and still MISS UTTERLY my point that the amount of gold is so miniscule it’s not WORTH the effort to recover the gold. And it is NOT 1/200th, but one 1/2000th of the amount. You are utterly missing my point about decimalization and tokenization by obfuscating the issue. And I DO understand that larger denominations will have larger amounts of gold present on the plastic chit. And my point STILL remains that it is a miniscule amount of gold and thus the point about tokenization remains. By the same line of reasoning, IF people want to use these as currency, more power to them, I am not opposed to the idea. And yes, the piece of plastic I have is virtually worthless.

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#3

It’s besides the point anyway because the zeitgeist is in favour of and directed toward digital currency.
There’s a deeper reason than “oo shiny” and simple rarity that gold was sought after and revered in more ancient times, albeit forgotten today. Thus the tradition as a currency still continues today but without the knowledge of its value.

#4

… Man, do I need to get busy selling all of my “bridges”. I can hear it now … Trust me, I assure you the gold is “baked right in”. That would be a great slogan now that I think about it. Yes, plastic gold dealer I have now acquired 2000 of your cards. Now exactly what is the process to extract the “baked in gold”? Oh well, that might take some time. I’m quite sure that I will be able to simply take my 2000 cards to my local “gold dealer” who will gladly pay me 4,785 USD for them.
Wow! now that is first rate Alchemy! Plastic into Gold!

Now Music into Gold … that is an Alchemy I can believe in …
Gold - John Stewart and Stevie Nicks

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