51: Goldback's Rise from Zero to One Million Customers
ฝัง
- เผยแพร่เมื่อ 4 มิ.ย. 2024
- Show Notes & Links: parisvega.com/51-benjamin-sha...
Goldback, a company that offers a gold-based physical currency, experienced rapid growth in just four years from zero customers in 2019 to over 1 million customers today.
Benjamin Shaffer shares the story of how their gold-backed currency solves the problem of making small transactions with gold.
"We wanted to make gold money but in a way that's practical for everyday transactions." - Benjamin Shaffer - วิทยาศาสตร์และเทคโนโลยี
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Great interview. I have physical GB's, vaulted GB's, and leased at the UPMA. I really love my Goldbacks.
Awesome seeing Ben interviewed! He's a great guy and incredibly knowledgeable
Started buying in 2022, and I'm still buying
You must like to lose money
I have bought some gold back, I think it’s a great idea and hope it truly takes off. I also bought some for my 4 adult children, just in case things go south and hoping that it would help them. Right now I am just holding on to them and not trying to use them even though my state also makes gold back.
This is actually a fantastic idea. The manufacturing process, acceptance rate and physical work required to make them is what is an important part of understanding what money is. Work must be done to generate value. To sit there and divide a gold coin into 1000 parts and turn it into a bill, that has many safety features, is very durable and instantly recognizable has by its very nature significant value. Plus it has intrinsic value, which fiat does not. 😊
Gold, the second most valuable metal next to lead, lol.
I always enjoy Ben’s discussing Goldbacks; his seems to give the most intelligent and cogent explanation of the concept of Goldbacks. As the ecosystem of Goldbacks grows, there is still a lot of detractors who tend to miss the point of Goldbacks. The detractors seem to describe the value of a Goldbacks only in terms of fiat currency or solely in the term of its gold content in terms of premiums and stacking. It is a gold based currency that has a utility value and cost based on the technology utilized to make Goldbacks. The naysayers keep saying that Goldbacks are a “gimmick” but the ecosystem keeps on growing because the concept is sound.
The concept isn’t sound at all. Beanie babies had a massive eco system. Didn’t make them a good store of money. You can’t treat it like cash (based on gold) if you also have to include random collector value too. You come to me with $6 equivalent of gold backs value in gold, but now I have to figure out the collector price value and mark up value? Nahhh that’s a collectors item not a spendable item.
Jacob Goldstein wrote in his fascinating book: Money, A True Story of a Made Up Thing. "Whatever money is at any given moment comes to seem like the natural form money should be and anything else seems like irresponsible craziness."
We see this to be true for many of the stackers and the general public who aren't paying any attention at all. They are mostly clueless about what their fiat is doing to do to them, letting them down.
New money. The Goldback. Has arrived.
they consider not only paper to be money, but also numbers on a computer screen too.
32:24 I saw that vid by sreetips. It was a ouch moment watching all those nice notes getting destroyed. He lost the exchange rate value instantly. I would have scaled it down if it was me to 1 gram not 14. Still proves the point and don't cost so much to prove it. And he got 15.2g which says there is about 8% more gold than stated. Nice.
What’s the gold value in one of those ?
I love Goldbacks! Alpine is the best. I’ve purchased hundreds.
as a consumer, I would rather spend money that is getting exponentially weaker instead of a stronger money that I would have to pay a premium to use.
What are the premiums for goldback ?
Here's the problem:
A tenth oz Britannia is $237, whereas a tenth oz in Goldbacks is $578:
you could have purchased 2.43881 Britannias for that price;
who cares about divisibility when you are throwing almost a coin and half into the trash?
Well are you selling at melt or trading at the GB exchange rate?
If you’re selling at melt you’re throwing a coin and a half in the Trash. And you’re doing it wrong.
@@BlueBirds-fs1id It is small enough to sell to the public, where you can recover all of your premium.
I won't say how many gbs I have. But my gbs are worth more than the fiat I hold. I am up 25% on my gb holdings. It has been better than a savings account.
But where can you sell them?
It seems that small money folks are the most concerned with the dollar. I don't hear major corps. complaining about the dollar in their million and billion dollar trnasactions.
We are not at a point where USD are in jeaporady. With that being the case, it still does not hurt to hedge a little with other things such as precious metals or Goldbacks. Don't put all of your eggs in one basket no matter the currency
How do you determine the value of a goldbuck or of a product you want to buy with a goldbuck without referring to the USD?
Yeah, ever point seems to be related to the value of a USD. Same with exchange rates. It's useful value in buying/selling is just derivative of the USD. No-one prices something for 1 Goldback.
Interesting podcast and conversation regardless!
You can’t, because you have to consider the collector value and mark ups. Which makes this ridiculous. If you can’t make it match gold spot, then it’s not a transactional currency. It’s a collectors item like a Morgan $.
Yeah Pokemon cards are very popular and have a huge following too.
If you take a gold back up to her cashier, how are they going to know how much its value is
"how do you make change?" You pay out in silver coins or factional gold. The premiums on goldbacks are insane, they did send me a free sample years ago, thanks but get those premiums down.
I got my gold backs for what they are worth. $4.30 for one
Goldgram in Dubai is backed by gold each coin is backed by one gram of gold
Premium is too high. A silver or gold bar/coin cost less per troy ounce. If Goldbacks can reduce the premium down to 10 percent or less. It would give gold and silver bars/coins a run for convenience and affordability.
Ahhh yes. Goldbacks. 100% markup on the only thing that makes it valuable. A product that is extremely difficult to recover the gold. And they use the excuse of “It’s hard to make” as if scale doesn’t exist.
I like the idea, but I’m not spending $7 for $1.33 of gold. I have silver and grams if I want to trade for smaller stuff. If you want goldbacks to REALLY replace currency, it HAS to be close to the price of gold. That means you may not profit as much, but with scale you’ll make more in the long run.
Is Florida accepting them?
Goldbacks are voluntary. I live in California. It's not easy to find a vendor. However, California is the 2nd largest buyers of GBS. And in red counties you will find a few who accept.
I call BS on the statement about the value.... If I purchase a $1 GB for $3-$4 each & they only are worth 1/1000 of an ounce of Au ( at this time $2046 / Ounce = $2.46 ) how am I gaining?
Don't get me wrong, I like the artwork & the Au Value, but unless I purchase for Au Spot price or Au goes WAY UP in value, this appears to me to be a LOSING proposition.
What am I missing???
Nothing. Just cope from people who buy them. It would be like paying for something with a $1 bill, but all $1 bills have an additional consideration of collector value and markups. If everyone bought $1 for $5 then it’s not $1. The fact you have to consider gold value, mark ups, and collector value means this will never take off as currency in its current form. But it’s good for sellers as they make a 100-500% profit.
There is always a premium on fractional.. you can blame that on the weak dollar.
The GBs are worth more than a $1 and the utility has value. They are functional voluntary money. Do more research. FJB
My biggest problem with holdbacks is resale is about 50% of original investment. Not easy to sell either, nobody wants them in the world of gold and silver stacking.👎👎👎
1 Gold back = 1/1000th of an oz of gold at $6.32 today. You must pay $6,320 for an oz of Gold. I can buy gold cheaper.
JESUS 1ST FAMILY 2ND GOLD 3RD
Ben is sooooo great at explaining the simplicity of GBs🤑🪙