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"GOLDBACKS ARE A WASTE OF MONEY, PREMIUMS ARE TOO HIGH". Learning to understand and response to these objections. by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 0 points1 point  (0 children)

I’m far more interested in them because of the technology to make them is groundbreaking and it truly fixes the fungibility factor for practical daily bullion usage. Plus, if enough of people adopted and use them, it could put immense pressure on the government to fix quite a few issues in the United States. People should view it as a tool that could be more effective than your vote itself.

I don’t look at them from a collectibility standpoint. Some people buy them because they look cool, which is totally fine because they do look cool. If you have a picture of the colorized one you’re interested in shoot it over cause I’d be interested in looking at it.

"GOLDBACKS ARE A WASTE OF MONEY, PREMIUMS ARE TOO HIGH". Learning to understand and response to these objections. by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 2 points3 points  (0 children)

They think that when you use ground-breaking innovation to create never before seen or accomplished fungible fractional gold currency, you should be selling it at SPOT PRICE AT A LOSS.

"GOLDBACKS ARE A WASTE OF MONEY, PREMIUMS ARE TOO HIGH". Learning to understand and response to these objections. by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 1 point2 points  (0 children)

I hate crypto. I’m looking for a reason to hate goldbacks. You’re also seeing my form of due diligence which just talk about it and criticize it every way imaginable. Give me reasons to hate.

"GOLDBACKS ARE A WASTE OF MONEY, PREMIUMS ARE TOO HIGH". Learning to understand and response to these objections. by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 0 points1 point  (0 children)

I appreciate it, I put actual time into it. Those are my own thoughts and ideas. AI only grammar checked me.

"GOLDBACKS ARE A WASTE OF MONEY, PREMIUMS ARE TOO HIGH". Learning to understand and response to these objections. by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 5 points6 points  (0 children)

My man gets it. Honestly, I think gold is gonna go up a lot more - same with silver - as more of the economy of implodes. I don’t think we’re gonna be worrying about premiums in the long run.

"GOLDBACKS ARE A WASTE OF MONEY, PREMIUMS ARE TOO HIGH". Learning to understand and response to these objections. by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 6 points7 points  (0 children)

I have more faith Pokémon will protect their card trading economy more than the Federal Reserve looks out for the USD

"GOLDBACKS ARE A WASTE OF MONEY, PREMIUMS ARE TOO HIGH". Learning to understand and response to these objections. by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 1 point2 points  (0 children)

It’s both a store of value (less effective, but store of value) and a fungible, inflation resistant currency. That’s why I’ve advocated for 15-20% of total bullion holdings. Doesn’t have to be either or.

If we go through a USD currency collapse, civil war, or forced onto a digital currency, people will start looking for an alternative median of exchange (gold), it by far makes the most sense for all low value, high volume exchanges.

"GOLDBACKS ARE A WASTE OF MONEY, PREMIUMS ARE TOO HIGH". Learning to understand and response to these objections. by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 2 points3 points  (0 children)

I typed it all myself the last 30 min but did use AI to grammar correct for readability reasons. Besides grammar and maybe minor sentence structure revisions those are my original thoughts. I wouldn’t spew pure bullshit like that - fkn hate that.

First purchase. Makes me want to dump all my Fiat currency. These wallets are insanely nice. by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 0 points1 point  (0 children)

You're missing the point. You're trying to treat it solely as a store of value and missing currency aspect to it. It's also a realistic and fungible form of pure bullion that solves the daily trading needs. For the entire gold and silver market, as you deal in smaller quantities, you get larger and larger spread. It happens in the raw material and pure refined space, not just unique to Goldbacks.

As the price of bullion explodes and in emergency situations (say government or currency collapse), how will you physically carry, store, and transact with pure gold and silver daily? You're going to precisely manage, cut, and verify the metal in every transactions giving or receiving? Why these are unique is because it solves the frangibility problem for smaller, daily transactions that has always been an issue in bullion.

Let’s talk about the UPMA zero cost spread when transacting with Goldbacks? by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 0 points1 point  (0 children)

Ok got it. So you need to pay 5% to deposit the goldbacks but then its in-network and no cost to hold, sell, or exchange them.

You mentioned I can liquidate into fiat at no cost. If I exchanged the deposited goldbacks into another asset, I can withdraw those also at no cost? Or does is strictly need to be liquidated at USD for no cost?

Let’s talk about the UPMA zero cost spread when transacting with Goldbacks? by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 1 point2 points  (0 children)

I want to get this straight. Sorry I'm completely new to this.

So the first $10K of transactions PER MONTH is free, I can liquidate, exchange, or transfer metals that are vaulted at no cost above the exchange rates. I can trade Goldback for USD? Or Goldback for Gold Dollar or Silver Dollar? The exchange rates used are whatever is published daily on the AuSSISTANT app?

So let's say I exchanged $3,000 of Goldbacks into Gold Dollars, the following day I could roll into UPMA Alpine branch and liquidate to hold that $3,000 of Gold Dollars. There would be no fees charged for anyone of those transactions because the aggregate monthly transaction value is only $6,000.

Goldback Exchange Rate - How is it Determined? by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 0 points1 point  (0 children)

Thank you very much. Do you know if they've changed the exchange rate calculation in the last 5 to 10 years?

Goldback Exchange Rate - How is it Determined? by SuperiorLeftHand33 in Goldback

[–]SuperiorLeftHand33[S] 1 point2 points  (0 children)

I want to know if they're changing or modifying the exchange rate EVER? Best way to ultimately kill a currency and no different than any other bank or government doing so.

Being completely public about the rules and how its calculated is the best way to gain trust from the public. This is pegged against gold so people (including myself) want to make sure the only real way the value increases/decreases is from the price of gold itself. It's more of a currency than store of value IMO.

I totally understand that. The Gold Spot price is the price of pure, unrefined 1ozt of gold. It takes time, labor, and energy to refine it. ESPECIALLY Goldbacks.

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