GoldNRoll Copper ✭✭
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Following suggestions that I got on this community, I removed from the Gold'N'Roll marketplace the option to pay with "golden rolls" and "US gold dollars". People historically tend to forget about the gold metal behind the name of the currency and remain with the notes. From now on, the only price is the "gold gram".
I went ahead of the "Pay with Goldmoney" functionality for the new holdings, and I introduced a new field when adding a product for sale: "accepted payments". Here, I added the "Goldmoney" option.
If checked, it'll be displayed on the product page. Like for:
As soon as the "Pay with Goldmoney" widget will be ready, I'll integrate it with the marketplace.
All the best!
Both currency and money stand as medium of exchange and unit of account. But there are 2 properties that money have and currency don't.
The first one is practical:
Money preserves the value of its unit of account over time, currency not necessarily. One gram of gold roughly buys today the same goods as their equivalent thousands of years ago. The "paper" dollar lost 99% of its value since the Federal Reserve began to devalue it in 1913.
The second one is fundamental:
Money is what people freely choose to use for exchange and unit of account. Currency is whatever abstraction is imposed by a central power.
If today the Government declares that the "paper" dollar is not the national currency anymore; so people can use aside it, whatever they want for exchange, accountability and payment of taxes. Do you think people would stick with the paper notes or they would begin using gold, silver, bitcoin and other commodities until one will emerge voluntarily? I guess that the one perceived as most stable and precious will emerge. What do you think?
BullionVault has a clear position on this subject, quite different from the trend:
"Still, blockchains won’t solve any problems related to the physical delivery of gold, said Adrian Ash, a research director at BullionVault. The company runs an online platform for retail trading of about $2 billion of metal stored in vaults around the world, including Zurich, London, New York and Singapore. It handles 38 metric tons of gold, more than the reserve holdings of Peru.
"People don’t trust the government, so why would you leave it at the government vaults?" Ash said. "Our customers don’t want it sitting in a commercial bank vault because they could go bankrupt. When we buy it from a bank, we put it in a specialist custodial facility. You need a truck to move it. Blockchain doesn’t solve the truck problem.""
But who says that the self-driven trucks of the future won't be managed by a ledger?
The main difference between gold and crypto is that in a blockchain, one's coins are found in all the nodes who downloaded the up-to-date blockchain. What makes the coins only accessible to one for use, is the private key that secures the "wallet".
This is not the case for gold. One's gold is found only and only in one vault.
So the blockchain versus client-server technology is limited to how the financial transactions are conducted.
In the current banking environment, the transactions are carried out following the ISO 8583-1 (2003) standard. This standard is already ultra-fast and secure, prove that our payments with credit/debit card work very fast.
So why changing it with a blockchain?
I guess here is the trap. The blockchain will not make it more distributed. The banking system is already a centralized system in itself. It will only make it more centralized in one big ledger that is transparent for the governments to have instant access to any financial transaction of every person (node) much faster than today: the governments will have a copy of the real-time transactions... all the time. I don't think the governments will allow the existence of an inter-bank blockchain without having a window to decipher the transactions.
Gold holders have an affinity for privacy. We prefer depositories and vault custodians who keep our gold safe from the banking system. I think the BullionVault position stands here.
As long as a bar of gold can be physically stored in one and only one vault; and there is no such thing as a copy of it in all the nodes of the gold money environment; and we want privacy, the question is: why changing a classic financial transaction system in which for the gold to change owner only the acquirer and the issuer shall agree, with a system in which such transactions are visible and must be approved by the entire network of gold holders of the world?
@paddy10tellys @Lone_Starr @Goldmatters
A way to solve the problem of redeeming gold rapidly in case of need, from anywhere, is for Goldmoney to partner with trusted gold dealers in every US state and European country/region.
In case of a rush and for any redemption in general, an account holder could redeem gold from the local partner of Goldomoney. The dealer will then clear its accounts with Goldmoney.
There are several advantages of this approach:
- Externalize the assay of physical gold to dealers;
- Make easy to fund Goldmoney accounts with physical gold;
- Reach a much larger audience, as local dealers will advertise Goldmoney;
- Increase trust, as dealers fill the gap between that faraway depository that Goldmoney is, and the client.
Goldmoney represents those big vaults in Toronto, Zurich etc and the online platform, while local dealers have the function of proximity service for anything that touches physical gold.
Basically, collaborate closely with dozens of Schiff Gold all over the world
This model is under implementation by the future Texas Bullion Depository:
I'm happy to announce the kick-start of the Gold'N'Roll T-Shirt printing workshop
I look forward to integrate our site, goldnroll.store, with the Goldmoney pay button.
I understand this functionality is still under development for the new holdings, with no ETA.
Until then, we rely on Goldmoney gold transfers as payment for our high quality printings, as we feel better when we sell for gold.
We also look for suppliers (T-Shirts, packaging, transportation, consumables) that we could pay with gold!