This tweet of Roy Sebag explains a lot

GoldNRollGoldNRoll Posts: 233 Bronze ✭✭✭


https://twitter.com/roysebag/status/1197860394259374081

This explains the latest focus of Goldmoney on holdings, extending the vault network and the trading tools, rather than gold transfers and the long time expected "Pay with Goldmoney" widget.

However, if the trust in fiat falls things will escalate quickly. There were times in history when fiat money lost its entire value in several months. People will drop fiat for whatever tangible asset they can afford. But people still need some medium of exchange. In past times, people replaced their own government fiat with another, more stable foreign fiat.

But now, if the entire global fiat system falls apart, people will use for exchange whatever asset is slightly fungible and divisible. Even gas will be a solution. Cryptos will certainly thrive. Gold may be unprepared at that time to compete with cryptos.

World governments may very well agree with a return to gold as world money, or adding gold to the SDR basket. But they will fall short to implement it. We know the state bureaucracy and international tensions, governments will need months if not years to agree on something and people won't wait.

If, as the government fiat falls, the private gold industry won't be prepared to offer solutions to easily exchange gold as money, cryptos will thrive and gold will remain again in the shadow.

Comments

  • RocketDogRocketDog Posts: 823 Silver ✭✭✭✭
    In that case, why use Goldmoney to store, unless you want to trade metals? I can store it myself and would rather have it in hand if I can't spend it digitally. I can't make money trading between gold and silver either, because right now the prices seem to go up and down in an eerily synchronistic way (the same amount at the same time).
  • GoldNRollGoldNRoll Posts: 233 Bronze ✭✭✭
    @RocketDog GM is a good platform for trading. Excellent buy-sell spread... hoping that the current problem with funding methods will be sorted out.

    Roy was referring to spending, paying with gold to merchants that accept gold.

    My opinion is that GM should have already implemented (ready for release) an omnichannel (at least an API) easily accessible to any ecommerce and POS, implementing the international standard for financial transactions (to transact XAU). To be ready just in time for the fall of fiat money.
  • IrishGuyIrishGuy Posts: 206 Bronze ✭✭✭
    I wrote a long response to this and got hit with some needs to be verified. Curious will it ever be posted. Totally agree with @GoldNRoll post above
  • TheSwedeTheSwede Posts: 17 Tin ✭
    Is Mene the hope that will pull Goldmoney. Mene needs Goldmoney so they both have to continue together.
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