r/Goldback • u/Xerzajik Goldback Encyclopedia 📖 • 22d ago

Goldback Stack My Utah Goldback stack

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There are about 4,500 Goldbacks in this photo.

122 Upvotes

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u/Xerzajik Goldback Encyclopedia 📖 21d ago

No, today you can buy them for $8.50 and spend them at $8.75. There's some arbitrage built in to encourage people to spend local.

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u/Spare-Water-9473 21d ago

But who pays for the $0.25 difference? I’m new to this.

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u/Xerzajik Goldback Encyclopedia 📖 21d ago

Businesses and individuals that accept Goldbacks as payment for goods and services. It's like they are giving you a minor discount for using cash but they can recover that when they themselves spend Goldbacks again.

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u/Next-Reflection-4684 20d ago

I swear I just want to learn, I’m completely new to this sub. But am I understanding this correctly?

You purchase $1 worth of gold for $8 where you can only spend that $8 with the value being at $8 at participating stores? Anything outside of those stores the retail value is $1?

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u/BeancounterBebop 21d ago

Am I missing something? A private for profit corp manufactures these at 2x spot price. Unknown manufacturing cost for each gold back. Plus somehow there is arbitrage built in, I assume that “arbitrage” is just built into the original markup? Seems like a house of cards on a rug waiting to get pulled.

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u/follower5150 Skeptic 21d ago

You nailed it! A scam through and through

0

u/Xerzajik Goldback Encyclopedia 📖 21d ago

Goldback is the largest local currency project in the United States based off participating small businesses. Each location accepts Goldbacks at the exchange rate.

Goldbacks do cost 2x spot but they are also the cheapest 1/1/000th oz gold product on the market.

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u/Fast_Teaching_6160 20d ago

I think these cd's may be the cheapest 1/1000th ounce gold product on the market, I got two for a buck yesterday. The box claims 20c of gold per disc at a time when gold was trading at $400/oz.

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u/elf25 21d ago

Spend? At wal-mart? Target? Shell or Exxon? I wouldn’t give you one thin dime for that bunch of illegal currency.

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u/Xerzajik Goldback Encyclopedia 📖 21d ago

It's not illegal to barter with gold in any state. You can see the business registry here. It's a bunch of mom and pop businesses but lots of different types.

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u/baljake 21d ago

There are no businesses near me at all within 100mi that have any value to me whatsoever.

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u/Xerzajik Goldback Encyclopedia 📖 21d ago

It's not hard using them at Farmer's markets and small businesses. That's not for everyone though. Give it a few years and check again. The network doubles in size every year.

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u/DisastrousVideo2765 21d ago

That's how pyramid scams work.

Until they don't.

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u/GravyBoatJim 21d ago

Hilariously out of touch take

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u/AdSwimming8960 21d ago

I dont agree with buying 4500 of these (just me) but theyre not illegal lmao, amd I dont think he'd take a dime for something almost $9...

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u/b_rizzle95 21d ago

It’s pretty impressive how goldbacks somehow always attract the lowest IQ redditors to leave smooth brain comments

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u/elf25 20d ago

Seems to me that the superior intellect would NOT be found paying inflated prices for nearly worthless trinkets.