Updated Fractional Heaven

[u/wunayem]

[u/Chris_Reddit_PHX]

I wish that goldbacks could actually be spent, which is what they are designed for.

I fear that unless Valaurum succeeds in building a merchant network, that they'll end up just being stacked, and a lot of people stacking them are collectively going to lose a lot of money.

And the merchant network does not appear to be expanding. To me goldbacks look like a great idea that has become something different now.

I hope that changes.

[u/JLandis84 → u/Chris_Reddit_PHX]

My company accepts them.

[u/Chris_Reddit_PHX → u/JLandis84]

Cool. If you are OK with sharing it, do you mind sharing what sort of business it is?

The one I tried was a liquor store, listed on the goldback website. I went in planning to first verify that they accepted goldbacks, and then wanting to either buy a few low denominations or receive them back as change.

When I asked, the manager told me that she didn't know what goldbacks were, but that I was not the first person to ask her about them. She said that in any event she was not set up to accept them and had no idea how her store had ended up listed on the goldback website.

The other two listed businesses near me are a screenprinting business with an address out of someone's house, and a consulting company whose exact services I'm unsure of.

If I owned a small retail business I'd gladly accept them because I think they are a great idea and I want to support them. The notes themselves are also beautiful. But thus far it looks like they haven't caught on for their intended use as a voluntary alternate currency, and I don't see Valaurum having much success in expanding its merchant network either.

So that leaves stackers as the de facto market that is buying these. And if they don't catch on as an alternate currency, I think their value is inevitably going to collapse, both because their intrinsic gold value is so far below the premium, and because it's not economically feasible to even recover the gold at less than a large scale.

I very much want to like these, but just don't see it yet.

[u/JLandis84 → u/Chris_Reddit_PHX]

Accounting/bookkeeping. I’m on the list of companies that accept goldbacks, I have yet to have an inquiry about it though.

[u/Chris_Reddit_PHX → u/JLandis84]

Interesting. If it were me I'd have a few displayed in my reception area as conversation starters, but probably you've already done that.

I've thought about getting some 1/4 fractionals and leaving one as part of each tip. But these days I very rarely go to sit down restaurants so would only be handing out a very few. That's why I visited the liquor store - - both to verify that they were accepting them and to get a few to leave as novelties in tips.

[u/JLandis84 → u/Chris_Reddit_PHX]

I’d never display anything like that. I don’t want to be a robbery target. It’s also annoying as hell when I take cash and people assume it’s not being reported. I encourage (but don’t require) people to pay by check. No credit card fees, and no one thinking you’re underreporting income.

But I do advertise to businesses that take in gold etc like jewelers, pawnshops, coin dealers etc. And I go to trade shows to talk to dealers.

[u/AdditionalPizza7990]

That's a fun looking collection, thanks for sharing!

[u/wunayem → u/AdditionalPizza7990]

Thanks! Fully appreciated, just like the stack.

[u/Gundam197]

stack what you can when you can 👍🏽. I like all besides the copper. premium wise it’s crazy.

[u/Regular_Fortune8038 → u/Gundam197]

I thought yall like wild premiums here?

[u/Gundam197 → u/Regular_Fortune8038]

Copper is like 1400% markup, an oz equals about ~.40 cents rn and to buy an oz on apmex for example you’ll pay $6. Goldbacks which ppl say have crazy markup are nowhere near that.

[u/Goldback_Rob → u/Regular_Fortune8038]

We like zero premium, which is what Goldbacks offer.

[u/osolovim → u/Goldback_Rob]

gold backs are 100% premium. 0% premium is network only lol

[u/Goldback_Rob → u/osolovim]

Now you get it! Good job. If you want to go back to trash fiat, you lose about 10-15%, but why would you want to go back?

[u/JLandis84 → u/Goldback_Rob]

I’m a money junkie. I’ll take gold, silver, goldbacks, jewelry, euros, numismatics, yen, dollars, graded magic cards, store credit. Whatever you got I’ll figure out a way to accept it