The concept of producing a currency with intrinsic value is brilliant. It assists the vital importance of acceptability when it comes to the success of alternate currencies. The issue in my mind would be how to establish a common national fiat money value to these notes.
"There’s a cost involved in manufacturing gold into such a small increment, but it’s important to mention that $5.46 is roughly 100 percent over the melt value of the gold that a One Goldback note contains."
Any idea of the manufactured cost of a note containing $5.46 of gold? And what would be an acceptable fiat money value of such a note? $7.50 - $10.00? Also there's the question of inflation. If gold were to double in fiat money value in 2025, how would that be reflected in the value of these goldbacks?
Pegging value to ones national fiat currency is ubiquitous given that we have been indoctrinated to think of value in these terms since birth. It's a difficult obstacle to overcome.
The concept of producing a currency with intrinsic value is brilliant. It assists the vital importance of acceptability when it comes to the success of alternate currencies. The issue in my mind would be how to establish a common national fiat money value to these notes.
"There’s a cost involved in manufacturing gold into such a small increment, but it’s important to mention that $5.46 is roughly 100 percent over the melt value of the gold that a One Goldback note contains."
Any idea of the manufactured cost of a note containing $5.46 of gold? And what would be an acceptable fiat money value of such a note? $7.50 - $10.00? Also there's the question of inflation. If gold were to double in fiat money value in 2025, how would that be reflected in the value of these goldbacks?
Pegging value to ones national fiat currency is ubiquitous given that we have been indoctrinated to think of value in these terms since birth. It's a difficult obstacle to overcome.