Gold on paper, genius.
goldback.com
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Replies (19)
Imagine a bitcoin ATM that also gives you gold...
goldatm.com
LOL 😅
how many times is it possible to invent square wheel? ;)
Having tiny amounts of gold on a provable medium is actually a substantial innovation, the final nail in the coffin of silver and copper as money.
Only 16 years too late
Haha exactly. After exchanging three times, what percentage of gold would you expect to still be on the paper? Every user can esily scratch it from the paper. Even by accident.
If I understand it correctly, no!
The gold is laminated between two sheets of plastic, with numerous tamper evidence and anti forging features.
how does it solve the "verify" problem? or actually can the cost of it compete with Bitcoin?
Goldbacks can be verified by numerous features in the design, like watermarks etc, I believe the mobile app can verify them as well, so far they have not been counterfitted. So the trust is anchored in the producer adding adequate amounts of gold, and free market incentives are likely keeping him honest.
Bitcoin has an infinite cost to be transported in meatspace without internet, meaning it's not even possible.
Your last sentence is not true at all!
Tell me how to transact Bitcoin without internet?
Extra points for how to do it without a computer.
ChatGpt gives this summary
➡️ Without internet
SMS relays (TxTenna, mesh networks)
Radio broadcasts (ham radio, Locha Mesh)
Sneakernet (USB stick, QR code printouts)
➡️ Without computer
Hardware wallet + microSD / QR code
Possibly hand-written transactions (practically infeasible)
With all of these, at least one party must have access to the internet.
Physical cash on the other hand works while both sender and receiver are 100% offline.
Ok. Maby when it is well done this is a way to a globally accepted cashsystem. But production would need to be centralized same as cash of today, to hold the credibility.
Once some entity found a way to creat a good false note, this entity would need to replace all existing notes.
Could be very expensive money.
That’s not correct. The Bitcoin network itself eventually needs internet to confirm a transaction, but neither sender nor receiver needs direct internet access. A signed transaction can be broadcast by any third party (e.g. via radio, SMS relay, or satellite uplink), similar to how a cash payment can later be deposited at a bank.
I'd wager there is room for tens of different producers of such cash. Competition will drive additional security features and push cost down.
Competision can it also make easyer for similar scwm cash getting into the market exactly like all the useless shitcoins flooting crypto markets. Which would hinder wider adoption maby.
You said transported. Remember 12 words and you can cross borders.
But sure: Satellite, radio, mesh, SMS, paper and probably more I can't think of now.
What do you think is the % probability that we might experience "no internet" event in the future? Are you considering this to happen?
I'm offline and without a phone a decent amount of time...
This isn't only a shit hits the fan szenario.