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Glint - Gold backed card
Posted on 11/21/22 at 11:07 am
Posted on 11/21/22 at 11:07 am
Apologies if this type of discussion is beneath the MT board here. I never post here but as I age, I have begun to show interest.
As I am against the push for a cashless society, as I'm sure is the prevailing sentiment here, I am always interested in ventures that go against that.
I saw an app ad randomly this weekend called Glint. It's basically a mastercard backed debit/credit card. You literally buy gold to put in your account, even in increments as low as $0.01. So you buy gold, your gold can be spent just like any card.
If y'all would weigh in and talk about this as a philosophy and how this would affect the world if it grew, that would rock. I'll hang up and listen.
LINK /
As I am against the push for a cashless society, as I'm sure is the prevailing sentiment here, I am always interested in ventures that go against that.
I saw an app ad randomly this weekend called Glint. It's basically a mastercard backed debit/credit card. You literally buy gold to put in your account, even in increments as low as $0.01. So you buy gold, your gold can be spent just like any card.
If y'all would weigh in and talk about this as a philosophy and how this would affect the world if it grew, that would rock. I'll hang up and listen.
LINK /
2
Posted on 11/21/22 at 4:04 pm to m2pro
So you get the card, deposit USD in order to buy gold, then when you want to use the card you convert the gold back to USD in order to spend it. Costing you .5% in fees each time you go back and forth? so you are losing 1% on everything you buy through the card (ignoring any changes in price of gold)?
This post was edited on 11/21/22 at 4:05 pm
Posted on 11/21/22 at 4:08 pm to Hermit Crab
Even if there was no fee that sounds horrible.
Gold isn't an investment or something you want to back liquid assets with, it's a hedge.
Additionally, it's not physical gold. If you've learned anything in the past few months, there is WAY more paper bullion than real metals. It has been leveraged, just like the dollar. There could easily be a run-on gold or silver with all the people holding precious metals in electronic accounts.
Gold isn't an investment or something you want to back liquid assets with, it's a hedge.
Additionally, it's not physical gold. If you've learned anything in the past few months, there is WAY more paper bullion than real metals. It has been leveraged, just like the dollar. There could easily be a run-on gold or silver with all the people holding precious metals in electronic accounts.
Posted on 11/21/22 at 4:32 pm to oneg8rh8r
Are there tax implications with transferring back and forth?
Posted on 11/21/22 at 6:24 pm to Hermit Crab
Sounds like almost as good a deal as Celsius and Voyager.
Posted on 11/22/22 at 10:44 pm to m2pro
I have been using kinesis for quite a while. You can transact on a debit card that is soon to be re-released with a new vendor in silver(KAG) or gold (KAU) and all of the gold/silver you own is physically backed 1:1 and can actually be redeemed for physical. I believe there are some other competitors, the main one I’ve heard about is LODE.
Asset backed cryptocurrencies
have a ton of potential, it will be interesting to see who catches on first
Asset backed cryptocurrencies
have a ton of potential, it will be interesting to see who catches on first
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