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(Marketwatch)   Are you tired of governments manipulating fiat currencies? Wish you could use gold to do your everyday shopping but get funny looks from cashiers when you whip out your bag of gold and scales? Well these guys have the debit card for you   ( marketwatch.com) divider line
    More: Silly, Gold as an investment, gold, Glint, Precious metal, Gold bar, Glint app, Gold coin, Glint customers  
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927 clicks; posted to Business » on 17 Jul 2018 at 9:35 AM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



36 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2018-07-17 09:32:14 AM  
ron paul must be calling them every day to try to be their spokesman
 
2018-07-17 09:51:29 AM  
Glint, which is regulated by the U.K.'s Financial Conduct Authority, makes money by charging a fee of 0.5% when a user purchases gold, and a 0.5% fee when the user spends or sells their gold. The average gold balance for Glint customers amounts to 45 grams, worth £1,382 ($1,831) at current spot prices.

If you want to stick it to the Fed by paying 0.5% on each transaction, then more power to you.
 
2018-07-17 09:54:42 AM  
Are you tired of governments manipulating fiat currencies?

I'm actually tired of paying for things with small Italian cars.

Rapmaster2000: Glint, which is regulated by the U.K.'s Financial Conduct Authority, makes money by charging a fee of 0.5% when a user purchases gold, and a 0.5% fee when the user spends or sells their gold. The average gold balance for Glint customers amounts to 45 grams, worth £1,382 ($1,831) at current spot prices.

If you want to stick it to the Fed by paying 0.5% on each transaction, then more power to you.


What do you expect from a system named after a Ferengi?

/OK, sure, it was Gint, close enough
 
2018-07-17 09:54:44 AM  
The gold bugs are always prattling on about how gold has 'intrinsic value'.   True.  Gold can be used to make jewelry, it can used in dental work, it makes and excellent electrical conductor....there's gold in your computer and phone.  In the same vein sheep's guts have intrinsic value, they can be used to make haggis.  From there they move on to claiming that gold as a currency is not subject to the wild swings in valuation that fiat currencies are.   Look at the history of gold as a currency, and you'll quickly discover that's patently wrong.

Oh, how to recover gold from scrap electronics at home.

How To Recover Gold From Computer Scrap with Household Chemicals
Youtube 2sZUAprS5KI
 
2018-07-17 09:55:14 AM  
"Let's just do it: I'm going to now buy two grams of gold," said Cozens, demonstrating on his phone. "It's going to cost me £61. I review that, that's the [spot] rate ... confirm it ... done. Now, I have some more gold," he said.

No you dont.


"We got a taxi on the way here and I used 0.21 grams of gold to pay for it."

No, you didn't.
 
2018-07-17 10:01:42 AM  
Gold weirdoes are weirdoes.

Gold is not plentiful enough to serve as the world's currency anymore.

It is just not feasible.  Ever since the population and resultant need for goods and services got past a couple million, gold has only had true value because it could be changed for money.

Gold truly only has value today because people believe it does.  Sound like the fiat currencies argument?

At least I can buy gas with a dollar.   Gold has very little actual value without fiat currencies.

/anyone pushing for a gold standard probably has a lot of gold and wants to see it skyrocket as people try to figure out how to buy a loaf of bread with a dust particle of gold.
 
2018-07-17 10:20:57 AM  

I sound fat: Gold weirdoes are weirdoes.

Gold is not plentiful enough to serve as the world's currency anymore.

It is just not feasible.  Ever since the population and resultant need for goods and services got past a couple million, gold has only had true value because it could be changed for money.

Gold truly only has value today because people believe it does.  Sound like the fiat currencies argument?

At least I can buy gas with a dollar.   Gold has very little actual value without fiat currencies.

/anyone pushing for a gold standard probably has a lot of gold and wants to see it skyrocket as people try to figure out how to buy a loaf of bread with a dust particle of gold.


The argument of gold bugs is always the same, fiat currencies have no intrinsic value.   They have no idea how money works.   The dollar has value because of the US government's ability to tax and create debt.  Oh, the dollar is also unofficially backed by a commodity: petroleum.   Oil is priced in dollars.  Oil is a vastly more useful commodity than is gold.
 
2018-07-17 10:26:16 AM  

Fissile: I sound fat: Gold weirdoes are weirdoes.

Gold is not plentiful enough to serve as the world's currency anymore.

It is just not feasible.  Ever since the population and resultant need for goods and services got past a couple million, gold has only had true value because it could be changed for money.

Gold truly only has value today because people believe it does.  Sound like the fiat currencies argument?

At least I can buy gas with a dollar.   Gold has very little actual value without fiat currencies.

/anyone pushing for a gold standard probably has a lot of gold and wants to see it skyrocket as people try to figure out how to buy a loaf of bread with a dust particle of gold.

The argument of gold bugs is always the same, fiat currencies have no intrinsic value.   They have no idea how money works.   The dollar has value because of the US government's ability to tax and create debt.  Oh, the dollar is also unofficially backed by a commodity: petroleum.   Oil is priced in dollars.  Oil is a vastly more useful commodity than is gold.


I wonder how much gold would be worth just for electronics and other practical uses?  It would probably still be somewhat valuable.  Although there are other elements not considered currency that are worth much more.  Maybe we should all go on the niobium standard.
 
2018-07-17 11:20:47 AM  
Can't eat gold.

When the Bernie Bros crash the world economy you'll need three things: food, a trade good, a way to protect it and shelter.

That's why I have 55 gallon drums buried in the backyard full of rice & beans, black pepper, and shotgun shells.
/hope the end doesn't come in winter as it will be a lot harder digging up the drums.
 
2018-07-17 11:38:57 AM  

Cheron: Can't eat gold.

When the Bernie Bros crash the world economy you'll need three things: food, a trade good, a way to protect it and shelter.

That's why I have 55 gallon drums buried in the backyard full of rice & beans, black pepper, and shotgun shells.
/hope the end doesn't come in winter as it will be a lot harder digging up the drums.



also, the 55 gallon drum of lube will probably be too thick and cold to use
 
2018-07-17 11:51:52 AM  

Cheron: When the Bernie Bros crash the world economy you'll need three things: food, a trade good, a way to protect it and shelter.


You can bash someone's head in with a bar of gold.  That literally will be its only use.
 
2018-07-17 12:12:36 PM  

Cheron: Can't eat gold.

When the Bernie Bros crash the world economy you'll need three things: food, a trade good, a way to protect it and shelter.

That's why I have 55 gallon drums buried in the backyard full of rice & beans, black pepper, and shotgun shells.
/hope the end doesn't come in winter as it will be a lot harder digging up the drums.


At the very least it seems like you should put the shotgun shells in a separate drum.
 
2018-07-17 12:18:17 PM  
So... it's a pre-paid credit card that's multi currency under the theory that you are paying in and selling out  with Gold as it's base currency.

At 0.5% extra per transaction. Plus any other fees for the multi currency card.

I think they should have used Peanut M&M's as the base value. That's far more stable than gold.

Well, I can see why they want to promote their business. It's a bank with enormous fees and complexity handled by Mastercard. All they gotta do is sell to the customers that it's a good idea to buy gold and sell it frequently at that trade cost. Except instead of in investment terms, routine sale terms?
 
2018-07-17 12:19:54 PM  
img.fark.netView Full Size
 
2018-07-17 12:41:12 PM  

I sound fat: Gold weirdoes are weirdoes.
Gold is not plentiful enough to serve as the world's currency anymore.
[...]

I *think* there are "dollar backed" currencies out there, that basically makes roughly the same amount of sense as "gold backed", except  the dollar is likely more stable which pushes things toward the dollar.

The real kicker became obvious in 1980 when the Hunt brothers essentially had the market cornered (the exchange basically broke the rules to stop them, try to get a goldbug to accept one of:
A. Having a currency's backing cornered is acceptable (the US would exchange a silver dollar for a silver certificate until 1964)
B. Breaking a contract is acceptable to maintain the spirit of the deal (the exchange existed to provide liquidity.  The only way to maintain liquidity was to extend trading to break the corner).

If you base the US currency off of a fractional gold backing, cornering the gold market basically makes you own more than the world is worth.
/goldbugs typically have a contract fetish as well
//not sure if it is spectrum based or has to do with not growing out of 8th grade ideas
///I have to wonder how much correlation there is between certain right-wing-derpy ideas and the age said goldbug (or whatever derpy idea) found his privilege checked and found insufficient.
 
2018-07-17 12:51:51 PM  

Fissile: The gold bugs are always prattling on about how gold has 'intrinsic value'.   True.  Gold can be used to make jewelry, it can used in dental work, it makes and excellent electrical conductor....there's gold in your computer and phone.  In the same vein sheep's guts have intrinsic value, they can be used to make haggis.  From there they move on to claiming that gold as a currency is not subject to the wild swings in valuation that fiat currencies are.   Look at the history of gold as a currency, and you'll quickly discover that's patently wrong.

Oh, how to recover gold from scrap electronics at home.

[Youtube-video https://www.youtube.com/embed/2sZUAprS​5KI]


That's pretty nifty.

But, and my math may be off, at $417 per 5lbs of trimmed fingers, that comes out to $91.85 per 500g, which, after time and chemical expenses, gets you 1g of .999 pure gold, spotting today at $39.92 per gram (higher than the value when dude recorded this).

On the recycling scale shown in the video, you would lose money at a ferocious rate.
 
ecl [TotalFark] [BareFark]
2018-07-17 01:05:37 PM  
static.fjcdn.comView Full Size
 
2018-07-17 01:15:47 PM  

a_room_with_a_moose: Fissile: The gold bugs are always prattling on about how gold has 'intrinsic value'.   True.  Gold can be used to make jewelry, it can used in dental work, it makes and excellent electrical conductor....there's gold in your computer and phone.  In the same vein sheep's guts have intrinsic value, they can be used to make haggis.  From there they move on to claiming that gold as a currency is not subject to the wild swings in valuation that fiat currencies are.   Look at the history of gold as a currency, and you'll quickly discover that's patently wrong.

Oh, how to recover gold from scrap electronics at home.

[Youtube-video https://www.youtube.com/embed/2sZUAprS​5KI]

That's pretty nifty.

But, and my math may be off, at $417 per 5lbs of trimmed fingers, that comes out to $91.85 per 500g, which, after time and chemical expenses, gets you 1g of .999 pure gold, spotting today at $39.92 per gram (higher than the value when dude recorded this).

On the recycling scale shown in the video, you would lose money at a ferocious rate.


To say nothing of the 2 days worth of time it took to recover that lousy 1g of gold. You'd have better results digging and panning the sand on the beaches of Alaska.

There is a reason why this kind of gold recovery is only done on an industrial scale and mainly in China and other countries where they don't give a shiat about worker safety and/or the environment. You can't make any money off it unless you're doing it by the ton and you don't care about the poison you're using to do it.
 
2018-07-17 01:29:27 PM  
So we agree that the US dollar is better than gold, but not all fiat currencies are the US dollar.  Is gold better than the venezuelan bolivar or the argentine peso?  I would say yes.  So, we now have some scale on where gold is better than and worse than some currencies.  Now we just need to figure out where the line is (the one currency that is just barely worse than gold and just barely better than gold).  Figure out what the qualities of each group are, and then get the retard countries to give their currencies the qualities of currencies that are at least just barely better than gold.  Then people won't be able to point to current ongoing currency failures as a reason to invest in gold.  And countries would be more stable.  Win - Win.
 
2018-07-17 01:47:07 PM  

a_room_with_a_moose: Fissile: The gold bugs are always prattling on about how gold has 'intrinsic value'.   True.  Gold can be used to make jewelry, it can used in dental work, it makes and excellent electrical conductor....there's gold in your computer and phone.  In the same vein sheep's guts have intrinsic value, they can be used to make haggis.  From there they move on to claiming that gold as a currency is not subject to the wild swings in valuation that fiat currencies are.   Look at the history of gold as a currency, and you'll quickly discover that's patently wrong.

Oh, how to recover gold from scrap electronics at home.

[Youtube-video https://www.youtube.com/embed/2sZUAprS​5KI]

That's pretty nifty.

But, and my math may be off, at $417 per 5lbs of trimmed fingers, that comes out to $91.85 per 500g, which, after time and chemical expenses, gets you 1g of .999 pure gold, spotting today at $39.92 per gram (higher than the value when dude recorded this).

On the recycling scale shown in the video, you would lose money at a ferocious rate.


The guy who made that vid admits that you'll lose money if you have to pay for the scrap.  I think that vid has like 4 million views.  He made his money from the video.  It is a very entertaining vid, I enjoyed watching it.    I suppose if you were unemployed, had access to huge amounts of electronics scrap you could get for free, and safe place to work, you could do better than min wage.

Reclaiming metals from electronics scrap does pay at the industrial level.  Gold present in electronics scrap is about the same percentage (by weight) as mined gold ore.   There are also lots of other valuable metals to be reclaimed such as copper and some metal that goes into making capacitors, which I can't recall the name of now.
 
2018-07-17 02:18:26 PM  

Fissile: a_room_with_a_moose: Fissile: The gold bugs are always prattling on about how gold has 'intrinsic value'.   True.  Gold can be used to make jewelry, it can used in dental work, it makes and excellent electrical conductor....there's gold in your computer and phone.  In the same vein sheep's guts have intrinsic value, they can be used to make haggis.  From there they move on to claiming that gold as a currency is not subject to the wild swings in valuation that fiat currencies are.   Look at the history of gold as a currency, and you'll quickly discover that's patently wrong.

Oh, how to recover gold from scrap electronics at home.

[Youtube-video https://www.youtube.com/embed/2sZUAprS​5KI]

That's pretty nifty.

But, and my math may be off, at $417 per 5lbs of trimmed fingers, that comes out to $91.85 per 500g, which, after time and chemical expenses, gets you 1g of .999 pure gold, spotting today at $39.92 per gram (higher than the value when dude recorded this).

On the recycling scale shown in the video, you would lose money at a ferocious rate.

The guy who made that vid admits that you'll lose money if you have to pay for the scrap.  I think that vid has like 4 million views.  He made his money from the video.  It is a very entertaining vid, I enjoyed watching it.    I suppose if you were unemployed, had access to huge amounts of electronics scrap you could get for free, and safe place to work, you could do better than min wage.

Reclaiming metals from electronics scrap does pay at the industrial level.  Gold present in electronics scrap is about the same percentage (by weight) as mined gold ore.   There are also lots of other valuable metals to be reclaimed such as copper and some metal that goes into making capacitors, which I can't recall the name of now.


Tantalum
 
2018-07-17 02:40:04 PM  
Whatever happened to that gold "credit card" that had perforated measured squares of gold you could pay with?
 
2018-07-17 04:07:36 PM  

Fissile: I sound fat: Gold weirdoes are weirdoes.

Gold is not plentiful enough to serve as the world's currency anymore.

It is just not feasible.  Ever since the population and resultant need for goods and services got past a couple million, gold has only had true value because it could be changed for money.

Gold truly only has value today because people believe it does.  Sound like the fiat currencies argument?

At least I can buy gas with a dollar.   Gold has very little actual value without fiat currencies.

/anyone pushing for a gold standard probably has a lot of gold and wants to see it skyrocket as people try to figure out how to buy a loaf of bread with a dust particle of gold.

The argument of gold bugs is always the same, fiat currencies have no intrinsic value.   They have no idea how money works.   The dollar has value because of the US government's ability to tax and create debt.  Oh, the dollar is also unofficially backed by a commodity: petroleum.   Oil is priced in dollars.  Oil is a vastly more useful commodity than is gold.


Imagine where you go to renew your driver's, hunting or fishing license, pay your taxes or renew your passport.

And the various levels of US government demand bitcoin, gold or bottles of Russian Vodka instead of $US.

That's when you know it's time buy foreign currencies.
 
2018-07-17 04:27:07 PM  
FTFA: "That cab ride to MarketWatch's office, breakfast at The Ned - a high-end hot spot nestled near the Bank of England - a visit to the Bombay Canteen in Mumbai and various places in Tokyo are some of the Glint transactions that Cozens displayed, and purchases of coffee and tea with MarketWatch at a nearby Pret-A-Manger elicited a "Wow!" when the gold-based transaction is shown to the cashier."

media.giphy.comView Full Size
 
2018-07-17 04:31:17 PM  

Fissile: Oh, how to recover gold from scrap electronics at home.


Or, how to become a filthy weirdo.
 
2018-07-17 04:38:47 PM  

DecemberNitro: Fissile: Oh, how to recover gold from scrap electronics at home.

Or, how to become a filthy weirdo.


You say that like it's a bad thing.
 
2018-07-17 05:19:16 PM  

Bondith: Are you tired of governments manipulating fiat currencies?

I'm actually tired of paying for things with small Italian cars.


Don't knock Fiat money till you try it.

It's called the FCA DrivePlus℠ Mastercard®:
img.fark.net
https://www.drivepluscard.com/

/this is not an endorsement, nor do I work for them
 
2018-07-17 06:25:17 PM  

Fissile: They have no idea how money works.   The dollar has value because of the US government's ability to tax and create debt.


The dollar has value because we all agree that the dollar has value.  All "money" is fiat and simply exists as an agreed upon medium of exchange.  It doesn't matter if that fiat is backed by the full faith and credit of a government, or by a commodity (such as gold, silver, oil, wheat, whatever,) and it sure as hell doesn't have value because of the government's ability to tax or create debt.
 
2018-07-17 06:40:47 PM  

IvanTheSilent: Fissile: They have no idea how money works.   The dollar has value because of the US government's ability to tax and create debt.

The dollar has value because we all agree that the dollar has value.  All "money" is fiat and simply exists as an agreed upon medium of exchange.  It doesn't matter if that fiat is backed by the full faith and credit of a government, or by a commodity (such as gold, silver, oil, wheat, whatever,) and it sure as hell doesn't have value because of the government's ability to tax or create debt.


You are misinformed.
 
2018-07-17 06:44:19 PM  
Ok, so here's a question regarding the product itself.  You go online, you "buy" your gold.  It's stored for you in a vault.  Your available balance is in pounds or dollars or euros or whatever, and is pegged to the spot price of gold.  In theory, you could buy it and watch your balance increase, or you could lose money or whatever, same as anyone who buys gold and sells it later.

But, since this is technically gold based banking, how do you withdraw it?  I don't mean spending fractions of it like the article describes.  I mean if I dropped $39,565 on a 1 kilo bar of gold, where the hell do I go to get my 1 kilo bar of gold if I want to withdraw it?  If you can't, then it's not gold based banking, its merely buying a prepaid card that has a neato-keen little balance trick.
 
2018-07-17 06:52:21 PM  

Fissile: IvanTheSilent: Fissile: They have no idea how money works.   The dollar has value because of the US government's ability to tax and create debt.

The dollar has value because we all agree that the dollar has value.  All "money" is fiat and simply exists as an agreed upon medium of exchange.  It doesn't matter if that fiat is backed by the full faith and credit of a government, or by a commodity (such as gold, silver, oil, wheat, whatever,) and it sure as hell doesn't have value because of the government's ability to tax or create debt.

You are misinformed.


Great retort, so intelligent and informative.  If your statement is true, then the value of a $100 note is immutable and will be accepted anywhere.  How much is a $100 note worth in a store that doesn't take anything larger than a $20?  Or how much is it worth in the Principality of Sealand?  AND, if money is tied to someone or something's ability to levy taxes or create debts, how do airline miles work?  They are a medium of exchange that can be used for products or services, eg, money.  Are you saying Delta can levy taxes or create public debt?
 
2018-07-17 06:57:50 PM  

IvanTheSilent: Fissile: IvanTheSilent: Fissile: They have no idea how money works.   The dollar has value because of the US government's ability to tax and create debt.

The dollar has value because we all agree that the dollar has value.  All "money" is fiat and simply exists as an agreed upon medium of exchange.  It doesn't matter if that fiat is backed by the full faith and credit of a government, or by a commodity (such as gold, silver, oil, wheat, whatever,) and it sure as hell doesn't have value because of the government's ability to tax or create debt.

You are misinformed.

Great retort, so intelligent and informative.  If your statement is true, then the value of a $100 note is immutable and will be accepted anywhere.  How much is a $100 note worth in a store that doesn't take anything larger than a $20?  Or how much is it worth in the Principality of Sealand?  AND, if money is tied to someone or something's ability to levy taxes or create debts, how do airline miles work?  They are a medium of exchange that can be used for products or services, eg, money.  Are you saying Delta can levy taxes or create public debt?


I tried to argue with gold bugs in the past.  It's like trying to argue with Trump voters.   No amount of evidence or proof will convince you.
 
2018-07-17 07:06:50 PM  

Fissile: IvanTheSilent: Fissile: IvanTheSilent: Fissile: They have no idea how money works.   The dollar has value because of the US government's ability to tax and create debt.

The dollar has value because we all agree that the dollar has value.  All "money" is fiat and simply exists as an agreed upon medium of exchange.  It doesn't matter if that fiat is backed by the full faith and credit of a government, or by a commodity (such as gold, silver, oil, wheat, whatever,) and it sure as hell doesn't have value because of the government's ability to tax or create debt.

You are misinformed.

Great retort, so intelligent and informative.  If your statement is true, then the value of a $100 note is immutable and will be accepted anywhere.  How much is a $100 note worth in a store that doesn't take anything larger than a $20?  Or how much is it worth in the Principality of Sealand?  AND, if money is tied to someone or something's ability to levy taxes or create debts, how do airline miles work?  They are a medium of exchange that can be used for products or services, eg, money.  Are you saying Delta can levy taxes or create public debt?

I tried to argue with gold bugs in the past.  It's like trying to argue with Trump voters.   No amount of evidence or proof will convince you.


1: I'm not a gold bug.  I don't care for gold bugs as my previous post poking holes in "Glint" should have made clear.
2: You stated something that was pants-on-head retarded, that money has value because a government with the ability to levy taxes and create debt said it has value.  I pointed out two very real examples that prove that wrong (namely that $100 isn't 'money' in a place that won't take it, and that other entities can create 'money' for their own purposes without levying taxes or issuing debts.)

So, explain.  How does the ability to levy taxes and create public debt make 'money' into what it is?  I have always known money to be a simple medium of exchange, regardless of its form.  Or, is it that you're one of those idiots who thinks that currency = money?
 
2018-07-17 07:51:37 PM  

I sound fat: Gold is not plentiful enough to serve as the world's currency anymore.


It never was.  Silver saw more use in actual day-to-day commerce, and many societies had to take it down another step with bronze or copper coins.
 
2018-07-17 09:27:59 PM  
I was going to say, idiots, but I think con-men is more accurate.
 
2018-07-18 02:13:37 AM  

Farkn Yaj Yenrac: Cheron: Can't eat gold.

When the Bernie Bros crash the world economy you'll need three things: food, a trade good, a way to protect it and shelter.

That's why I have 55 gallon drums buried in the backyard full of rice & beans, black pepper, and shotgun shells.
/hope the end doesn't come in winter as it will be a lot harder digging up the drums.

At the very least it seems like you should put the shotgun shells in a separate drum.


The rice keeps the powder dry.
 
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