An idea is not valuable until you make it happen
Goldmoney is bringing back gold as money
Fiat, Money be
Fiat money is a currency established as money by government regulation or law.[1]. From the Latin fiat (“let it be done”, “it shall be”)[2] used in the sense of an order or decree.[1] The government, by fiat, decrees what is money; what is legal tender. Money be.
In the face of temptation reason succumbs
Fiat money, “honest” money, commodity money, representative money.
Commodity money is created from a good or precious metal such as gold or silver, which has uses other than as a medium of exchange (such a good is called a commodity).
Representative money represents a claim on such a good.[1][3][4]
For a deeper dive into paper money see the Federal Reserve Bank of Minneaopolis’ upbeat take; the Mises Institute’s articles on the cultural and political consequences of the paper money fiasco and the GoldMoney Foundation interview on fiat failures.
Defining Fiat, Paper & Government Money
Fiat money has been defined variously as:
Any money declared by a government to be legal tender.[5]
State-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.[6]
Intrinsically valueless money used as money because of government decree.[1]
While gold- or silver-backed representative money entails the legal requirement that the bank of issue redeem it in fixed weights of gold or silver, fiat money’s value is unrelated to the value of any physical quantity. A coin is fiat currency to the extent its face value, value defined in law, is greater than its market value as metal.[3]
Fiat Money article in Wikipedia
Gold As Money
Money is supposed to last; not to be consumed. Gold lasts forever and has stood the test of time by increasing or retaining its its value over time.
To be useful as money, a good must have a narrow spread. The narrower the spread, the less you lose in each trade…..
It took thousands of years to discover the best good to use as money, the good that is most marketable and thus which has the narrowest spread. Fish is better than moccasins. Salt is better than fish. Gold is the most marketable good of all.
Keith Weiner, president , Gold Standard Institute, “Why Gold Is The Best Money Of Them All, And Nothing Comes Close” in Forbes magazine.
The Idea
If gold can be used for savings, why can’t it be used for payments & other transactions? How do you move gold?
Aurum, the Latin for gold, is the basis for gold’s Au symbol. Aurum is also the name for Goldmoney’s proprietary patented technology.
The price for purchasing or redeeming gold for any Goldmoney transaction is computed by the Aurum pricing engine, accounting for the Best Bid or Offer (BBO) in each respective vault location.
Aurum ensures the most accurate price available. Aurum’s patented engine collects & distributes real-time gold prices from bullion counter parties quoting bids & offers for the purchase or sale of physical gold bullion at each respective vaulting location where Goldmoney maintains a vault. These prices are reflected 24/7 on Goldmoney.
Making It Happen
Goldmoney is a global internet based savings & payments platform that uses gold as underlying money.
The Goldmoney platform looks and feels like PayPal or online banking.
Instead of using a national or local currency, Goldmoney uses gold which is valued and recognized in every country in the world.
Goldmoney enables global money which runs on the internet.
Global reach from day one: Goldmoney is faster to a million sign ups than Facebook, AirBnB, Twitter…BitGold’s numbers speak:
A New Gold Standard?
The gold standard’s problem was a problem of technology; a problem of payment-in-transit delays.
GoldMoney has shortened the settlement cycle to settle gold title to within seconds. This is not the classical gold standard.
We now have the opportunity to create a fully reserved, instantly settled gold standard on a global basis.
Roy Sebag, co-founder, CEO, Goldmoney
Having overcome the technology challenge of a gold standard for payments, savings & daily transactions, Goldmoney even gives you a little gold as you begin your journey with the Goldmoney network.
