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Goldback ATMs! If we can get these to accept Monero, it will be the holy grail of ATMs! (www.youtube.com)

submitted 7 months ago* (last edited 7 months ago) by [email protected] to c/[email protected]

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If we can get these to accept Monero, it will be the holy grail of ATMs! Monero is borderless unlike the USD and other fiat currencies. If these ATMs can accept Monero, they can be deployed around the world.

I never thought I will see the day of a Goldback ATM, especially now. So is it really a pipe dream for XMR to Goldback ATM?

https://goldatm.com/

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[-] [email protected] 5 points 7 months ago

ATM's of all types will accept Monero, eventually.

[-] [email protected] 3 points 7 months ago

That's the spirit!

[-] [email protected] 4 points 7 months ago* (last edited 7 months ago)

This is fantastic. Thanks for posting. I'd love to see them add XMR as a option in both directions for exchange.

I may reach out to them to suggest just that.

[-] [email protected] 4 points 7 months ago

I’d love to see them add XMR as a option in both directions for exchange.

Agreed

[-] [email protected] 4 points 7 months ago

They kind of do now. In my neck of the woods The ATM network lets people set up one time codes for other people to withdraw from. See you set up a local monero transaction then go to the ATM and withdraw it....

[-] [email protected] 4 points 7 months ago* (last edited 7 months ago)

We used to have that for a while, a few years back, and it was great. They dropped it though shortly after because aBuSe. They thought we wouldn't abuse it for some reason.

It was supposed to be a one time code for YOU to withdraw withoud having to bring a card BTW, not other people.

[-] [email protected] 3 points 7 months ago

these look so bait

[-] [email protected] 1 points 7 months ago

Goldbacks have been around since 2019. They may not be for everyone, but it is innovative form of cash.

https://www.goldback.com/

[-] [email protected] 4 points 7 months ago

It feels more like a scam than an innovative form of money. I'm not sold on the intrinsic value of a few snowflakes of gold, assuming they are there in the first place.

I've been keeping an eye since the beginning and I can't say I've seen interest growing. Other than the occasional 5 dolar novelty gift, you have to wonder what's wrong with coins? They are easy to verify and way more durable. What is the innovation here? The need to trust an issuer?

[-] [email protected] 4 points 7 months ago

It's likely a choice that was made to add novelty and cater to the American pallet.

It's novel because it's not how it's typically done. It's not done like that normally because they're worse than coins.

[-] [email protected] 2 points 7 months ago

Easier to carry in a wallet and use in small denominations. Can be melted back down if you want the gold out of it. I've read about a few small regions in the US where they have gained traction. They've focused on promotion in only a few states and areas from what I understand last I heard about this.

They had more info than I can provide on their site last I checked when I was first told about it and got curious but I haven't kept up with the project. Just sounded interesting to me.

I like more options in the marketplace to compete against and provide alternatives to fiat.

https://www.goldback.com/frequently-asked-questions

[-] [email protected] 5 points 7 months ago

It sounded interesting to me too (initially) don't get me wrong. It can supposedly be melted, it can also get damaged pretty easily and most importantly, there is no way of verifying I'm buying what is being advertised.

The FAQ is all marketing and nothing of value, have a look. The "can it be faked" part gives it all away. There's nothing to do with gold, you trust the company and their "patented technology".

More options are always better, this is not one.

[-] [email protected] 3 points 7 months ago

Fair point. I didn't think about how it would be far more difficult to verify using a metalytics scanners and verifiers and such.

And thinking on it more, that the FAQ doesn't provide how one might, like an acid test or something, and that they haven't developed and marketed a home-based way to verify seems like a red flag.

After all, Monero is all about "trust but verify"

[-] [email protected] 0 points 7 months ago

Absolutely. Anything that gets people out of the fiat currency system and into something that functions like real money and doesn't support malicious central banks and the endless problems they create.

[-] [email protected] 3 points 7 months ago

GoldATMs are not helping and. I am sure these are way overprized and you will have a hard time finding any place accepting these flakes. They are probably designed to rip off drunk tourists.

Better stick to digital decentralised crypto currencies, which can be spent/sent worldwide via internet.

[-] [email protected] 2 points 7 months ago* (last edited 7 months ago)

Don't purchase or use them then. No skin off my back.

By the way, I'm not even going to down vote you. I like the opinion and the discussion from different points of view. Hope Lemmy can keep that spirit active. Reddit and many of the other alternatives are a cesspool.