Glint Pay

[Castanza]

Been following the development of this for a bit and they finally are launching in the US. Not sure if anyone on here has any experience with this payment system.

 

What caught my attention was the easy liquidity of the platform. You basically purchase gold with fiat currency (which is stored elsewhere). You then receive a debit card which allows you to spend this gold as if you are using fiat currency. The fee is .5%,  not much worse than credit card transaction fees. Obviously I wouldn't advocate using this as a primary savings account etc, but I can see the utility of it as an extremely liquid market hedge. Maybe store a few thousand in the account and put the card away for special circumstances? Gold ETF's and physical gold have always been a pain to deal with. Most Gold ETF's require you to have an extremely large position to be eligible for a gold payout. Maybe this solves that issue to an extent?  Anyways, I found it interesting and with all the doom and gloom talk of EU and the global economy on here I figured I'd share  :P

 

https://glintpay.com/en_us/

 

I mean who wouldn't want to buy a cup of coffee with gold?!

 

 

[Orchard]

you mean with a debit card?

[Jurgis]

https://glintpay.com/en_us/help/interest-implications-gold-i-buy/

[SharperDingaan]

All you need do is buy paper gold in a GSIB/DSIB brokerage account, and margin against it as needed. Access the margin through a standard debit card. Already widely available in most parts of the world, and the GSIB/DSIB is protected by the CB (ie: will not bankrupt).

Supposedly Glint Pay can do this more conveniently, and cheaper?

 

SD

[Castanza]

All you need do is buy paper gold in a GSIB/DSIB brokerage account, and margin against it as needed. Access the margin through a standard debit card. Already widely available in most parts of the world, and the GSIB/DSIB is protected by the CB (ie: will not bankrupt).

Supposedly Glint Pay can do this more conveniently, and cheaper?

 

SD

 

It seems to be the easiest way to exchange between gold and fiat. Per their website you can withdraw in fiat from any ATM. Seems to be that you can also convert gold to any currency they support. I guess that could be useful for some. Not sure what restrictions apply, but people who currently use Bitcoin to change currency might find this a better option.

[SharperDingaan]

All you need do is buy paper gold in a GSIB/DSIB brokerage account, and margin against it as needed. Access the margin through a standard debit card. Already widely available in most parts of the world, and the GSIB/DSIB is protected by the CB (ie: will not bankrupt).

Supposedly Glint Pay can do this more conveniently, and cheaper?

 

SD

 

It seems to be the easiest way to exchange between gold and fiat. Per their website you can withdraw in fiat from any ATM. Seems to be that you can also convert gold to any currency they support. I guess that could be useful for some. Not sure what restrictions apply, but people who currently use Bitcoin to change currency might find this a better option.

 

It's still lipstick on a pig.

You take their word for it that you own the gold (Bernie Madoff?). The word of some back street dealer, over that of a GSIB/DSIB?

It's much easier, & less costly, to just sell your gold at a bank - & take your proceeds in whatever fiat you want. Usually same day.

They are also an intemediary. Much easier to hack than a GSIB/DSIB, to steal your Bitcoin.

What do they do better, for the same price or less, than a basic large bank?

They have tech, but no value proposition.

 

Most individuals hold Bitcoin because they do not want it traced (divorces, bribes, kickbacks, drugs/arms dealing, etc.)

The cost of that annonymity is buying/selling anywhere, and immediately transfering the Bitcoin to a Mt Gox account; essentially 'freezing it' until needed. If you want to store accessable wealth in Bitcoin, just use an enhanced DD account, and margin against it; any GSIB/DSIB will offer you one. You can even buy Bitcoin options/futures in these accounts to protect your downside.

 

Choice of Bitcoin, or Gold, as your 'store of value' depends on need.

 

SD

 

 

 

 

 

 

[Castanza]

I don't disagree, with your view. I honestly probably wouldn't use the service. And if I did I certainly wouldn't hold any significant sum of money in it. Just thought the idea was interesting.