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BitGold Lights Gold's Fire

Discussion in 'Digital Currencies' started by Scorpio, May 15, 2015.



  1. solarion

    solarion Gold Member Gold Chaser

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    Bank transfer? WU? Gift cards? Checks? Travelers checks? Cash? Cryptos? There are a bunch of ways to pay without having a third party hold AU on your behalf.

    So this thing is supposed to replace paypal? Then why not just use a blockchain to lower the cost of fiat to fiat transfers? Why the gold facade at all then? I'm all for putting paypal and WU out of business, but I don't understand at all how BG offers anything beyond what is already available.

    I can already take my bank credit or FRNs to a million places both B&M and cyber to convert them into metal. Never mind how much more it will cost...why do I need BG to do this for me at all?

    Guess I'm just dense.
     
  2. tradeshack

    tradeshack Seeker Seeker

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    I'm glad you're interested. Maybe the discussion will help me understand something I didn't before. To me, this is all about opportunity and our understanding of it.

    The "gold facade" is a medium of exchange and a unit of storage. Most BG members probably prefer their cash be stored in gold rather than a fiat currency.



    If "I never mind how much more it cost" then, I no longer see much benefit in a BG account.




    Do any of the payment processes you named settle instantly?

    What is the rationale behind storing wealth in fiat at a banking corporation instead of storage of gold at another corporation? Doesn't the philosophy, "if you don't hold it, you don't own it" apply to both?





    .
     
  3. solarion

    solarion Gold Member Gold Chaser

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    PMs are already available as a wealth storage mechanism though. Why do I need BG to help me with this by graciously storing my gold for me? ...something that rarely ends well for those that don't have possession of their metal? Sounds like they're going to hold onto my gold for me supposedly for the purposes of letting me do what I can already do without them.

    Now you're speaking my language.
     
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  4. tradeshack

    tradeshack Seeker Seeker

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    Don't ask me to argue for storing all of your gold or other wealth at BG. Some may appreciate BG as a means to store all of their gold as it provides safekeeping from fire, loss and local criminals. I don't advocate it myself but, I find it at least as attractive as storing all of my wealth in a banking corporation. And there is a market for this. Several institutions have provided gold storage for centuries and charge fees to do so.

    My excitement is over the instant payment system.


    Do any of the payment processes you named settle instantly?

    What is the rationale behind storing wealth in fiat at a banking corporation instead of storage of gold at another corporation? Doesn't the philosophy, "if you don't hold it, you don't own it" apply to both?




    .

     
  5. solarion

    solarion Gold Member Gold Chaser

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    Certainly cryptos settle as close to instantly as one can get. Probably why BG chose to incorporate them. I understand the appeal of cryptos and I understand the appeal of PMs, I just don't see why I need BG to enjoy the benefits of either.

    I don't recommend storing wealth in bank credits, I recommend storing wealth in PMs you can access/defend yourself.

    ...at this point you seem to be talking in circles.
     
  6. tradeshack

    tradeshack Seeker Seeker

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    I doubt you pay for an eBay purchase, your electric bill, mortgage, or groceries with that.



    Yes, I have been for a while now. "My excitement is over the instant payment system" and I hope you understand that. I think I understand you and I'm certainly glad we conversed.



    .
     
  7. Mujahideen

    Mujahideen Black Member Midas Member

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    This is all good until they go bankrupt.
     
  8. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    Key word here is trust. I trust myself to hold my own metal, and NOBODY else. Bitgold indeed!
     
  9. itchy166

    itchy166 Seeker

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    The only thing I am interested in from BG is the debit card. No, I wouldn't keep my wealth there, just as I wouldn't keep my wealth in my checking account.

    But, if I could keep say $2500 in gold at BG - and use their debit card everywhere that I use my bank issued debit card... Now we are getting somewhere.
     
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  10. tradeshack

    tradeshack Seeker Seeker

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    Customer gold is segregated and insured by The Brinks Company.




    Today is BitGold's first anniversary. One year of increasing services and a growing, world-wide customer base and it recently moved up to the Toronto exchange.

    So far, no one's gold has been confiscated, no bankruptcy, not even a bank run. How long must we give this before everyone agrees GoldMoney is better than Federal Reserve notes?


    GoldMoney Inc
    US: BTGDF
    Toronto: T.XAU​



    .
     
  11. txfxtrader

    txfxtrader New Member

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    Here's a town hall they did in Colorado a few months back. Pretty interesting.

     
  12. txfxtrader

    txfxtrader New Member

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    Here's a better video that gets into the mechanics of the operation.
     
  13. smartypants

    smartypants Seeker

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  14. smartypants

    smartypants Seeker

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  15. tradeshack

    tradeshack Seeker Seeker

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  16. birddog

    birddog Gold Member Gold Chaser

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    Looks like Peter is jumping on the BitGold, GoldMoney train......



    Disclaimer - I am sold on BitGold. Not as a replacement for my PM holdings, but as a replacement for my bank accounts....
     
    Last edited: Jul 9, 2016
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