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Bitgold legit or should I run away?

silverbug22

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#1
I just opened an account with Bitgold. Just put couple of hundred dollars in there. Was going to use the mastercard they give you . Thought it couldn't hurt as a backup to a checking account.

Anyway, what do the great veterans at GIM think about this.
Anyone has account? You think it is a worthy alternative?I would really appreciate any feedback or opinions.

Thanks a lot my fellow brothers-in-arms against the fiat empire of banksters!!
 

Usury

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#2
If you don't hold it, you don't own it.
 

silverbug22

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#4
i have called the 800 number 2-3 times. No one replies. Left messages twice. waiting for someone to answer my email.
I am not very happy with Bitgold.
 

southfork

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#7
i have called the 800 number 2-3 times. No one replies. Left messages twice. waiting for someone to answer my email.
I am not very happy with Bitgold.
How did you come to open this account and find them?
 

Ragnarok

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#8
Stay away from anything more complicated than exchanging currency for physical gold or silver and vice versa imho.

R.
 

birddog

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#9
I put Bitgold higher than my bank accounts, so I have liquid savings not in the banking system. If you follow the don't keep all your eggs in the same basket principle, it has a place.

Peter Schiff just merged with them.

 

silverbug22

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#10
Still no reply either phone or email. Is Bitgold legit? anyone got any physical redemption?
Hope my funds are safe?
 

silverbug22

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#11
How did you come to open this account and find them?
saw it online. just went to their website. it is easy to open an account. But no one replies to their 800 number or email. I am not sure about them anymore. I have called couple of times in last 2 days. No reply..then I left my phone number on automated answering service to be called back...TWICE.. No call back yet :(
 

silverbug22

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#13
i will wait and see if I get the prepaid card and see if it works. But I do think Physical is the way to go. I have just thinking of diversifying and thought it would be cool to spend my gold. NO substitute for Physical precious metals.
 

silverbug22

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#15
i got my bit gold debit card in the mail today. I will see if it works tomorrow.
There is nothing wrong with being diversified
 

birddog

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#16
commercial....

 

Mujahideen

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#17
The value of bitgold is based on the fact that we assume that it holds gold. This is a digital paper gold.

If it turns out they have no gold, you lose. This is the one glaring risk factor.

This risk factor doesn't exist with Bitcoin because Bitcoin doesn't assume to be any asset other than itself.
 

solarion

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#18
I've gone over bitgold again and again and I can see zero reason to have any of it. It's just a front end for fiat + a couple buzzwords(bitcoin and gold) thrown in to entice people not paying attention.

Stack physical metal and real Internet money(bitcoin). Then keep BOTH in your own physical posession. That's diversification, not this silly fiat front end pretending to be what it is not.
 

southfork

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#19
I've gone over bitgold again and again and I can see zero reason to have any of it. It's just a front end for fiat + a couple buzzwords(bitcoin and gold) thrown in to entice people not paying attention.

Stack physical metal and real Internet money(bitcoin). Then keep BOTH in your own physical posession. That's diversification, not this silly fiat front end pretending to be what it is not.
I agree 100% , a bird in the hand as they say, I trade stocks but wouldn't buy bitgold just don't trust it but that's me.
 

birddog

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#20
So you all don't have bank accounts? How is this that different from a bank?
 

solarion

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#21
So you all don't have bank accounts? How is this that different from a bank?
I don't any longer, no. Bitgold differs from a bank account in that it pretends to be legitimate by name dropping buzzwords(gold and bitcoin/blockchain).
 

Unca Walt

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#22
So you all don't have bank accounts? How is this that different from a bank?
If you use a bank today for anything other than minimum rapid small transfers, you are not keeping up with the rest of the human race.

If banks go tits up (and they WILL, as you know), you lose whatever "money" you have in them. If you have an absolute minimum... there is little to no pain.

If you put your wealth in a bank or bitcoin... you have HANDED YOUR WEALTH THROUGH A DARK WINDOW. It may or may not open ever again.
 

Irons

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#23
If you use a bank today for anything other than minimum rapid small transfers, you are not keeping up with the rest of the human race.

If banks go tits up (and they WILL, as you know), you lose whatever "money" you have in them. If you have an absolute minimum... there is little to no pain.

If you put your wealth in a bank or bitcoin... you have HANDED YOUR WEALTH THROUGH A DARK WINDOW. It may or may not open ever again.
Besides all that it ain't a bad idea to have a digital history of having not much worth stealing. Always barely scraping by. You never know who's looking and for what reason.
"Look at this wastrel's banking history. He doesn't have and never has had shit." . . . . :2 thumbs up:

.
 

Morpheus

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#24
I just applied for the card myself. It's like a prepaid or debit card, so you can only spend what you put in the card against the amount of gold grams you have in your Goldmoney account. James Turk sold the company, Goldmoney, to them but he's still on the board of directors, so I'm not too concern. We're at the point where you can't trust anybody, not the banks, not safe deposit boxes, so where are you going to put your gold and silver, especially if you live in an urban environment?
 

solarion

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#26
I just applied for the card myself. It's like a prepaid or debit card, so you can only spend what you put in the card against the amount of gold grams you have in your Goldmoney account. James Turk sold the company, Goldmoney, to them but he's still on the board of directors, so I'm not too concern. We're at the point where you can't trust anybody, not the banks, not safe deposit boxes, so where are you going to put your gold and silver, especially if you live in an urban environment?
Right. Bitgold is a front end for fiat. You're just banking and the only reason you think it's banking ++ is because they mentioned gold(that you don't hold) and bitcoin (which you also don't hold).