Savings, payments & ummmm - oh yeah, *trading* - GM misses a trick to Vaultoro

paddy10tellyspaddy10tellys Posts: 193 Bronze ✭✭✭
Why didn't Goldmoney become the first live exchange enabling traders to trade between bitcoin and physical gold with other members? GM need to raise their game because competitors are offering a superior choice of services & a stronger business model https://vaultoro.com/
Hopefully, people with real influence in Goldmoney are paying attention. They need to. My GM shares & gold interests are contingent on how well they (GM management) innovate & compete. I think they have missed a trick here...

Comments

  • Marco_1983Marco_1983 Posts: 130 Bronze ✭✭✭
    I like it. Thanks for sharing!

    The problem with VaultOro is that you need Bitcoins to start depositing. I would love a platform that would give the possibility to do everything: from depositing with fiat currency to buying gold to withdrawing cryptos, etc... If crypto are the future of money, people need more simplicity. They don't need to create an account on Coinbase or some other platform, wait 2 weeks to get verified, buy crypto, then go to another platform to convert crypto to gold. We should have everything in one place! That is why I think GoldMoney is on the right track. I think they'll come up with something in the near future.
  • AnacapAnacap Posts: 91 Copper ✭✭
    You can't call milking the hype around bitcoing offering exhange services as a "stronger business model" lol.

    It's a distinct business actually. What I can actualy point in favor of Vaultoro over Goldmoney is the communication/design side of things on the first page. The perks are explained in a simple way with simple pics, goldmoney focus on different things that need to be reached trought navigation...

    It's a bad time to think about Bitcoin btw.
    Short at your own risks...
    Long at your own madness.
  • BigMouseBigMouse Posts: 74 Copper ✭✭
    edited June 8
    Their website says "buy gold with bitcoin in seconds". But GM already offer this services, right? You can buy gold with bitcoin, dash... It takes more than 10 different cryptocurrencies right now. I really GM is far superior than vaultoro. By the way, I am thinking of buying some DASH (with CAD) but it is not straight forward so far...
  • AnacapAnacap Posts: 91 Copper ✭✭
    edited June 8
    BigMouse said:

    Their website says "buy gold with bitcoin in seconds". But GM already offer this services, right? You can buy gold with bitcoin, dash... It takes more than 10 different cryptocurrencies right now. I really GM is far superior than vaultoro. By the way, I am thinking of buying some DASH (with CAD) but it is not straight forward so far...

    You can't sell back that gold for bitcoins, so it's a way to cash out btc for gold... well.. gold on dubai.. which is actually locked to vault to vault transfers and so on. In case you would want to cash out that gold back to funny paper, it might be expensive.
  • paddy10tellyspaddy10tellys Posts: 193 Bronze ✭✭✭
    I would be happy if GM took a small cut from any profits trading between my gold & my bitcoin. @Anacap BTC been infinitely more lucrative for me over the last 12 months. Bitcoins I bought for $500 were $1900 in the last few days, but I want to store some of that profit as gold with *Goldmoney* but they are missing a trick. GM are storing my gold (for now). I'm not using it & they are not getting any transaction fees because it's doing nothing, for either of us. The point about the GM business model is they will only make money if people buy or sell gold & facilitating exchange between gold & BTC would massively increase that liquidity... it seems pretty obvious to me that GM need transactions to happen for their business model to succeed. Well, go figure! In the unlikely event that the Bitcoin genie goes back into the bottle then tough luck for me, but GM will still have benefitted from all the trades I might have made... it's not a tribal thing, like do I support gold, or do I support crypto?! That's missing the point!
  • paddy10tellyspaddy10tellys Posts: 193 Bronze ✭✭✭
    @Marco_1983 so do I hope that GM come up with something better than just sitting on their hands. Have you got insider knowledge, or is it just hope?
  • paddy10tellyspaddy10tellys Posts: 193 Bronze ✭✭✭
    @BigMouse so do I think that GM is superior to Vaultoro - for now. Only time will tell if that remains so...
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