More than 10 days to confirm bitcoin deposit of over $2000

Hi

I deposited over $2000 dollars into my goldmoney personal account in bitcoins on the 2nd June. It is now the 12th June and still shows status as "pending" and says that it can take "1-2 business days".
- I took every precaution. I sent the bitcoin as soon as I had arranged the transfer. I used the highest possible transaction miner's fee to ensure that it doesn't take long to confirm (In the blockchain). It got confirmed in the very next block in the blockchain and this was registered with the goldmoney website immediately as having received the funds.
- I have done my part...

How long do I have to wait for this to be confirmed?
- I am ready to exchange more bitcoin for gold but this is making me really nervous about having any money at all in goldmoney? Can the network not handle the volume at your end? Have my bitcoins been stolen? What's the holdup?

Regards
Hayden

Answers

  • ike11ikeike11ike Posts: 143 Bronze ✭✭✭
  • GMONEY1GMONEY1 Posts: 408 Silver ✭✭✭✭
    I've been wondering what GM does with the cryptos received in exchange for gold? Do they hold? If so... how long? Do they liquidate on some exchange? Are they "assets" on the books? Do cap gains go into XAU earnings? Lots of questions about the crypto/gold channel in the business model... and also from an investor's standpoint. These details should be disclosed somewhere or during earnings calls imo
  • mr1mr1 Posts: 344 Bronze ✭✭✭

    How long do I have to wait for this to be confirmed?
    - I am ready to exchange more bitcoin for gold but this is making me really nervous about having any money at all in goldmoney? Can the network not handle the volume at your end? Have my bitcoins been stolen? What's the holdup?

    @IndividualFreedom
    I doubt the hold up has much to do with Goldmoney's network, and everything to do with the vault custodians and the process of procuring the actual physical gold. When you make a deposit your gold has been purchased and the price is locked in, but Goldmoney doesn't mark the transaction as confirmed until the vault custodian confirms that the gold is physically placed within the Goldmoney locker inside the vault. Usually that process is very quick, but for some reason sometimes it can take a long time. My guess is sometimes the vaults run out of gold on hand and they have to get more delivered. They may be able to order it and have the price locked in, but have to wait for it to be shipped.

    So I don't think delay is technically Goldmoney's fault, but I do think they need to at least change their notification from the "1-2 business days" to something more appropriate like: "usually 1-2 business days, but can take up to 2-3 weeks when vaults have to wait for gold shipments".

    These long "pending" times are becoming a big problem so I think it would be great if Goldmoney could find a way to solve the problem on their own. I posted an idea about that here:
    http://community.goldmoney.com/discussion/3988/wishlist-ideas-to-maintain-sufficient-buffer-in-vaults-to-avoid-pending-status

  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    Hi everyone - you can click here for an update!
  • GMONEY1GMONEY1 Posts: 408 Silver ✭✭✭✭
    Thanks for the update @Melanie. If you can also mention to @Roy Sebag about the accounting/asset record of cryptos that'd be appreciated. I'm interested in further investment in the company, but not knowing what actually happens to the cryptos (from the company's perspective) adds uncertainty and risk, two things that are holding me (and probably other investors) back. A first order uncertainty is what happens with the cryptos literally; a second order concern is Roy actively managing the portfolio of cryptos (concern being ... that in and of itself is a full time job... but he is CEO of a fast growing company and has things other than trading to deal with). If there is some systematic (or rule based) crypto liquidation that would also be nice to know.

    These thoughts come from a strong supporter of the platform-- hoping that a critical view might strengthen what you guys currently have going. Thanks.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,724 Gold ✭✭✭✭✭
    @GMONEY1 I wouldn't worry about the crypto's. My understanding is that purchase's of gold with crypto is about 1-2% of all sales. A very small fragment. Also from Roy's tweets I got the impression almost all/if not all of the crypto Goldmoney had has been sold off. Considering how the crypto's have moved over the last 2 years I would say a healthy profit was made. Darrel is the CEO of the Goldmoney network and Roy is CEO of the mothership. Goldmoney has a solid and strong management team when you look at the vast experience among them all. I honestly don't think Roy's time cycles have been impacted by trading out of some crypto here and there.
  • Bronxgal270Bronxgal270 Posts: 4 Tin ✭
    Right now there's a huge issue with people withdrawing their funds from Coinbase. Something is going on and so I want to get out of Bitcoin all together and into gold. I don't like the idea that I can only put it into the Dubai vault and not not spend it on GM mastercard. That's ridiculous. I don't trust the government of UAE.
  • RocketDogRocketDog Posts: 450 Bronze ✭✭✭
    Oddly, having been in the middle east for a little while, I think I would trust them with my gold more than a western country. They really don't steal over there. They have a history of losing body parts or their lives for stealing. Gold vendors in the market place could leave their stand with all of their gold on it, and come back knowing it would be there. We could go shopping and leave everything we bought in the open back of the truck. So I don't know about government-planned corruption, or instablility, but in general I'd say your funds are just as safe there as anywhere.

    Anyone from Dubai region who could chime in?
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