GMONEY1 Silver ✭✭✭✭
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Hey @Tomzedd ,
I'm assuming your questions are in regard to a new "Goldmoney Holding" (formerly wealth):
You can hold CAD in your holding; but the only cards that are currently offered are USD, EUR, CHF, and GBP. So effectively, you'd be loading and transacting in those currencies with the card. There are many Canadian users and early adopters who have been waiting for CAD, but it's not available yet.
- can i load CAD onto the prepaid mastercard/is it widely accepted in Canada?
There used to be a minimum of $1,000 I believe in wealth holding accounts in order to request a card (especially the metal cards), but I can't find details on this anymore.
- do i need to have a certain amount of gold in my holding to have it sent to me? I have heard they will only send you your gold if you have a certain amount.
You could ask @Goldmatters or support about that.
There also used to be a minimum of 10grams for delivery; but now physical redemptions are being handled by SchiffGold. I'd call them 1.888.GOLD.160 (1.888.465.3160).
It is important to realize that you are actually "FUNDING" your account when you use a credit or debit card. The convenience fee for that is currently 3%. So, say you want $1000 to show as the available balance in USD to buy metals; your credit card will be charged $1030.
- are credit card and debit deposit fees 0.5% or are they more expensive?
From there... you have $1000USD on the platform that you can use to buy precious metals or exchange for a different currency.
If you buy metals at that point, the fee would be 0.5%.
Your questions do bring up some good points though (conceptually); @Goldmatters there should be updated FAQs, a text search field in the support section for the new Holding, and overall more clarity for new customers.
One of my favorite lines comes from the movie 'Margin Call' when the CEO/Head of the Board says: " Explain it to me like I am a golden retriever".
Things should be that clear.
Just my 2gg worth. Cheers.
This is a tough one.
It is such a volatile speculative asset, which adds risk. Sure it has "gone up" ...even in gold terms... but now what...
Also, aside from the IRS saying that bitcoin is property (and therefore cap gains need to be reported), the (US) government hasn't made any official statements or legislation for or against. A legislation draft is posted on a govt website for combating terrorism (by restricting anonymous digital assets) https://www.congress.gov/bill/115th-congress/senate-bill/1241/text
So the question is: will the govt action be for the premise of this bill (I.e. Regulate and target digital and virtual coins like bitcoin) ... or against it ... the current situation where a wild west sandbox environment is playing out and the govt looks the other way as prices and market cap takes off like a rocket.
The uncertainty outlined above (in addition to the facts that the crypto markets aren't backed by anything... just air, code,faith, traders, and people with access to a lot of fiat, credit, and margin) would make it hard for GM to make this a central part of their business... until they know more.
If I had to guess... I think these are some of the discussions that are being had by upper management right now with regard to bitcoin.
IMO Without legislation and/regulations this tweet will be accurate:
But with ... bitcoin could revert back to its "natural equilibrium" ... 0
Just my opinion.
I agree with the "disagree" if they were referring to the "good" news part. I don't think it is "good" news... net. I was hoping for a clean slate with the new Holding so that they could remove ridiculous/defamatory discussions and posts or resolved personal complaint/issues.
I'm not a party pooper either; I'm a huge fan of Goldmoney; and I have a decent % of my assets tied to the company.
Just to add some perspective, part of my day-job is analyzing comments, complaints, call-center transcripts, and suggestions, and I have learned over the years that extracting insights (trends, common issues, high-risk issues, etc) from these data sources is just as important as protecting your brand. A young, growing, network-based, referral-based business cannot forget about the latter, or they are unlikely to hit the tipping point. I have also learned that these data sources are often fuel for legal battles, which usually stunt growth or at least create an unwanted obstacle for the company. This last statement is another reason why GM might consider internal complaint analysis....separate from open discussions.
It is also hard for me refer others to the platform when I know that they will be met with numerous records of recent complaints in the community forum...even though the complaints might not even be applicable to my referral (due to Country, funding method, old personal accounts, one-time issues, etc)...and even though many of the complaints end up being user-error.
(Honestly... with a straight, non-sarcastic tone)... What am I supposed to say to a potential referral? You have to try this revolutionary new gold-backed payments and savings platform.....it's my bread and butter.... it's the lifeblood of the financial future....... but I will warn you, there are a lot of complaints in their community forum.
Trust in the platform, or a brand, or a company's product is very fragile; and I would argue that one's credibility is just as fragile.
@Tex Currently, my view is that the community of people is an asset to GM---probably it's biggest asset... just as @Roy Sebag alluded on the call how GM is essentially holding a derivative call option on the purchasing power of their user base--- however.... the medium of the "community discussion board" has become a liability.
Constructive criticism is good (I never said it wasn't.). Complaints are bad; Complaints that continue to exist with a persistent searchable record (like the forum) are really bad. Therefore, my suggestion is to separate the complaints from the discussions. The current format blends the two... and that is not good because it leads clients to lose trust or confidence in the platform. For example, I have personally never had a problem, but I see some of the complaint posts and I empathize...
With the new Holding, I'd suggest a clean slate of discussions (as I mentioned in the other thread).... and then channel all complaints and support items through the proper support channels (chat and phone).
That is my constructive feedback for the night. peace y'all
After giving this a lot of thought... my vote would be to discontinue the forum in it's current form.
It has become a complaint center that does not accurately reflect the value and positive experiences that the vast majority of customers have received with Goldmoney; so again, it does not appear to be functioning as intended.
There are many many great companies out there who have their fair share of complaints (I have worked for some), but there has always been an outlet to handle/manage those complaints in a way such that the brand is not tainted. Telephone and chat support offered through the new holding should be a good outlet for that now.
As for maintaining a community (or feeling of community), I would again propose the Brand Ambassador community outlined above @Roy Sebag that works together to improve the platform and grow the network. These could be official beta testers and GM advocates. There are many talented people out there... and fortunate for GM, many want to help build/grow this company! We should leverage that.
My understanding is that Brand Ambassadors in other companies are usually passionate volunteers (like @GoldMatters ) who support the vision of the company, and in return, companies usually host a small appreciation event or ask Ambassadors to attend grand openings/events etc (very low cost, but they are gestures that boost morale, brand image, sentiment, awareness, and psychological acceptance of the product/service.
This is obviously very high-level, but this is a topic the board should definitely consider discussing in the near future.
Cheers y'all; happy hump day