SpontaneousOrder Bronze ✭✭✭

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SpontaneousOrder
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  • Re: Investable Bitcoin Offering Now Available to Goldmoney Clients

    This article explains how the ColdBlocks used to store crypto currency will work (there's many articles from different sources using similar language, I don't know which one was first):
    They’re engraving parts of the cryptographic signature, which is used to bind the buyer with the value, on three different pieces of gold [some articles say "steel"] stored in three separate vaults. "It’s like having three physical golden keys," he explains.

    One key will be stored with an insurance provider, the second with an auditor, and the third with the vault provider. That way, Goldmoney’s financial statements can be audited and clients can be insured against theft. Investors will be able to trade ownership of the metal key.

    So the storage is physical, not electronic. It should be as safe, reliable, and fully audited and insured as the stored precious metals are, and will even be immune to an EMP attack. The insurance company will presumably be the same one now used to insure the PM's, namely, LLoyds of London.

    Impressive. I've never bought any crypto, but if I do, it will be through my Goldmoney holding.
  • Re: will personal accounts be grandfathered?

    @Skookum_Jim, in guessing how vault operators determine metal storage prices, you're forgetting two things:
    1. Density: Gold at 19.32 grams per cubic cm is about 1.84 more dense than silver at 10.49 per cubic cm. So at today's prices gold stores about 140 times more value in the same volume, not 50-80.
    2. Storage costs in a vault would be based not on weight but on three-dimensional volume. For example if Goldmoney doubles the amount of silver in their pallet in a particular vault it need not take twice the space in the vault - the bars can simply be piled twice as high.
  • Bumps in the Road with new Goldmoney Holding

    There's a an old principal of quality control: when people are having problems, they are 10 times as likely to tell other people than when they are not. On this forum there are many people talking about problems with the new Holdings, but that does not accurately reflect what is happening to the entire Goldmoney customer base. It's nowhere near as bad as it may seem from following this forum.

    Another great service I use (Nextdoor) is also going through growing pains with a major upgrade. Maryam M. posted something very profound that I think applies in spades to Goldmoney as well:
    We’re excited to make this change! That said, as a veteran of many redesigns, I want to warn you that the initial reaction from users to a redesign is virtually always negative. Users who are used to doing things one way (understandably) find it frustrating to have to learn the new design patterns and complain. (Internally, we we refer to this as the “who moved my cheese” effect ☺). So if you hear grumblings, I wouldn’t become too concerned and would encourage [everyone] to just stick with it for a couple of weeks; our experience has been that [users] generally become comfortable with the new design … That said, if you discover any critical bugs or user experience issues that still need to be addressed, please do let us know.

    Many have said that Goldmoney rushed through this change with not enough advance preparation or communication with users, and there's definitely a lot of truth to that. However, to quote another Nextdoor staffer Gordon S.:
    ... we definitely don't believe that our work is done on the new design. The team is still fully engaged, and they have a healthy list of bugs and optimizations they are planning to implement (as well as any new bugs or suggestions you identify). But this list will never be done. Keep in mind that the Classic Design is four years old and still has thousands of bugs fixes and optimizations we wanted to make but haven't yet done (and now never will). If we waited to launch the new design ... until all the bugs were fixed, it would never happen. Also, keep in mind that it's a huge burden on the team to maintain two separate designs and code bases and doing so slows down our ability to launch new features ...

    There's never a perfect time or a perfect way to jump to a new system. Eventually you reach the point where you just have to bite the bullet and go for it. Please, just stick with it, be patient, and persist in getting Goldmoney to do what you need it to do for you. Once Goldmoney defines the transition process, go ahead with it. If you only have a Personal account and need to open the Goldmoney Holding, then do it. If your Basic holding needs to be upgraded to a full holding, jump through the hoops to get it done. If you run into problems, let Support know. "This too shall pass." And going forward Goldmoney will have a strong foundation on which to build some amazing new services that will benefit us all.
  • Re: What on earth is a Holding account

    The Wealth account has always been referred to as a "holding," going back to the original creation of James Turk's GoldMoney platform more than a decade ago.
  • Re: Reporting FBAR -- need account #. Where can I find it?

    Agree with @GMONEY1 , but there's two wrinkles:
    1. You have to file the fbar if the sum of all your foreign accounts is over $10,000, even if the high point for your wealth account was less than $10K last year.
    2. The government has helpfully changed the fbar filing deadline from June 30th to April 15th, to coincide with your regular 1040 tax return, apparently without telling anyone (in spite of the fact that they had our email and street addresses and phone number from last year's filing). So you're already late. Fortunately, they are also providing an automatic late filing extension with no penalty. We checked the "filing late" box, and for a reason put in that we were not notified of the change.