SpontaneousOrder Bronze ✭✭✭

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SpontaneousOrder
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  • Mastercard Adventure

    So I applied for the prepaid Mastercard from my Goldmoney holding.

    The U.S. Post Office offers a service called "Informed Delivery" where they send an email containing images of first class mail that is due to be delivered later that day. So when my "Informed Delivery" showed a mail piece coming via Royal Mail, I was thinking it was the Mastercard. But no, everything else was delivered but that.

    I waited another week and half, hoping the card was delivered to a neighbor by mistake and they would put it in my box, but no luck. So I finally had Goldmoney support cancel the card and applied for another one.

    A Mastercard arrived in the mail not long after that, and I assumed it was the new one. But actually it was the old one. This was now four weeks after the Post Office said I would receive the original card.

    Whether the card was on my neighbor's desk in a pile of junk mail, or kicking around the local post office someplace, I don't know. Things were very confused for a while between the two cards, but Goldmoney Customer Service quickly straightened everything out for me. Thanks!
  • Re: A Real Conversation with Josh Crumb... Bitcoin: Boom or Bust Ahead?

    @Lone_Starr, loved that Mike Maloney video, great find. Hashgraph is really astounding. It's apparently several orders of magnitude better than BitCoin/BitCash/Ethereum/Blockchain in latency time, memory, processor, electricity, and bandwidth usage. No server farms or proof of work required; no performance bottlenecks, can scale up to handle massive transaction volume no problem at all. Fascinating. Makes blockchain look like the Model-T. I'll be doing some more reading on that.
  • Re: Blockchain???

    @79Au197, I think you're right that it's marketing-hype. "blockchain" just sounds really cool right now.
    @Powerlunchmoney "blockchain-inspired" - exactly. But it's not a blockchain. At all.

    A blockchain is simply a public list of transactions. There's no account ledger. Not even a list of account balances. In fact, blockchains don't even support the concept of an "account." They are like using coins or bearer bonds. Only possession matters. Each Bitcoin or part of a bitcoin owned by each particular person is maintained as a separate entity in the system.

    Goldmoney maintains a private electronic account ledger, with info. for each of our accounts. Just like a bank account.

    Blockchains are designed for a "zero trust" environment, where the multiple entities who can add transactions to the blockchain don't trust each other and must expend massive resources performing a "proof of work" to demonstrate to the other players that transactions are correct. For example, BitCoin processing consumes about the same amount of electricity as the country of Ireland.

    Goldmoney is just the opposite, depending totally on trust. Users trust that Goldmoney will correctly maintain records about who owns which gold and will correctly perform transactions to move gold in and out of, and between, accounts. Negligible electricity is needed.
  • Re: Closing a holding account that is verification pending and have deposit refunded

    Bear in mind that these onerous verification requirements are not Goldmoney's fault at all. These are government-created hoops that they have to jump through to provide safe and legal services to everyone in 150 or so different countries. You're complaining about something Goldmoney has little control over. Just do what is required and move on. You'll be glad you did when the SHTF.
  • Re: Goldmoney USA Limited | US Residents Only

    @Cognac , Goldmoney peeps are not tax advisors and for legal reasons cannot give tax advice to their customers. Imagine how dangerous it would be for them to comment about tax requirements for individuals in 150 different countries. This has to be between you and your tax accountant.

    And by the way, I don't think it's wise to allow a minor tax issue to be the deciding factor in the choice of venue for one's savings. Even if Hard Asset Alliance is not subject to FBAR, which is not clear to me - don't know much about it.