Dubai Vault - bitcoin to bitgold and back

anyone with me on this? would love if bitgold allowed us to sell back the gold in dubai vault thats bought with bitcoin,
right now it can only be "transferred" to someone else, unless theres a safe platform here among the community who's willing to trade the gold with bitcoins? i would dearly love to see that. makes things seamless.
right now i've no idea how to capitalise on the gold appreciation as its "locked" in the dubai vault.

Comments

  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    Would like to have that option @goldboy
    Why would you want to convert gold to bitcoin?
  • zulu1520zulu1520 Posts: 294 Bronze ✭✭✭
    @nigelmarkdias Because bitcoin is going through the roof right now
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
  • zulu1520zulu1520 Posts: 294 Bronze ✭✭✭
    edited June 2016
    @nigelmarkdias in a way, the halving day is coming soon, which means there will be less bitcoin released. And just basic Supply and demand rules say the price should be higher. Plus there are some major miners out there who have been shorting what they mined. If you start getting half of what you shorted, well that's called a short squeeze ladies and gentlemen.
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    Besides bitcoin, are you in any other crypto? @zulu1520
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    I still don't really understand Bitcoin and don't trust it. Supply and demand should not drive the price for Bitcoin, it is not backed by anything. At least with Gold I know It has value in every country and across all cultures. Say bye-bye to Bitcoin, the real currency is and alway will be gold. Use your extra money to buy shares in Goldmoney, you will do much better. Please excuse me I am a little bias.
  • zulu1520zulu1520 Posts: 294 Bronze ✭✭✭
  • zulu1520zulu1520 Posts: 294 Bronze ✭✭✭
    edited June 2016
    @pinkdog Bitcoin is no different from fiat currency except that it's finite and digital. We all believe in fiat somewhat because we have to use it. The only reason you are skeptical about bitcoin is that there is no government pushing you to use it. To be frank money is what people give value too. Anything can be used as a currency. If earth is showered with golden meteorites than the value will disappear, Or if scientists learn how to create gold at a substantial cheaper cost than the current price gold would lose its value. Money is what the people say it is.

    I love gold and I think it's the best store of value but I am also smart enough to look at other forms of wealth and see value in them. I collect rare whiskey, I currently looking for land to buy, I'm also interested in how to obtain water rights, I interested in buying notes, I'm interested in flipping real estate and I collect crypto currency. Gold is my easiest investment. It takes very little investment acumen to invest in gold. The other take some form of sophistication to do properly.
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    @zulu1520 very insightful. You make many good points. Thanks for sharing.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @zulu1520 @Pinkdog @nigelmarkdias @goldboy

    Please allow me to suggest that supply and demand sets the value of anything/everything. This applies to gold, silver, bitcoin, oil. When the rules of supply and demand are artificially suspended, shortages or oversupply occur. That which we use as money must - in addition to being a currency - also have the ability to retain its value throughout time. Gold is the only substance with the physical properties and 6000 year history to be both a store of wealth and a currency … true money.

    If a Carrington Event (https://en.m.wikipedia.org/wiki/Solar_storm_of_1859) were to once again strike the earth, digital currency as we know it would most likely cease to exist or at least take a long time to come back on line. Not so with gold.

    With regard to bitcoin and the Dubai vault, there appear to be a number of specific reasons why the transfer of bitcoin to gold is one-way, largely based on KYC, AML, and CFT rules.

    @Melanie has the possibility of providing gold to cryptocurrency transfer for the other vaults been considered? Since KYC, AML, and CFT has been vetted for all "verified" users, do the bitcoin to gold rules for Dubai apply to gold to cryptocurrency transfers in all the other vaults? This would not be the "perfect" solution of two-way bitcoin to gold transfer for Dubai, but would provide a way for users to convert gold to cryptocurrency.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    edited June 2016
    @79Au197 "supply and demand sets the value"

    Agreed. For example the Royal Canadian Mint only minted 10 of the below 1kg gold coins. At today's spot price 1kg of gold is $52,380 CAD and they are selling these for $69,000 CAD. A $16,620 premium is being paid for the lack of supply/rarity & craftsmanship.




    Pretty wild coin too with a 4 inch diameter and the first 1kg gold coin to include colour.
  • zulu1520zulu1520 Posts: 294 Bronze ✭✭✭
  • zulu1520zulu1520 Posts: 294 Bronze ✭✭✭
    @79Au197 didn't know about that solar flare. Forget bitcoin that will render society useless for a good little while.
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    Here's a case for converting bitcoin & paper to gold @BigD @goldboy @Pinkdog @79Au197 @zulu1520
    The Fed may have its own blockchain
    BigD said:

    @79Au197 "supply and demand sets the value"

    Agreed. For example the Royal Canadian Mint only minted 10 of the below 1kg gold coins. At today's spot price 1kg of gold is $52,380 CAD and they are selling these for $69,000 CAD. A $16,620 premium is being paid for the lack of supply/rarity & craftsmanship.




    Pretty wild coin too with a 4 inch diameter and the first 1kg gold coin to include colour.

    That's a beautiful coin @BigD
  • goldboygoldboy Posts: 21 Tin ✭
    salivating, looking at that coin..( hmm back to the original question), perhaps i can transfer from dubai vault into another persons bit gold account and then have that person transfer back to me into another vault? possible? i'll redeem it back in cash then.
    oh regarding solar flare, - that would impact bit gold too, since its on an internet based platform,
  • zulu1520zulu1520 Posts: 294 Bronze ✭✭✭
    edited June 2016
    @goldboy that is possible, others have done so already. But if cash is what you are looking for, you can make a bank transfer with the Dubai mint already. Also if you are thinking about putting the money on your gold money card and using that to buy more Bitcoin, I would research first to see if you you can use a prepaid card ft or buy Bitcoin.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    @goldboy The highlight with BitGold is they print a daily hard copy so they would know who owns gold and how much gold if the rare occurrence of a solar flare were to come about. With the whole "anonymity " aspect of bitcoin who knows how that fiasco would end.

    I agree with hard assets. Gold, silver, platinum, palladium and land. (Especially farm land as everyone needs to eat and with population growth farm land has the potential to go up in value the most) I also like the water rights zulu1520 mentioned. A great documentary that covers this topic is "Blue Gold". A real eye opener.

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited June 2016
    @goldboy re: Goldmoney vs crypto in the even of a Carrington Event, I will concede your point. Although the records are backed up in the vaults which might be shielded enough and the gold would be OK. It is also likely that a copy of the block chain would be safely stored somewhere. So OK I concede your point.

    UPDATE @BigD makes some interesting points supporting my case. In the (we pray) unlikely event of a Carrington level flare I think Goldmoney users would have access to their money before crypto users.
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    The Toronto Goldmoney branch should be able to help with some unique collectable coins @goldboy
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