More Transparency/Information needed when making deposits

@Melanie @ArtMatters @rohanibuang61 @79Au197

Hello there,

First post here. Love what Bitgold's doing so far!

I tagged Melanie/Art/Rohan/79Au because you guys are the most active on this site. Hope that wasn't bad manners :)

I spent all of yesterday reading the messages on this and other Bitgold boards, but haven't come across an answer to my question below. I apologize if this was addressed already. If so, please provide me a link or links to the answers.

1) Are there plans to add the following information within the "Enter Amount" and "Complete" screens when Depositing funds into a Vault, as well as within each of the Transactions listed within the "Transactions" log? This would go a long way towards allowing users to see all the fees incurred before making a purchase, as well as providing us with the ability to go back and check on previous purchases to see what fees were incurred.

a) 1% fee (shown in fiat as well as gold grams)
b) any foreign exchange fee (shown in fiat as well as gold grams)
c) Final gold qty that will be deposited into vault (after above 1% and foreign exchange fees are deducted) (in grams)


  • GoldmattersGoldmatters Posts: 4,015 Admin
    @Exponent Great suggestions . I would imagine this is being worked on as other have agreed with you on this:) @Melanie is very attentive and she will likely respond directly to your inquiry shortly ;)
  • GoldmattersGoldmatters Posts: 4,015 Admin
    @Exponent Keep in mind as for b). The foreign exchange fees are not charged by Bitgold\Goldmoney. If you were hit by those fees you likely were charged by your credit card company.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited June 2016

    As is often the case @ArtMatters beat me to the punch … B)

    @Exponent If I understand you correctly, you would like the deposit screen in real time to show the the 1% fee in both grams and currency and the net grams deposited. So for example, let's say that you wanted to deposit EXACTLY 10g of gold. By trial and error you must adjust the $ amount until you get 10g. BUT then you must also account for the 1% fee, and thus must add some extra. 1% of 10g is 0.1g. 10.049 - 0.1 = 9.949 ( I should have increased my $ amount a bit)

    My actual deposit should be 9.949g. But if I understand correctly this is only a estimate. The actual conversion rate for gold does not occur until you he hit the "Process" button. This is what I actually deposited:

    9.919g ????? WHY I was expecting it to be 9.949 !!!!!!! @Melanie this is an obvious point of frustration for new (and old) users!

    @Melanie please keep me honest on the following:

    The answer lies with how the Aurum software matches buyers to sellers. See the following article to understand BBO.

    1) what you see prior to hitting "Process" is the average BBO prove of gold in the local currency.
    2) the actual price is not "locked in" until you hit the "Process" button the result is your "locked in" price
    3) the difference is a combination of two factors: a) the BBO price is not the actual transaction price (see link above) and b) the price of gold in the selected currency may have changed in the split-second interim

    My ledger now shows

    Which includes the 1% transaction fee.

    @Melanie with interface 2.0 is it too late to add a break down of the 1% fee and the net deposit BEFORE the "Process" button is hit. Is it possible to "lock in" the price before the "Process" button is hit (perhaps with realtime updating)?
    I think that many people (including old timers like me) would like to see more consistency in the numbers. Whereas I learned to accept some "shrinkage" during transactions, newcomers may not be so forgiving.

    This also comes back to an old request of specifying grams of Gold to deposit and letting the interface calculate the currency in real time. How hard can this be?

    Finally with regard to the ledger "Pending" is ambiguous at best. Could you please break it down to "Waiting on bank" and "Waiting on vault" as these are the only two pending stages. Waiting on the bank to transfer the funds. Waiting on the vault to register the additional gold.

    @Exponent is this what you are asking for? (You are not the first)

    @Melanie what can you tell us?

  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    An animated video on how Aurum works, especially for price discovery, @Melanie ?
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    @Exponent welcome to the community. Great post. I like your suggestions. I would like be able to enter a dollar amount or specify the grams of gold I want to purchase. On the screen I would like to see an estimate of the 1 percent fee based on the current price, with the understanding it will fluctuate until I press the process button.
  • IconateIconate Posts: 68 Tin ✭
    @Exponent You bring up a good point. It would be very useful to see the breakdown of the purchase, fees included.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭

    I would like to see it fluctuate in realtime and be able to press "Process" at the right moment.
  • ExponentExponent Posts: 14 Tin ✭

    Gotcha re: the foreign currency exchange fee.


    Yup you got the jist of my question. Let's see if we get a response from Melanie.
  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    The gram amount displayed during the deposit process is based on the average BBO price, and your price is then confirmed at the time of confirming the deposit. The amount of grams purchased will then be displayed for you.

    As for other suggestions, I will have to check in with my development team, but feedback noted!
  • ExponentExponent Posts: 14 Tin ✭

    Thanks for the response. I think showing the transaction fee as well as the net grams deposited (after fees) is important, so I hope you decide to add this feature moving forward.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭

    Oh, and "Pending Bank" / "Pending Vault"

    (I am such a pest) >:)
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