Goldmoney Update from Roy Sebag

Roy SebagRoy Sebag Posts: 21 Admin
edited August 2016 in About Goldmoney
Hello Goldmoney Community!

With the brand unification now behind us, I wanted to take a moment and share with you our product roadmap at Goldmoney for these next two months. I hope this will help you when communicating areas of improvement and impending enhancements to the service as you do so well here in the community and as advocates for our company in general.

In terms of how we have decided to communicate the new brand, were calling the old BitGold the "Goldmoney Network" which encompasses the personal and business accounts. This is the backbone network enabling gold to circulate freely and democratically utilizing the technology we developed to rapidly settle physical gold bullion. We then have two other divisions: Wealth and Physical. Wealth is the former Goldmoney business which offers more bespoke services and lots more options to manage an increasing nest egg. Goldmoney Physical will combine our prior physical redemption business, the newly acquired SchiffGold, and a retail branch strategy. This will allow users to purchase physical metal directly (shipped to them) or through a redemption facility from network/wealth accounts.

Upcoming Launches:
  • T-Shirt Redemptions from Goldmoney Physical
  • Bank account redemption back to nearly 60 currencies at the fixed 0.5 gram redemption fee (we discussed this before and are just completing our final testing but this feature will be extremely important for many of you, especially those living in Asia and Latin America). You will now be able to earn gold on the network and redeem it as currency back to your linked bank account in say Thailand, Peru, or Indonesia - No FX friction just the 1% redemption spread + 0.5. Gram bank redemption fee.
In Development
  • Full responsification of the network post-login environment. The issue here was responsification done right takes time and as we all know, time is the scarcest commodity. By the end of September, the experience on mobile will be 100% analagous to that on a desktop and will include all functionalities. That is, if you access the network from a mobile/tablet browser.
  • Unified Mobile App with ONE Login for all three accounts - We know the mobile app is extremely deficient. Again, we have the majority of our engineering resources working to complete and launch the new mobile app. It will have most of the functionality on the desktop version and be available for both android and iOS. We are also improving its performance so it runs much faster and smoother. This should also be ready around the end of September.
  • Enhanced Prepaid Card Experience - We are going to be unveiling an imporved Card experience. No more Cardportal. You will be able to complete all actions from requesting a card, activating, requesting PIN and most importantly, viewing all your POS/ATM transactions from within the Network account. This will also pave the way for another surprise which I can't yet discuss.
  • Enhanced Wealth Account Post-Login Environment - We know that our Wealth account post-login experience is sub-par. Thus far, we have worked hard at integrating the back-end and improving the less sensitive areas of the Wealth site. Within the next two months, we will launch the enhanced Wealth Account which will look and feel as good as the Network account post-login except it will include all of the additional features and services we provide on the Wealth side. I appreciate the patience from Wealth clients thus far and guarantee that you will be very satisfied with the new experience.
  • Gold Redemptions from Network to Wealth or Wealth to Network - This will become an important feature as users switch between their Personal, Business, and Wealth accounts. Gold will have to be at Brinks Toronto on either account type for the transfer to be possible. There will be no fee for these transfers. For Network users, that means there is a cost savings once you hit 1,000 grams as there is no sell fee at Wealth.
So these are the developments I am at liberty to discuss. There is much more we are working on of course but these items here I think are extremely important to finalize and get right. Without them, the group is still deficient and we can't accelerate our network effect IMHO. So, give us two months to wrap these up and I think you will all be very proud of the experience and interplay between the various businesses.

In closing, I would like to thank you all for being such an energizing community. You may think that Josh and I don't read the community board but I would say we check in at least every week and it almost always brightens our day. We see whats happening here and it helps motivate us beyond the hard data we see on the Network side.

I will end with a quick anecdote: every so often, my wife will ask why I continue to work so hard. To be fair, shes been asking me this question for about 5 years now, and it generally coincides with my persistent ability to destroy our summer vacations by working through them. My reflex response has always been: its not about the money, its about the puzzle of trying to build or invest and I simply can't turn off my curious mind once I latch on to something. Lately however, I have been coming up with a better reason: How can I stop working when I see how many lives we touch? It is no longer about my own personal journey, this business is way too important and provides utility to way too many people for us to stop. You have helped me understand this to a certain extent with this community. For that, I thank you.

All the best,

Roy Sebag

Comments

  • GoldmattersGoldmatters Posts: 4,074 Admin
    @Roy Sebag thanks for this update Roy. Your words, as always, are inspiring. The community will love this.
  • GoldIsCurrencyGoldIsCurrency Posts: 1,820 Gold ✭✭✭✭✭
    edited August 2016
    @Roy Sebag Your advancing road map sounds like the Goldmoney team is building the super highway of gold. It has been a very exhilarating year watching all the advancements and developments roll out and I am adamant it will be just as exciting watching these new developments take place. Thank you for providing the world with an avenue to utilize sound money and thank you for keeping the community in the loop on these future developments.
  • Fedsweden1Fedsweden1 Posts: 12 Tin ✭
    Keep up the good work Roy. Counting on you
  • Rj838Rj838 Posts: 217 Bronze ✭✭✭
    @Roy Sebag

    Thank you for this splendid platform. It is reshaping peoples lives every second.

    Looking forward to all the reforms and modifications.

    This is a glimpse of the hidden gems(I mentioned in on earlier discussions) this company/platform is busy working on and has yet to reveal. @GoldMatters @GoldIsCurrency .

    Your great efforts are very much appreciated. Keep up the good work.

  • GrandpaBrianGrandpaBrian Posts: 679 Silver ✭✭✭✭
    Roy is revisiting that entrepreneurial highway with his pedal to the metal....

    Now the rovin’ gambler he was very bored
    He was tryin’ to create a next world war
    He found a promoter who nearly fell off the floor
    He said I never engaged in this kind of thing before
    But yes I think it can be very easily done
    We’ll just put some bleachers out in the sun
    And have it on Highway 61

    Or as Hunter S Thompson would say...

    When things get weird, the weird turn pro!

    Stay golden brother.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Roy Sebag thank you for the update and for all of the game changing things you, @Josh and the rest of the team has done so far and are working on for the future. I share in the hopes and dreams of @GoldMatters @GoldIsCurrency @GrandpaBrian @Rj838 @Fedsweden1 and all of the others community members who will be responding to this once they read it.

    These are very exciting times. I am glad to have been along for the ride (almost) from the beginning. Thank you for everything you have done and continue to do. B)
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    PS "T-Shirt Redemptions from Goldmoney Physical" :p
  • TheRaveneerTheRaveneer Posts: 109 Bronze ✭✭✭
    "ONE login for all three accounts". Is that the precursor for getting MINT to work with Goldmoney? I can't get it to pick up my Personal account on MINT, hence my savings are not part of my networth picture. This is critical before putting any significant amount into the Goldmoney Network. Thanks.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @TheRaveneer sorry, but I had to disagree when it comes to MINT. I view MINT as yet another way for advertisers and retailers to mine your spending patterns and habits. The LAST thing I want is for MINT to be aware of my gold holdings.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    PS @TheRaveneer I used to use a MINT account myself (at the urging of my adult son). The concept of having everything on one site for free is appealing … but TNSTAAFL. MINT is not free. You pay for it with your freedom.

    No slight to you intended.
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    @79Au197 Can you please explain what you and Roy mean by "T-Shirt Redemption from Gold Money Physical"? Thank you.
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    As a person who spent 19 months in Iraq, I have to agree with 79Au197 about not wanting to aggregate his data in one location. Even before Facebook, the use of social media to find and capture the friends and relatives of detainees (who were not necessarily criminals -- just related) was greatly enhanced by the data provided to us by the detainees themselves through their contact lists, photos with names attached, etc. Therefore, I do not use Facebook and even get mad anytime my Smartphone tries to combine my Google contacts with my Yahoo! contacts or makes those associations for me in any way that I did not approve myself.
    I work hard to keep my bank accounts separate and did not like how the GoldMoney bank account manager actually made me login to my bank account and then it automatically hooked up all accounts within the one bank to my GoldMoney account. I detached my savings and just left the checking attached but I do not know what information was stored by GoldMoney or that somebody could not come back later and access my savings account with the information they already have. Previously when associating bank accounts with other apps I just entered a routing number and account number for the particular account I wanted to associate and did not have to log into my bank account through anyone's else's "Secure Window". I am not saying that GoldMoney did anything wrong here -- just admitting that even that little bit of association makes me nervous, based on what I have experienced in combat.
    One thing that I think a lot of us westerners do not have good perspective on is what happens when government and social structures start to fall apart and security is compromised. Anyone who is a law-abiding citizen today thinks that they will remain in good standing. This is not the case. All it takes is for the political climate to change and your people (e.g. Intellectuals, Businessmen, Religious affiliations, Racial Group, Political Ideology -- or Owners of Gold) could suddenly be declared outlaws. Then the government or ruling authority at that time has every "legal" right or at least enough resources and leverage to track you down like a dog and take your stuff and drag you in as a detainee. Been there, seen it, participated in a mortified sort of way when we occupied Iraq.

  • MelanieMelanie Posts: 1,045 Gold ✭✭✭✭✭
    The single login for the app means that you will be able to login to any of your Goldmoney accounts from a single login screen - similar to the new website log in.

    @RocketDog This means that, after much demand, Goldmoney T-shirts will be available for order!
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    Thank you @Melanie what a cryptic way of saying "T-shirts will be available". :smile:
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    Agree, @RocketDog @79Au197
    I live close to your former neighbourhood in Iraq.
    We have the two biggest buyers of the A380 & 777, the tallest building in the world, & one already in the works to top out Prince Waleed, the biggest mall, a Louvre.....
    Yet, across the Hormuz, the Russian air force is in Iran; the Saudis are in Yemen & the Pakistanis insist on being non-India.
    India said thanks, but no thanks to Zuck's internet.org
  • TheRaveneerTheRaveneer Posts: 109 Bronze ✭✭✭
    79Au197 said:

    @TheRaveneer sorry, but I had to disagree when it comes to MINT. I view MINT as yet another way for advertisers and retailers to mine your spending patterns and habits. The LAST thing I want is for MINT to be aware of my gold holdings.

    Hi 79Au197. MINT is the single best personal finance application. It should be used by every person on the planet -- think of the financial education and awareness people would have if they just used it to understand their current position. I realize this website is full of gold bugs and doomers, but there are others of us that aren't paranoid and just want sound savings. Thanks for your opinion on MINT support, but it's absolutely required to get a complete financial picture that includes savings. GoldMoney is already an offering on MINT, but it points to the Wealth logins and not the Personal/Business ones that are different. I believe it's in the works to support the consolidated login and I await it.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @TheRaveneer - again no slight to you or the hundreds / thousands? / millions? who love MINT. We (myself and RocketDog at least) will have agree to disagree on this one. But that is the beauty of freedom of choice isn't it?

    I just figure that the less the world knows about my finances and spending habits the better. As it is … with Google, Bing, and Amazon … I am sure that "THEY" know all there is to know about me. :#
  • TheRaveneerTheRaveneer Posts: 109 Bronze ✭✭✭
    @79Au197 - Less paranoia would serve you well. The biggest reason you need to worry about the world learning so much about you is that you feel the need to respond to every single post on this website for some reason -- not passive data collection from enterprising businesses.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @TheRaveneer

    Well it is a discussion board and I thought we were having a discussion. Although in hindsight I attacked you by attacking MINT and for that I apologize. Yes I do follow the discussions on this board and I do frequently respond. This has tended to be a fairly social board and I have been a Community member since the beginning with BitGold.

    It does appear that I have touched a nerve. You obviously like MINT. I don't. If that offends you I apologize. I don't expect any two people to agree on everything. If I were truly paranoid I would avoid all social media, but it is a fine balance isn't it? It is impossible to participate in social media without giving up some privacy. Yet I think that @RocketDog makes some valid points above.

    I realize that "passive data collection from enterprising businesses" is the new normal. Based on your reaction, I am guessing that you are possibly either involved with MINT or a similar company and are as passionate about about it as I, and others on this board, are about Goldmoney. "MINT is the single best personal finance application. It should be used by every person on the planet -- think of the financial education and awareness people would have if they just used it to understand their current position." This statement alone indicates your passion for MINT. I can respect that. Since, as you say, the original GoldMoney (now Goldmoney Wealth) is already an offering on MINT, I am certain that the full Goldmoney Network will be as well in time.

    With regard to paranoia …

    What's worse, thinking you're being paranoid or knowing you should be? - From the 2004 movie Primer.

    Just because you are paranoid, does not mean that they aren't out to get you. - unknown

    When it comes to personal finance and wealth, I think a little paranoia is healthy.
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    I don't think I am paranoid, nor am I a Doomer. I think we are in for some rough times but we will recover and I don't feel like hiding out in a cave with jars of peanut butter. I hope to keep on living in the modern world with some reasonable adaptations for continued modern life. I just wanted to provide some insight to people reading the board, if they don't already know about how their information is used against them, both in combat, and in the commercial world during peace time.

    Here is one article, and I am sure there are others like it, talking about data collection on the web and cell phone.
    https://mic.com/articles/113078/all-the-secret-ways-you-re-being-tracked-that-you-don-t-even-realize

    I can understand @TheRaveneer wanting to track his net worth. I think it is a valuable activity. I track mine monthly in an Excel chart -- have done that for at least 10 years. I manually enter my accounts, holdings, and mortgages at the end of each month and over time have watched my net worth grow and shrink. It does not track every daily expenditure, but there is no need for that. Many money-smart people will tell you that the whole "budgeting" and watching every penny thing is a waste of time once you understand your personal vices. Further, if people would just get out of consumer debt, they'd have plenty of money for their vices, and no need to track every penny. (Ironic though it is.) That is what you want. To be able to pay your bills and still have some cash leftover which does not need to be tracked -- cause it's more fun that way.

    @TheRaveneer I am not commenting on your personal situation; your personal desire to use or recommend MINT is totally fine with me.

    And thank you @Nigelmarkdias for posting the news of India's rejection of Basic Free Internet from Zuckerburg's company. That is interesting reading. It reminds of the old AOL.com browser experience from the late 1990's. If you typed in "Travelocity" it would send you to one of AOL's affiliate travel services. It was very difficult to navigate the real web from within AOL. Google currently tracks the stuff you look at and serves up more of the same in a kind of self-affirming cocoon of familiarity. When I think most of us hope to go the web to find out things totally new and undiscovered by us.

    And I apologize for taking this discussion off on a tangent from Roy's original post -- which was Goldmoney Developments!

  • helferleinhelferlein Posts: 155 Bronze ✭✭✭
    Enhanced Prepaid Card Experience - We are going to be unveiling an imporved Card experience. No more Cardportal.....


    Yeah... Transactions and activation of new cards available now in the dashboard :-)

    Thanks @Roy Sebag
  • LGJLGJ Posts: 68 Bronze ✭✭✭
    These sound great Mr. @Roy Sebag thank you for your work.

    The two features I am looking forward to the most are,

    1. Sending/receiving gold from my account to a friends account in all of the US.
    2. Using my Goldmoney card without having to pre-load it. I.E. The xfer of gold to $ happens at the time of swipe.

    Keep up the good work!
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @LGJ

    Re point 1. … sadly Goldmoney must work with each US state individually. Currently Texas and Colorado allow person to person transfers. The Goldmoney legal team is aggressively pursuing this on a state-by-state basis. Even stranger - the state of Georgia - prohibits the issuance of the Prepaid Card. :#
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