Pumped to join the gold community

DinchDinch Posts: 67 Copper ✭✭
Hey, everyone, I've been following the community for a couple months now and I'm pumped to finally join. I'm a Rothbardian An-cap so I'm obviously quite fond of what Goldmoney is doing and I'm hoping to expand my holding quite a bit (just have to convince the wife to let me! She loves gold when it's around her fingers or neck, but is too suspicious of it in any other form haha).

I will say one thing about the process though, if Goldmoney could alter the deposit page so that the amount of GAU that is purchased by a given amount of fiat would be the actual amount that is purchased, instead of the midway point between the bid and the ask. I understand using that midway point for general price checking, but since when I deposit I'm clearly going to be paying 1% over the ask price, it would make the most sense for me to be able to see how much gold I'm buying based on that 1% over ask.

Anyway, I look forward to engaging this community in the future as fiat collapses around us. May gold, which is money and has always been money, be THE money again soon.

P.S. a special thanks to Peter Schiff for letting his listeners know about this great idea and company. I wouldn't have found this company so soon had it not been for his podcast and merger.

Comments

  • JPMorganJPMorgan Posts: 1 Tin ✭
    I'm awaiting my ID approval. Can't wait to have real money as a store of wealth while the fiat system implodes!
  • UvasUvas Posts: 678 Silver ✭✭✭✭
    Welcome Dinch. This is definately a fun company to watch and participate in.

    Good luck convincing your wife ;)
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    @Dinch please be very careful. Warning Goldmoney is like smoking, it is very addictive. I have been a member for 8 month and I'm compelled to buy a little every month. The platform makes it fun to save money in the form of gold. While I do use my Goldmoney credit card, I prefer not to because I hate selling my gold. My goal is to save up for the 1 kilo bar. Welcome to Goldmoney.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Dinch - you are "preaching to the choir" (of users) in wanting to specify a deposit in GAU and letting the fiat amount recalculate as needed. I have asked @Melanie for this many times now. I fail to see why this can not be done - except that it may require a massive rewrite of the code base and it is not considered to be a priority.

    @Melanie @Agos @Roy Sebag @Josh Crumb - as you can see, I am not the lone wolf in the forest asking to be able to specify the exact amount of GAU to deposit. Seriously, I do not understand why this can not be done. The user specifies the exact GAU amount and the software immediately determines the realtime price in gold, calculates the 1% and adds it to the total, then reports the estimated price pack to the user. When the user picks proceed, the software locks in the current price of gold, calculates the 1% and adds it to the total, then submits to the bank, credit card, PayPal, Bitcoin, whatever and IF the transaction is approved reports the final price to the customer. Computers do this all the time at brokerages and online bullion dealers - I do not understand why Goldmoney can not implement this. :s

    Gold is money - we want to be able to specify the exact GAU deposit amount.

    @GoldMatters @GoldIsCurrency @RocketDog @Penny_Dropped @Rj838 @Uvas @nigelmarkdias @GrandpaBrian @Scrooge_McDuck1 … what are your thoughts?
  • DinchDinch Posts: 67 Copper ✭✭
    @79Au197 , Yeah, I wanted to buy 10 grams to maximize the very generous bonus. I ended up buying 9.8 or so due to the one percent fee and the bid-ask spread.

    Another thing I'd like is the ability to see how much fiat my gold is worth at 1% below bid. That way, I wish to buy something with my gold, I know the amount of fiat I actually have based on the sell, not the average between the spread.

    But anyway, I'm just happy this thing exists and I pray it takes off to the point we get real prices in gold throughout the economies of the world.
  • PinkdogPinkdog Posts: 511 Silver ✭✭✭✭
    I agree. I would also like to see the exact GAU too.
  • GoldmattersGoldmatters Posts: 3,926 Admin
    Welcome @Dinch ! I look forward to a new energetic and thought stimulating community member:)

  • UvasUvas Posts: 678 Silver ✭✭✭✭
    edited October 2016
    @79Au197


    I agree with you gentlemen, I think the option to select a weight of gold to purchase would be a great idea.
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    GAU would be preferable @79Au197
    Welcome, @Dinch
    Like the name @JPMorgan
    Is JPMorganChase, Nelson Aldrich or Jekyll Island available? @Melanie :)
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    edited October 2016
    You can select GAU when selling it back to the system but not on the buy side. Agree with @79Au197 on this. A live RTQ on the buy window would help give clarity to the buyer.
  • goldenboy114goldenboy114 Posts: 1 Tin ✭
    hi guys how are u doing ? happy to be here i think this is future now!
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
  • AgosAgos Posts: 36 Staff ✭✭✭✭✭
    79Au197 said:

    as you can see, I am not the lone wolf in the forest asking to be able to specify the exact amount of GAU to deposit. Seriously, I do not understand why this can not be done. The user specifies the exact GAU amount and the software immediately determines the realtime price in gold, calculates the 1% and adds it to the total, then reports the estimated price pack to the user. When the user picks proceed, the software locks in the current price of gold, calculates the 1% and adds it to the total, then submits to the bank, credit card, PayPal, Bitcoin, whatever and IF the transaction is approved reports the final price to the customer. Computers do this all the time at brokerages and online bullion dealers - I do not understand why Goldmoney can not implement this.

    There is one issue in the flow you described here, @79Au197: what currency would the user card or bank account be debited in?

  • DinchDinch Posts: 67 Copper ✭✭
    @Agos, I know nothing about computer programming, but is it really that difficult to program the deposit page to include selection of GAU in your currency of choice?

    My suggestion was actually that when depositing, instead of using the BBO average, use the Best Offer price, and include the 1% fee as a separate line item, and total them together, so that when I put in $500 it tells me exactly how much gold I'll be purchasing. The way it works now, it shows a higher gold amount than what I'm actually getting. Something doesn't sit right with me about that. And likewise, when redeeming, it should show the Best Bid price and the 1% fee so that I know just how much gold I'm selling for a given fiat currency.

    Perhaps the code would be too difficult to manage that, but it seems like it should be doable, and it would improve the customer's experience greatly.
  • helferleinhelferlein Posts: 155 Bronze ✭✭✭
    @79Au197 I'm preaching exact GAU deposits since I've joined here... :-) And still supporting it!
    @Agos
    what currency would the user card or bank account be debited in?

    The card or bank account could be debited in the users default currency or you just could add an extra box where the user chooses in what currency it should be debited.

    Just the same buy screen on top the user may choose buy in GAU and right below a filed to choose the currency to be debited.
    Then the amount... and while adding the amount the system may calculate in real time the actual buy price in the selected currency.

    Additionally it should be possible to have recurring deposits in GAU since for myself my plans are to deposit for every of my kids like 5gr of gold every month so that they have a nice saving when they are bigger....
  • Pfuster12Pfuster12 Posts: 8 Tin ✭
    @79Au197 Another supporter here. It also irks me to have strange amounts of grams such as X.684 g, I would much rather have a clean X.00 g

    I also think this would make handling and redeeming the physical gold in vaults much easier, wouldn't it? Having to assign my X.684 grams can't be easy, instead of having simple X.00 bars.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Agos … what @helferlein said

    Seriously, it can't be that difficult. Specify a fiat currency. Specify an exact amount in GAU. Do the conversion.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Pfuster12 all of the accounting is done in a digital ledger. Only 1kg bars exist in the vaults.
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