Wishlist: Ideas to maintain sufficient buffer in vaults to avoid "pending" status

mr1mr1 Posts: 359 Bronze ✭✭✭
edited May 2017 in Wishlist for Goldmoney
There seems to be a lot of posts on the forums from users being disappointed by transactions getting stuck in "pending" status.
See here and here and here as examples.

The explanation I've seen from staff is something like this:
Chris said:

As we are selling physical gold that has to be physically added to the vault you have selected, there can occasionally be small delays while gold is being moved into the vault. This would keep the deposit in pending status until complete.

But why is it that Goldmoney can't keep enough of a buffer in their cage of the vault in order to avoid these "pending" delays?

@GoldIsCurrency had this to say in another thread, as a possible reason:

Goldmoney could answer better but I will give it a kick of the can. I am not sure the exact buffer they carry but I would presume not a huge buffer as with the price of gold always changing if too much was held it could be a cost exposure considering the half a percent margin.

That seems like a valid possibility, but it would be great if Goldmoney could come up with a solution to that problem.

Here's one possible solution I just came up with:
I'm thinking Goldmoney could create an optional system where users can opt-in and decide to designate a certain amount of their gold holding to be available for Goldmoney's "buffer" program, in exchange for a small portion of the buy fees that Goldmoney collects.

The idea is that Goldmoney can still use the same process for adding gold to the vault, but instead of someone getting a "pending" status when buying some gold, Goldmoney would be able to allocate gold to that buyer immediately from the "buffer", and would instead give the "pending" status to a member the "buffer" program until the extra gold gets moved into the vault. The members of the "buffer" program would likely be people that want to help Goldmoney succeed, and understand the process, and don't need immediate access to the amount of gold they would have designated for the program. And again, Goldmoney could offer a small portion of the buy fee to the members of the "buffer" program for the cost of losing some liquidity of their holding.

It seems like this program could be a win-win-win all the way around. Members of the "buffer" program would be happy to earn a little extra on gold they aren't planning to use anytime soon, users buying gold would love to have transactions be truly instant, and the benefits to Goldmoney in customer satisfaction and decreased support costs would likely outweigh the expenses of developing the system and sharing buy fees with members of the "buffer" system.



  • PowerlunchmoneyPowerlunchmoney Posts: 255 Bronze ✭✭✭
    In my mind it could be as simple as holding an extra brick or two at the vaults in Goldmoney's name that could be allocated but I'm sure its more complex than that. :p
  • mr1mr1 Posts: 359 Bronze ✭✭✭

    In my mind it could be as simple as holding an extra brick or two at the vaults in Goldmoney's name that could be allocated but I'm sure its more complex than that. :p

    I was thinking the same thing. It seems like there should be some process that could be set up to manage the amount of gold in the vault to avoid having to use the "pending" status, at least most of the time. Depending on the level of activity for each vault, choose a certain number of bricks to hold as a buffer, and when the buffer gets below a certain level, order more bricks so the are available when needed. And if the buffer gets above some threshold, sell off some bricks.

    My idea above would only be needed, if for some reason Goldmoney thinks it is too risky to hold the buffer gold itself (as @GoldIsCurrency suggested might be the case).
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