Gold Money ATM

Any thoughts about installing GoldMoney ATMS around the globe so I can deposit cash and buy gold on my card ?


  • IrishGuyIrishGuy Posts: 149 Bronze ✭✭✭
    Hi @tdlrtl3
    Are you stating to purchase with cash or a card?
    Far be it for me to rain on your idea, but I would see this as unlikely due to the likelihood of it being used for money laundering. Physical cash with no transactional history being converted to Gold would not be allowed by most governments.
    ATMs exist in Dubai and places where you can use a card and it dispenses gold from an ATM type machine.
    It might be something that Goldmoney could link with these types of companies and redeem Gold from those ATM's and just list them on the website. Maintaining them, loading them etc., is not something I could see Goldmoney itself doing as a fintech company but linking with the provider of these services would be possible. Good question.
  • RocketDogRocketDog Posts: 598 Silver ✭✭✭✭
    Hello @tdlrtl3
    As a follow up question to @Irishguy, I am wondering do you want to end up with a physical chunk of gold (such as the gold vending machine that @Irishguy describes in Dubai) or do you want to end up with digital physical gold on your card or in an account?
    With a personal holding I can load money into my account in many ways to purchase and deposit physical gold into my account. I am in USA and I know that success varies depending upon country and upon which holding you currently have. But deposit methods should improve over time in all areas.
    If you need anonymous physical metals I think your best choice is going to a coin dealer with your cash. Goldmoney is under a lot of pressure to maintain their books with transparency in the various districts in which they operate. I agree with @Irishguy that they are unlikely to put their efforts toward a high maintenance scheme that would allow money laundering.
    Besides, wouldn't such a machine be highly likely to suffer from the smash and grab robbery?
    Just some thoughts, sorry if I am off-base from your original intent.
  • TauntFourstarTauntFourstar Posts: 218 Bronze ✭✭✭
    I brought this up a while back as a nice to have... i think if it was viable, it would be pretty cool.
  • RocketDogRocketDog Posts: 598 Silver ✭✭✭✭
    @TauntFourstar at first the fact that the CoinMe decal was wrinkled and about to peel off of that machine in your photo was a bit disturbing, but I looked up CoinMe on the web and see that they do have six actual locations around metropolitan Washington state (assuming the website is not also fake).
    It would be cool for customers without bank accounts to be able to put in some cash and deposit gold into their holding accounts. Then use that type of kiosk to move money from their holding to their Mastercard to spend it (in case they don't have their own computer access).
    I actually wonder if we will ever be able to decouple from the bank accounts entirely? (Gasp!) Maybe once Goldmoney payments are received widely, the banks will be irrelevant, and then all the rules and regulations can decouple from the banks. (Gasp!)

    It is disturbing how we are all just about OK with the argument that using cash is a sign of criminality and there is no "paper trail" with cash.
    Have we lost our sense of liberty? Do we fear that cash-using members of society will deprive us of a future social security payment or sponsor a Jihad? In order to be free again, from the financial world, we need to eventually decouple our currency usage from the banks. So I don't know if that means these ATMs (which by the way accept treasury notes , hence no decoupling from banks), or from retail outlets that could accept physical metals on deposit, or using a combination of cryptocurrency and GoldMoney.

    You could , for example, turn your cash into cryptocurrency at one of these machines and then use the cryptocurrency to purchase gold (at least in the Dubai vault, I think).
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