Bitcoin

pppppppp Posts: 53 Tin ✭
Great timing Goldmoney. Unable to sell Bitcoin right when a parabolic spike is going on. Did the process for withdrawal really need to drag on this long?

Comments

  • powslayerpowslayer Posts: 118 Bronze ✭✭✭
    they got in at the top and out at the bottom. unbelievably bad timing. One of these years gold has to break out right?
  • pppppppp Posts: 53 Tin ✭
    Yep, well done Goldmoney. lol. basically shafting its customers from being able to sell a bit on this spike [has just gone form 3K to 6K]. I'm also now stuck in the quandary of how I get this money back into my fiat banking system at some point.

    All very poorly thought out and erratic from what is supposed to be a company that prides themselves on their professionalism : (
  • pppppppp Posts: 53 Tin ✭
    powslayer said:

    they got in at the top and out at the bottom. unbelievably bad timing. One of these years gold has to break out right?

    the two markets are not opposites. Bullion is going to move up with the next cycle in Crypto I think... A lot of people who bought Bitcoin will be taking profits in gold... also pushing up prices. There seems to be no macro understanding of what's going on by goldmoney. I think they just decided the two were mortal enemies and washed their hands of it... lol
  • pppppppp Posts: 53 Tin ✭
    powslayer said:

    they got in at the top and out at the bottom. unbelievably bad timing. One of these years gold has to break out right?

    Yeah, a double disaster for their customers. At least if they'd stuck with it, their customers who bought the spike up would have been OK with the recovery underway now.

    I mean if you decide to get involved, you should stick without it. Not just suddenly pull the rug out from their customers feet. Surprised not to see more annoyed customers not venting a little.
  • pppppppp Posts: 53 Tin ✭
    I bought some BTC here at goldmoney when the price was 3.5K [after loosing some money on buying BTC at higher prices]. Bitcoin is now at 7.5K and am unable to sell a bit / take some profits/ cover some losses. Still in limbo waiting for the transfer. lol. You have to laugh right... right?
  • pppppppp Posts: 53 Tin ✭
    8K now and counting [a parabolic spike]. I was forced to sell a bit at 5.8K [to keep some money in cash... as uncertainty now about converting BTC to cash from a hard wallet through the conventional banking system now] 5.8K was the deadline before the facility to exchange to cash was frozen. Ouch! Ouch! missed out on scratching back some of those losses big time. Thanks a lot goldmoney~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
  • pppppppp Posts: 53 Tin ✭
    Meanwhile it has been 5 DAYS since the transfer was initiated. I've yet to receive the funds. 5 DAYS while the parabolic spike is playing out.... unbelievably bad timing : (
  • ProsperProsper Posts: 14 Tin ✭
    Anyone get their deposit yet? I have not. I know it said it would take some time but digital assets move fast. Did something else happen that made them jump out of cryptos? Binance just had to bounce back and things still aren't back to normal.
  • ProsperProsper Posts: 14 Tin ✭
    Well it’s complete. Transfer happened. We are out of Digital Assets. Oh well...
  • SecretsSecrets Posts: 59 Bronze ✭✭✭
    How long did it take from initiation? I assume you withdrew coins instead of selling them?
  • pppppppp Posts: 53 Tin ✭
    Prosper said:

    Anyone get their deposit yet? I have not. I know it said it would take some time but digital assets move fast. Did something else happen that made them jump out of cryptos? Binance just had to bounce back and things still aren't back to normal.

    Yes, once the checks were done, and the phone call made for further security reasons, the transaction went through very quickly. The problem is I'm now sitting on BTC that is going through the roof without the ability to sell a bit and get those funds back into the conventional banking system. All in Crypto-land now. lol. Goldmoney have done their customers a real disservice here.
  • pppppppp Posts: 53 Tin ✭
    Secrets said:

    How long did it take from initiation? I assume you withdrew coins instead of selling them?

    I was had to sell a bit before the cut off date to raise some funds. Unfortunately it was right before the spike. Terrible timing Goldmoney! i sold some at 5.8K, the price is now 8K and threatening to go truly parabolic.

    It took them a week to further verify my hard wallet details for some reason. And then a phone call as it was considered a lot of funds. fter that the transaction went through quickly. But the whole process was a bit of a nightmare. Their are positives and negatives. Negatives being that I was unable to sell some on a spike, and keep those funds in the conventional banking system. Positives,I now have my own wallet, keys, and not paying Goldmoney for 'storage' lol.

  • pppppppp Posts: 53 Tin ✭
    Prosper said:

    Well it’s complete. Transfer happened. We are out of Digital Assets. Oh well...

    did you transfer to a hard wallet, or just sell to USD or gold. If so, that's unfortunate. Diversity is the name of the game here. What a shame Goldmoney got involved on the spike, and then sold at the bottom. Bit of a disaster really. I imagine it has really annoyed a lot of their customers.
  • D3N0ND3N0N Posts: 4 Tin ✭
    Hello guys! It's been almost a week since I initiated my cryptocurrency withdrawal and it's still showing as pending approval. I contacted customer service, but no one responded as of yet. Is this normal? What is happening to GoldMoney? They used to reply within 24 hours during weekdays. Are they understaffed now?
  • D3N0ND3N0N Posts: 4 Tin ✭
    Unbelievable, yet another day went without a single word from GoldMoney. What's happening? It's exactly one week since I've placed my withdrawal requests and as it looks there is no time frame whatsoever. Maybe another week, or even a month before I get my crypto. Well done GoldMoney. Way to look after your clients.
  • pppppppp Posts: 53 Tin ✭
    D3N0N said:

    Hello guys! It's been almost a week since I initiated my cryptocurrency withdrawal and it's still showing as pending approval. I contacted customer service, but no one responded as of yet. Is this normal? What is happening to GoldMoney? They used to reply within 24 hours during weekdays. Are they understaffed now?

    I think it's all been a bit of a rush job for them to get out of Crytpo [for some reason... and right at the wrong time!]. It takes a while, but they do get the job done. Once a finally provided my wallet address and initiated the transfer, it took a full week for them to 'check' things at their side. I then needed to make a call to finally verify in person my identity as the transfer amount was rather large^^. Once the phone call was made, the funds were in my wallet in an hour or two.

    But what a disaster... getting out at the bottom, and freezing people's ability to sell right on a parabolic spike. not to mention now having all those funds outside the conventional banking system. i think this is the reason why they got out... new regulations might be coming in to make the KYC and verification even more difficult.

    Game on between the conventional banking system and the new world of digitalization~
  • pppppppp Posts: 53 Tin ✭
    D3N0N said:

    Unbelievable, yet another day went without a single word from GoldMoney. What's happening? It's exactly one week since I've placed my withdrawal requests and as it looks there is no time frame whatsoever. Maybe another week, or even a month before I get my crypto. Well done GoldMoney. Way to look after your clients.

    Yeah, i was feeling this way also a week back, but they finally came through in the end. even though it's been stressful, i think they may have done their Crypto clients a favor. You now have your own keys in your own wallet, and so don't have to worry about a hack of a custodial service of an exchange.
  • D3N0ND3N0N Posts: 4 Tin ✭
    > @pppp said:
    > Unbelievable, yet another day went without a single word from GoldMoney. What's happening? It's exactly one week since I've placed my withdrawal requests and as it looks there is no time frame whatsoever. Maybe another week, or even a month before I get my crypto. Well done GoldMoney. Way to look after your clients.
    >
    > Yeah, i was feeling this way also a week back, but they finally came through in the end. even though it's been stressful, i think they may have done their Crypto clients a favor. You now have your own keys in your own wallet, and so don't have to worry about a hack of a custodial service of an exchange.

    Thank you for your input mate. I appreciate it. Just posting an update. I have finally received a reply from GoldMoney, but it's not over yet. They still need to do some review before sending me my crypto. So frustrating as it is a good time to sell, but I have no such option as my funds are now locked with them and yes, you are absolutely right, it is much better to keep my crypto in my own wallet.
  • SecretsSecrets Posts: 59 Bronze ✭✭✭
    Mine went through ok. No phone calls, just about 5 day to process the transfer. Once done both BTC and ETH came through more or less at the same time.
  • D3N0ND3N0N Posts: 4 Tin ✭
    > @Secrets said:
    > Mine went through ok. No phone calls, just about 5 day to process the transfer. Once done both BTC and ETH came through more or less at the same time.

    That's strange. I'm now in the second week and they keep telling me that they need to do some review before the cryptocurrency can be transferred to me. I'm fully verified, so really don't know what it's all about. As soon as possible is slowly turning into days and days into weeks. Not very happy as you can imagine.
  • pppppppp Posts: 53 Tin ✭
    So BTC pushing 9K now. I imagine a lot of Goldmoney's customers have lost a lot of money are not too happy....

    I would love to have sold a little BTC here at Goldmoney [where I bought at] at these prices and then transferred some of that to bullion, and some back to fiat. You think it would have been win/ win for Goldmoney. as it is, now that it's all on my hard wallet [though forced to sell a bit with goldmoney at a mere 5K :( before locked out], these funds are kind of locked out of the mainstream banking system. i think this is why Goldmoney got out.. perhaps there were going to be stricter KYC rules and they didn't want to be bothered with it all. Surely not for ideological reasons/ competition against BTC!! But what incredibly bad timing!! Bordering on irresponsibility when you think of it...
  • pppppppp Posts: 53 Tin ✭
    Well done Goldmoney. Customers who had bought Bitcoin here [for quite high prices] forced to sell/ exit at 5K. Bitcoin price is now 9K. lol
  • pppppppp Posts: 53 Tin ✭
    BTC above 10K now : (
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