Why is GoldMoney Overly Complicated?

Perhaps I'm just not bright enough to follow all the jargon and obscure features since I purchased BitGold... I'm particularly annoyed with the constant messages when I log into my account:
Haven't Migrated to the new Goldmoney Holding yet?

Shouldn't I be able to just keep the personal account without the constant nagging?

I haven't been able to add to my 'Personal' account in over a year, and quite frankly not so sure I should bother with this tangled mess.

I'm considering selling my 100 grams and just buying some physical metal - anyone else feeling a little uncomfortable with this outfit?


  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    How is a notification overcomplicated? Are you new to the internet?
  • RocMonRocMon Posts: 3 Tin ✭

    How is a notification overcomplicated? Are you new to the internet?

    huh? Maybe you can give me a tldr on what a holding account is and why I should consider it?
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    nope. read it yourself.
  • UC_MrPOWRs_iLuv_GOLDUC_MrPOWRs_iLuv_GOLD Posts: 24 Tin ✭
    @RocMon @Powerlunchmoney @Goldmatters @RocketDog @Josh Crumb @Roy Sebag

    Simplifying the user interface and product tiers needs to be the first priority of GM.

    It doesn't matter if we can figure it out. If we want people transacting in gold, the current app isn't going to cut it.

    There are now millions of young people using Robinhood, Amazon, online banking, and Spotify who have never done it any other way.
    They're right to demand convenience, elegance, and clarity.

    Cryptos exploded because Coinbase made it that simple. The Goldmoney app needs the top-tier, sexy, cutting-edge user experience. Robinhood has it, and look, millions of people who never owned equities and we're probably intimidated by the process now own them.

    Would college kids have flooded into Charles Schwab if they offered free trading? No, because the app is intimidating, and full of fine print and menus, which I have no idea what they are like tile view, balances, message center, travel notifications, new, markets, media center. Why?

    Millions wouldn't deal with investing if not for Robinhood and millions won't deal with digital gold if the Goldmoney app isn't top-of-the-line.
  • McgMcg Posts: 2 Tin ✭
    I share the view that the process is complex. What started off as a straight forward process has become unwieldy. Initially I could transfer money from my Canadian bank NBC but that no longer works. Now I have been informed that I can’t use my card despite it holding 7000 plus euro on it. It would be nice to be able to talk to someone .

    I also use a similar online product here in Australia and it is much more straightforward. Perhaps I am a Neanderthal at technology And am missing something obvious.?

    As a shareholder I’m getting to understand the falling share price.
  • RocketDogRocketDog Posts: 826 Silver ✭✭✭✭
    @Mcg agreed. It is more difficult to move money into and out of the Goldmoney accounts (back to cash) now. I would love to be able to move cash in smaller amounts into my account the way we used to with the Personal (old Bitgold) accounts. Now that I have to send a wire and pay the wire fee I only transfer thousands of dollars at a time. So it doesn't feel like "gold as money" any more. It feels like gold storage. And obviously, using a debit card or App to spend our gold is vital to the "gold as money" concept.

    I hope Goldmoney will be able to renew the easier transfer capabilities -- even if they come with a small fee.
  • mamalenamamalena Posts: 3 Tin ✭
    I agree with all negative comments. It's ridiculously difficult to get the new Holding account verified.. and I don't know why we were forced to switch to "Holding Accounts" in the first place.....I don't understand why they grabbed our prepaid cards and we are no longer able to obtain a prepaid card (even in Euro's if need be) so are unable to spend our gold... I don't understand why there is no longer the option of direct transfer from our online banking but we have the more expensive and cumbersome wire transfer. I tried to transfer from Paypal and was not willing to pay their $300 "CONVENIENCE FEE" on my transaction. So...yeah... the menus never get you where you need to go...the help info is cryptic and difficult.... We don't have the ability to talk to anyone in our time zone...and it is very difficult to get to talk to anyone period. Yeah... Physical gold in a jam jar buried under the plum tree is starting to seem like a pretty good option. Things started out promising...but every change has been a negative change, and it is disquieting to think about the time when I will attempt to withdraw my gold. All this I did to avoid the banking system, but this has been a pretty disappointing experiment. Six business days (or longer) for the wire transfer? What year is this?
  • TheRaveneerTheRaveneer Posts: 109 Bronze ✭✭✭
    lol. I see things are still going incredibly terrible. I just check in every 3 months and the feature functionality seems to be going backwards, not forwards. Even my stock is down -58% now, lol. Talk about the stock catching up with the company's negative reviews. How many years is it going to take to bring things back to normal? When is the debit card coming back? Where's the one for Canada? Yeah, I agree this place is just GS (Gold Storage) not GM. See you in 3 months.
  • JayJayJayJay Posts: 26 Tin ✭
    I will say don't put all your money into here. I have a few thousand dollars worth and have physicals metals in my hands too. Remember this is still in the internet. Even though they say it's backs 1:1 ratio you have nothing to prove that you own anything if internet stops working. The company doesn't gives you monthly certificates saying how much weight you owned and where. If this wealth transfer is going to be on the internet then its good to own some here so you can liquidate your position fast and get out.
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