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Author Topic: If goldmoney offered an online Bitcoin wallet service ....... Good for Bitcoin ?  (Read 860 times)
Mjbmonetarymetals
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January 22, 2013, 10:14:23 PM
 #1

Just thinking out loud, as online wallets are probably here to stay wouldn't somewhere such as goldmoney be a good fit to store your bitcoins if they offered such a service, only measured against other online wallet options of course.

http://www.goldmoney.com/


ROBUST SECURITY MEASURES TO ENSURE YOUR METAL IS SAFE

When you are looking to store precious metals, you expect your storage partner to ensure that there are robust security measures in place. 

At GoldMoney we have been setting industry standards for over 10 years to ensure the safety of your metals by providing:
High online security standards
Independent third party audits
Secure and insured storage
HIGH ONLINE SECURITY STANDARDS

Online security is more important now than ever before. GoldMoney provides exceptional security when you buy gold, silver, platinum and palladium and manage your Holding online. The protection of your assets is of the utmost importance to us. That’s why we provide you with the most advanced technology available to keep your assets safe. 

SMS Transfer Confirmation
GoldMoney addresses the issue of protecting customer assets by enabling customers to link their mobile phones to their Holdings. This step allows customers to validate the payments, gold bar delivery requests and fund transfers going out of their Holding on their mobile phone, before completing the authorisation of the transaction online. 

Each time you request delivery of a gold bar, or transfer funds from your Holding to your bank account, you will receive an SMS to your handset with a unique PIN code and a description of the transfer. Once you have reviewed the details of the transfer you then simply enter the unique PIN code into the GoldMoney website and the transfer is complete. Without the correct PIN code, the transfer will not be processed. 

If you do not wish to use this additional security feature, the PIN code is sent to your email address.

Bank Account Locking
Your Holding will contain details of your bank account(s) so that you can easily transfer out the proceeds from the sale of your precious metals. You can ‘lock’ the bank accounts which are linked to your Holding so that no further bank account details can be added. This further protects you because even if someone manages to gain access to your Holding, they are unable to send funds anywhere but to the bank accounts you have previously assigned.

INDEPENDENT THIRD PARTY AUDITS

GoldMoney customers can rest assured that their metal is safe and accounted for, thanks to the periodic reports provided by external third parties. Find out more about our independent third party audits. 

SECURE AND INSURED STORAGE

All of the precious metals owned by our customers are stored securely in Canada, Hong Kong, Singapore, Switzerland and the UK in specialised vaults owned and operated by VIA MAT, Brink’s, Rhenus and G4S. For more information about these companies, see our Partners page. All vaults insure the vault contents against risks such as theft so that your precious metals are protected.

CLEAR PROCEDURE IN CASE OF BANKRUPTCY

In the unlikely event that GoldMoney were to go out of business, standard Jersey bankruptcy procedures would be implemented. Assuming you hold an amount of metal at least equal to the standard gold, silver, platinum and/or palladium bar weight in GoldMoney, you will be able to take delivery of those bars. Additionally, you can take physical delivery of your gold in 100 gram and 1 kilo bars. The remaining metal would be sold and the cash proceeds would be transferred to you. Find out more in clause 16 (Winding-up or bankruptcy of GoldMoney) of our Customer Agreement.
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January 23, 2013, 01:18:37 AM
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Yes I think definitely because (I presume) there are a lot of Goldmoney users.

I don't think it would happen though after what happened with teh goldgrams payment thing getting dropped.

Going a bit offtopic....

I'm never quite sure what to make of Goldmoney...

On the one hand it seems very well thought out from a traditional point of view. It's well setup legally with borders and everything. More secure in this sense than bullionvault. The whole thing is well designed. Being in Jersey is close enough to give people confidence but it is also outside of the big places and also a value tax area.

However, I think the whole thing is thought up with some presumptions in mind. I can tell they think like the average guy. They expect fairness. They can't imagine a government basically invading a country and stealing all the gold. They can't imagine a government being unfair. But we've seen this with the swiss bank closing, kim dotcom and of course the more shadowy false flag operations in countries from Mali to Norway who don't want to play ball with the USA. So they don't respect borders or laws. If you say this to a goldmoney investor they will say "well if that happens, we really have bigger problems on our hands" as if 2 wrongs make a right.

Also, it depends how much gold you put there. You actually need a LOT to go and retreieve it yourself. So if they find a way of stopping their trading system, anything outside the minimum needed to take possession could be lost.

Any Bitcoin-goldmoney team up would be massive... and get both on the radar even more. As would any gold-btc links - I would guess a better setup would be somebody you trust (massively) using Bitcoin to buy gold overseas and vaulting it for you. 

p.s. totally offtopic... blockexplorer seems to be lagging behind blockchain.info...

Crypto supporter!
Mjbmonetarymetals
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January 13, 2014, 10:37:39 PM
 #3

Are we there yet  Grin
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