Bitcoin <--> GoldMoney

[balboah]

Also interested in selling BTC for GoldMoney, please PM me for a trade

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[Landstander]

Just completed a successful trade with imanikin. Very courteous and prompt trader. Highly recommended for those looking to buy BTC with GM.

Thanks imanikin! 

[imanikin]

Just completed a successful trade with imanikin. Very courteous and prompt trader. Highly recommended for those looking to buy BTC with GM.

Thanks imanikin! 

Thank you, Landstander! 

Landstander is a very considerate and trustworthy trading partner! Would definitely trade again!

[Stephen Gornick]

I see that Ruxum exchange will accept GoldMoney Gold Grams, Silver and Palladium for adding funds to the exchange.  The metal is converted at current rates for the trading currency you choose, less a fee.

You need to be signed in to read the details but they show it on this page:
 - http://x.ruxum.com/account/transfers/deposit

[flix]

http://www.bitcoinmoney.com/post/9872899440/global-exchange-trading-expands

GoldMoney Gold Grams, Silver and Palladium can transferred to Ruxum for trading after the exchange converts to the currency choice specified.

[Binford 6100]

interesting comparison of costs of holding gold online vs premium on physical metal.

side note: goldmoney is a decent service willing to adopt and I live in a country allowing payments in gm. so once bitcoin exchange rate approaches parity with silver ounce, I will open buy offers for gold there : )

edit: to benefit from optimum storage fees with goldmoney the deposit should be above 550 grams. otherwise the .1 g monthly min fee is a disadvantage for a piggy bank

[John Tobey]

It'd be nice if GoldMoney sponsored a block-chain currency with units backed by gold.  They'd control the issuance (no block solution rewards--only transaction fees for mining) and promise to buy the currency at a certain rate of gold.  (The rate would decrease slowly over time--or the chain would need demurrage--in proportion to the gold storage costs.)

If I were to do this, I'd design the GoldCoin chain with a shared proof-of-work system (merged mining) from the outset to defend against 51% attacks.  The currency would not be decentralised the way Bitcoin is, but if successful, it might rise in value enough to dwarf the underlying asset and become de facto decentralised.  The gold backing will have been be just a bootstrapping technique, an advancement over Bitcoin's 50 BTC block generation reward.  To compensate for the cost of mining (low due to shared proof) during the early stage, the gold holder would simply pay miners, perhaps via a mechanism much like block rewards.

The software would recognise some special keys as belonging to the GoldCoin issuer.  We'd need an incentive for miners to include messages signed by them, such as new issuance transactions.  (GoldCoin units would be created only upon transfer of the corresponding amount of gold-backed currency to the issuer's dedicated account.)  I'd write the software so as to regard a block containing an issuer message as "higher" than one without it, thus expressing users' desire to receive the messages.  Other official messages might include price quotes, software or protocol upgrades, news, etc.

Exchange between the digital gold currency (DGC) and the cryptocurrency could be fully automatic.  Transfer your DGC to the official account with your address in the memo, and the GoldCoin issuer promises to issue new currency to that address.  Send your GoldCoin to a specially formatted address, which encodes your DGC account number, and the issuer promises to deposit DGC at the current official rate.  If the GoldCoin issuer and the DGC issuer are one and the same, there is no additional trust issue beyond trusting each currency.

GoldMoney won't do this or allow anyone to do it with their DGCs due to regulatory concerns.  Perhaps one of its competitors will.  Pecunix?  Liberty Reserve?  I post this partly in the fear that GoldMoney will patent the system and prevent its implementation for 20 years.  Of course, the same system could work with commodities other than gold: silver, cash, baskets of commodities, etc.

[jtimon]

You may be interested in Open Transactions. You can issue digital gold with it.
you can trade it there for digital silver, dollars, bitcoins stored in OT servers, ripple credits and any other currency that is compatible with OT.
I have to admit that I don't really know how it works technically, but it seems that you can do what you want to do with it instead of a chain.
It is cash-like and transactions can be instant (even with bitcoins).

[bitcoinTrader]

You may be interested in Open Transactions. You can issue digital gold with it.
you can trade it there for digital silver, dollars, bitcoins stored in OT servers, ripple credits and any other currency that is compatible with OT.
I have to admit that I don't really know how it works technically, but it seems that you can do what you want to do with it instead of a chain.
It is cash-like and transactions can be instant (even with bitcoins).

Also, there can be n number of markets in OT.
You just have to define the asset pair, the server will create a market for you!

[John Tobey]

Thanks for pointing me to OT, it looks promising, at least in the purely asset-backed sense of the proposed GoldCoin.  I'll think about how attached I am to the idea/fantasy that the new currency's Bitcoin-like properties might come to dominate its value and render its gold backing obsolete.

Cross-posted, modulo a few changes: https://bitcoin.org.uk/forums/topic/306-ideas-for-goldcommodity-backed-cryptocurrency/

[flix]

Anybody bought gold coins using BTC yet?

[jtimon]

Anybody bought gold coins using BTC yet?

https://en.bitcoin.it/wiki/Trade#Precious_.26_Base_Metals.2FCoins

[flix]

https://en.bitcoin.it/wiki/Trade#Precious_.26_Base_Metals.2FCoins

thanks

[flix]

The Three Stages of Bitcoin
http://bitcoin-trader.blogspot.com/2011/10/three-stages-of-bitcoin.html


Bitcoin Implodes
http://blog.mises.org/18767/bitcoin-implodes/

[jtimon]

Some libertarians but "intrinsic value" believers are more close to Marx than they think.
They both believe in so-called value.

[flix]

..on the discussion of value (which IMO is always subjective)
GoldMoney's Fear Index:

http://www.goldmoney.com/gold-research/fear-index-sends-clear-message-about-gold-s-value.html
Fear Index sends clear message about gold’s value

Despite the drop in the gold price in September, GoldMoney's Fear Index remains above the 3% level, which should indicate a high alert to anyone paying attention.

Growth in the money supply is accelerating, with M2 starting to follow the upward spike in M1, which had been shooting up since 2010. Even M3 is showing accelerating growth for the 8th month running, albeit at a lower pace than the other Ms. Monetarists who have pointed to plummeting velocity as a buffer between monetary inflation and consumer price inflation should take note; money velocity is also showing signs of picking up.

[mizerydearia]

Coinabul offers gold exchange too iirc.

[flix]

GoldMoney video review:
http://youtu.be/3jtl1CEjrxw

[flix]

GoldMoney video review:
http://youtu.be/3jtl1CEjrxw

Been looking at Coinabul, extremely interesting...
http://www.coinabul.com/
Coinabul: Bitcoin to Gold Marketplace

I continue to think that combining gold's store of value with BTC's ease of transaction and privacy is a winning formula, especially bitcoin inflation will still continue for several years.

[flix]

GoldMoney App for iPhone and iPad. Not bad:
http://www.goldmoney.com/online-payments.html



http://itunes.apple.com/app/goldmoney/id306294641?mt=8