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Bitgold - interesting new startup

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  • Nov 10th, 2017 11:26 am
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[OP]
Sr. Member
Sep 24, 2006
783 posts
27 upvotes

Bitgold - interesting new startup

basically you can transact with money but in your account the money is always stored as gold meaning your automatically hedged against erosion of buying power. Pretty cool idea, I wonder if it catches. Although it reminds me of egold which ended badly.

Toronto Startup, backed by some pretty big investors.

https://www.youtube.com/watch?v=TqjRPzVLYec

seems to be trending startups in other parts of the world as well
https://www.youtube.com/watch?v=Q58Rk_WmGnE

what do you guys think

https://www.bitgold.com/
15 replies
[OP]
Sr. Member
Sep 24, 2006
783 posts
27 upvotes
hahaha lmao 235 views not a single reply proof gold is dead as an asset class, go buy biotech people, great social experiment thanks RFD :lol:
Sr. Member
User avatar
Feb 11, 2012
958 posts
72 upvotes
CONCORD
Interesting.
Get educated on how the world needs to work with the Venus Project
[OP]
Sr. Member
Sep 24, 2006
783 posts
27 upvotes
just asked friend for some money using this... he paid me with credit card... now i have gold .... SICK
Deal Addict
Aug 12, 2004
3833 posts
1092 upvotes
Calgary
staffpro wrote:
May 12th, 2015 10:00 pm
hahaha lmao 235 views not a single reply proof gold is dead as an asset class, go buy biotech people, great social experiment thanks RFD :lol:
To be honest, when I first saw the thread, I looked at the post count, and although it wasn't a 1 post wonder, it almost felt like a shill post.

I personally don't see the appeal of buying gold or trying to use gold as a currency, but something like this I could see people actually using, as there is this odd fever that people get when they talk of gold. If anything, it will get attention from those paranoid about governments.

One thing about it is that it I saw, is that it is not yet available in the US. I cannot see this work well until it gets worldwide recognition.

I find it really odd to see news articles about such a startup. Something like this needs a sense of legitimacy. Yet, here we have articles on Financial Post and BNN amongst others.

Either way, definitely worth a small speculative play on, which I did today. One of those "sit on it for a year and see" speculative bets.

Not much in case it turns out to be a pump and dump, but enough to make a good killing should it take off.

TSX-V: XAU is the ticker for those wondering. Just started trading today.
Member
Jan 6, 2008
295 posts
46 upvotes
OP, sounds like you are trying to "pump and dump". Seriously flaws:
1. a platform that purports to allow you to trade in a physical asset that, at the end of the day, is essentially all digital - awesome.
2. I have to worry about gold price fluctuations in my day-to-day transactions...if I wanted to deal with gold fluctuations I would just invest in gold...
3. An obviously early stage company that needs to do a RTO to raise capital...

No thank you.
[OP]
Sr. Member
Sep 24, 2006
783 posts
27 upvotes
Firebot wrote:
May 13th, 2015 3:19 pm
To be honest, when I first saw the thread, I looked at the post count, and although it wasn't a 1 post wonder, it almost felt like a shill post.

I personally don't see the appeal of buying gold or trying to use gold as a currency, but something like this I could see people actually using, as there is this odd fever that people get when they talk of gold. If anything, it will get attention from those paranoid about governments.

One thing about it is that it I saw, is that it is not yet available in the US. I cannot see this work well until it gets worldwide recognition.

I find it really odd to see news articles about such a startup. Something like this needs a sense of legitimacy. Yet, here we have articles on Financial Post and BNN amongst others.

Either way, definitely worth a small speculative play on, which I did today. One of those "sit on it for a year and see" speculative bets.

Not much in case it turns out to be a pump and dump, but enough to make a good killing should it take off.

TSX-V: XAU is the ticker for those wondering. Just started trading today.

Yea they ipo'd today was gonna say nice gain for the day interesting to see where this company goes. And in response to the worrying about currency fluctuations I think the benefit here is in theory your buying power should go up down with inflation rather than just having currency that depreciates over time.
Deal Addict
Aug 12, 2004
3833 posts
1092 upvotes
Calgary
staffpro wrote:
May 15th, 2015 12:15 am
Yea they ipo'd today was gonna say nice gain for the day interesting to see where this company goes. And in response to the worrying about currency fluctuations I think the benefit here is in theory your buying power should go up down with inflation rather than just having currency that depreciates over time.
A week later, the stock has already more than doubled what I purchased at (purchased at 2.68$). The prudent side would sell to gain back my initial investment and keep the rest long. Then again this was a speculative play all along, and I stand by a wait and see for a year approach.

It is hard to quantify what a stock like this should be worth (could be worth zero technically), when it really has not shown it can even work. With only 36 million shares available though, prices have been jumping quite high, with so little stock available. Seems that there are investors who have been trying hard to buy into this, no matter the initial stock price.
Sr. Member
Feb 5, 2013
592 posts
109 upvotes
kivyee wrote:
May 13th, 2015 4:01 pm
OP, sounds like you are trying to "pump and dump". Seriously flaws:
1. a platform that purports to allow you to trade in a physical asset that, at the end of the day, is essentially all digital - awesome.
2. I have to worry about gold price fluctuations in my day-to-day transactions...if I wanted to deal with gold fluctuations I would just invest in gold...
3. An obviously early stage company that needs to do a RTO to raise capital...

No thank you.
As a Canadian, probably not a lot of benefits, but if you are living in China, Venezuela, Greece, where you might fear seeing your cash confiscated and/or devalued, it might be useful.
Member
Jan 6, 2008
295 posts
46 upvotes
If they have a way of transacting on the bitgold site, they have a way of buying gold and storing it somewhere else just as easily - the point is that it doesn't really solve a pain point, and not in any particularly novel manner. What happens to your gold if the company goes under? Is there physical gold in a vault somewhere? Can you be sure? How to you claim it if the company is defunct?
Deal Addict
Apr 2, 2010
1035 posts
364 upvotes
GTA
Has anyone dipped into this?
How does it compare to using MNT or other ETFs?
Deal Addict
Aug 12, 2004
3833 posts
1092 upvotes
Calgary
I'm still holding from the first day.
Newbie
Oct 18, 2013
30 posts
4 upvotes
Sarnia , ON
I've been using bitgold to hit minimum spend on some credit cards. With the 5% bonus on first purchase you can come out ahead.
Deal Addict
Aug 12, 2004
3833 posts
1092 upvotes
Calgary
Out of curiousity I checked where this was today (I'm mainly invested in real estate, mutual funds and a few couch potato type stocks, and both my wife and I get stocks from our company). Goldmoney (formely BitGold) XAU stock is over 7$ a share and has been trading on TSE for a while, no longer a penny stock. Still have it from day 1, probably will just continue to hold on to see where it goes. First brick and mortar store opened in Nov. Seems to be riding a wave of solid news right now.
The Company plans to further expand its in-person services through a global network of Goldmoney Branches. The second Goldmoney Branch is currently under construction and will open in St. Helier, Jersey, Channel Islands in 2018. Goldmoney is also exploring locations in Manhattan, New York; Dallas, Texas; Zurich, Switzerland, and Beijing, China.
https://globenewswire.com/news-release/ ... ronto.html

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