Here's a quote from The GATA Dispatch I got in my email today about BitGold... Josh Crumb, co-founder of BitGold says: "The system charges a 1 percent fee to exchange cash into gold and back but storage is free. It also allows users to transfer their gold value to a prepaid credit card, so they can actually buy a cup of coffee with their gold holdings, Crumb said. It gives the ability without having to go to coin shops and shave off some flakes of gold to buy something" Just in these 3 short sentences I see 2 things that make me wonder: 1. Storage is free? Can this be right? What's the old saying, "If something is too good to be true it isn't." 2. It also allows users to transfer their gold value to a prepaid credit card, so they can actually buy a cup of coffee with their gold holdings? I don't know about anyone else but I really don't plan to buy coffee or anything with my gold for some time to come. I'm stacking for the foreseeable future. Can someone enlighten me about this BitGold thing?
Some discussion here: http://forums.silverstackers.com/topic-64169-has-anyone-tried-bitgold.html An employee of BitGold replied to a comment on Reddit: https://www.reddit.com/r/Bitcoin/comments/2u54cc/is_bitgold_inc_a_scam/co5xhav
The fees look similar to the Perth Mint Depository Online fees here: https://www.perthmint.com/storage/depository-online.html.
s Not quite Mr GoldenEye... BitGold (according to site): Free Storage Every gram of gold in your account is your property: fully reserved, allocated, and redeemable under Bailment Law in Canada as per our Customer Agreement. https://www.bitgold.com/features Perth Mint (according to site) Free Storage for only these types of accounts Unallocated and Pool Allocated. Allocated has a fee. https://www.perthmint.com/storage/pricing.html If I trusted BitGold I might put some of my gold there for safety and diversification. Am I crazy?
Only reason why I want to try out BitGold (won't even bother with affiliate links and sh*t) cos I want to get one of those cool 10g gold cubes!