Topic: Bitcoin <--> GoldMoney - page 2. (Read 13659 times)

Google scrapped plans for virtual currency over regulatory concerns

Google chairman Eirc Schmidt says the Internet search giant once considered issuing its own peer-to-peer money system, dubbed Google Bucks, but binned the idea because of regulatory concerns.

"Depending on how our payments product evolves, we may be subject to a variety of laws and regulations in the United States, Europe, and elsewhere, including those governing money transmission, gift cards and other prepaid access instruments, electronic funds transfers, anti-money laundering, counter-terrorist financing, gambling, banking and lending, and import and export restrictions."

This interview with the founder of e-gold explains a lot:

http://www.youtube.com/watch?v=36AiN-s6Phw

James Turk: "Let alternative payment systems flourish" @10:40

The Final Rule regulates all prepaid access, including future access to products or services, such as software, songs, telephone minutes, and games.  It is important for retail merchants, when evaluating its prepaid products, to understand that application of the Final Rule is likely not limited to devices that are denominated in dollar value, but rather prepaid access likely includes devices that can be redeemed for a specific good or service.

In accordance with our Customer Agreement, we are providing advance notice of this change to our services that will take effect on the 21st January 2012 at 12am local London time (GMT). You will be able to make metal payments and currency exchanges up to this date.

Customers may no longer send and receive payments in precious metal

There’s huge and growing appetite around the world for alternatives to the dollar. Bitcoin is a beta version of what’s coming in the post-dollar world. GoldMoney, however, is already a proven version 2.0.

Dear Customer,

We are writing to advise you of a change of services we currently offer to our customers with a Full Holding. Since the launch of GoldMoney in 2001, we have continued to change and adapt to the global increase of compliance requirements for payment service providers. Due to this growing trend of regulation we have decided to suspend the following services until further notice with an effective date of the 21st January 2012:

* The facility to make and receive payments in precious metals to or from other GoldMoney Full Holding customers.

* The facility to convert directly between the various currencies.

Basic Holding owners do not have access to these features and are therefore not affected by this change.

Our research has proven that our customers' use of the metal payments and currency exchange services is not significant and we trust that the suspension of these services will not be inconvenient for the majority of our customers.

In accordance with our Customer Agreement, we are providing advance notice of this change to our services that will take effect on the 21st January 2012 at 12am local London time (GMT). You will be able to make metal payments and currency exchanges up to this date.

We continue to provide a secure and reliable platform for the purchase, sale and storage of your precious metals. This includes enhancing our systems, introducing and adjusting our products and services, and making our website the most effective tool for managing your precious metals portfolio.

With this in mind, we have prepared a brief survey to gauge your interest in current products and also possible future products we may introduce, depending on the feedback we receive from you. The survey can be completed at the link below. All feedback received is anonymous unless you choose to provide us with your contact details.

https://www.surveymonkey.com/s/goldmoney

We thank you for your continued business, and we will sincerely appreciate any feedback to help us determine the products and services that are of most interest to you.

Kind regards
Your Relationship Management Team

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

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.

Anybody bought gold coins using BTC yet?