Topic: BitGold.com IS COMPLETELY SCAM - page 3. (Read 80432 times)

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Date                    Location   Description              Gold            Status   Historical Basis
Jun 24, 2016    Dubai   Gold Purchase (Bitcoin) 2.822g Gold    Confirmed           $120.93 (USD)
Jun 11, 2016    Dubai   Gold Purchase (Bitcoin) 0.042g Gold    Confirmed    $1.75 (USD)
Jun 11, 2016    Dubai   Gold Purchase (Bitcoin) 2.152g Gold    Confirmed           $89.44 (USD)
Jun 10, 2016    Dubai   Gold Purchase (Bitcoin) 1.384g Gold    Confirmed           $57.12 (USD)
May 31, 2016    Toronto   Gold Purchase (Credit / Debit Card) 2.530g Gold    Confirmed   $100.00 (USD)
May 28, 2016    Toronto   Referral bonus <[email ommited]@gmail.com> 0.100g Gold    Confirmed   $3.91 (USD)
May 20, 2016    Dubai   Gold Purchase (Bitcoin) 1.247g Gold    Confirmed           $50.90 (USD)
May 16, 2016    Dubai   Gold Purchase (Bitcoin) 1.199g Gold    Confirmed           $50.30 (USD)
May 16, 2016    Dubai   Gold Purchase (Bitcoin) 0.109g Gold    Confirmed           $4.57 (USD)
May 16, 2016    Dubai   Gold Purchase (Bitcoin) 0.987g Gold    Confirmed           $41.14 (USD)
Dec 2, 2015    Dubai   Gold Sale (Wire Transfer) 3.978g Gold    Confirmed           $133.26 (USD)
Nov 13, 2015    Dubai   Gold Purchase (Bitcoin) 3.991g Gold    Confirmed           $140.81 (USD)
Nov 13, 2015    Toronto   Referral bonus oGNpbE 0.250g Gold    Confirmed           $8.70 (USD)
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Every deposit I made was completed within a minute, and confirmed within a day. No Issues with the withdrawal either.

So idk where the ones here screaming "scam" are getting their information from.

You can call wall street a scam too cause of the billions that were lost after the brexit vote too... lol

The investment with this company is no different than investing in Bitcoin, you risk loss, if you can't afford to lose , don't invest imbeciles.

And yes my account was frozen a couple times too, but that was due to the fact I was updating information on my account, they lock it for security purposes, I just call them to confirm the changes and the account is reactivated.


In addition to all this however, is one very key point about this company, is that THEY DO NOT REQUEST FOR A BENEFICIARY, which will and may result in complete loss of the funds on the account, but may also mean they're not as legit as they claim, as all types of legit investment companies always request for beneficiary.

And another point is where is the proof of the "gold" that is stored in the claimed "vaults"? Has anyone investigated this? Because I found it peculiar that when you go to the page to physically redeem gold, they offer various forms of gold to "purchase" and have physically sent to your registered account address.

Why would we be "repurchasing" gold we already purchased... lol

I think he Deposited ETH on bitgold.com as they accept ETH also..

Notice the conversation is about something random here.

The conversation thread is supposed to be a service on bitgold not on some alt coin ETH.

Once I got my account disabled and talked with their support, pretty slow but friendly, they sorted out my problem and I withdrew my gold in few seconds. I received the money to my card the next day, like as usual in past few months.

They got a staff member right here at this forums, and he helped me a lot when my account was disabled.

i opened a Bitgold account and purchased some gold with bitcoin. (we are talking peanuts here)
after reading this thread I withdrew most of my funds without an issue to be on safe side.
no problems . funds arrived in my bank account right on schedule.
i have a small amount left in my account. i will watch this thread with interest.

You actually read 25 pages of a scam thread and still decided to deposit?

Yup lol.....just deposited $5 as a test with ETH through their Cryptocurrency option....the block the transaction was in has confirmed over 100+ times now and still not deposit in my account...emailed support we will see, but this is just a small deposit, we will see how withdrawing goes in a month down the road..

So far...I would say their service sucks as my deposit hasen't credited yet....lame...

Horrible, i wish you and your family the best dealing whit this.   
I hope Bitgold read your story and helps out.

I would suggest removing all funds away from BitGold

They are scammers

Another user on Reddit has reported similar treatment recently.
https://www.reddit.com/r/Bitcoin/comments/4m7pmf/bitgold_denied_my_first_withdrawal_and_froze_my/

I'm still look for the resolutions for these claims myself as well.
I'm staying away from BitGold until I see resolutions from the claims or BitGold starts talking to the public about what's going on.

Sorry to hear about what happened to you.

Here are the issues I see in your case:
(1) BitGold didn't ask you to provide AML verification of the source of funds when you made the deposit, but is asking you for that in connection to your withdrawal transaction. The source of funds for your withdrawal transaction is your deposit with BitGold, and they should have full records of that. It is considered normal to keep most of your financial documents, e.g. bank statements and tax documentation, only for a certain number of years. What if, say, 20 years passed between your deposit and withdrawal, and you no longer had documentation of your source of funds?
Again, if BitGold was really so extremely concerned about AML compliance, if would have asked you for the source of funds when you made the deposit, not when you are making a withdrawal.
I assume that you are requesting a withdrawal to the same bank account you used for deposit, but if not, there is still some validity to this argument.
(2) If a financial institution suspects that a deposit is connected to money laundering, they may refuse to process the transfer. In that case, the funds would be either sent back to the account they where deposited from or confiscated by the authorities. A financial institution cannot confiscate your funds without authorities being carrying out due process. Here, BitGold would either have to return your deposit back to the account it was sent from, or, IF there was proof of money laundering, authorities would confiscate the funds. But, you cannot have money laundering if there is no existing criminal property.
(3) If you deposited the funds and requested to withdraw the funds to the same bank account, that doesn't qualify for suspicion of money laundering. Money laundering involves moving funds between different accounts and from one account holder to another, but here, presumably, there is practically no net movement.
(4) In most or all developed countries, the financial institution may ask you about the source of funds when you open the account or if there is a sizeable deposit. Financial institutions have to ensure that the client's transactions are consistent with the knowledge of the customer, his business and risk profile. There is no obligation to obtain proof of the source of funds at all, let alone beyond a reasonable doubt. If the client's explanation is consistent with his risk profile, the financial institution may simply note the explanation on file. (Personally, I do various transactions in similar amounts from time to time, and I never had to prove the source of funds except once, and that was when I was opening an investment account.)

i really start to beleive all scamed user  from this SCAMERS should make a group and go into lawsuits against this "company"... that's indeed pretty logical .   once again: BITGOLD IS A SCAM !   let's see how things goes for them in a really near future...

I've just gotten off the phone with this company, I am disgusted by this "company". I even asked the customer representative point blank if it is a scam, here's why:-

1.) When will I get my money back? "The account is with the compliance team, I can't give you any information until after the review".

2.) Ok, but after the review is the decision to allow me to receive the funds or just keep my money? "I can't tell you that."

3.) Are you kidding? There is a possibility you will just steal my money?! "I can't give you any information"

4.) Do I need to contact a solicitor about this, because I know you operate within Canada and if I can prove the source of my money you cannot legally steal my money in this way. "We will let you know the result of the review"

5.) When will I get this result? "I can't tell you this"

6.) What about a time frame, a day, a week? "If you don't hear from us then you can call us"


That is when I told them I think this treatment is absolutely disgusting.

I now believe quite confidently that this company has stolen 10,000USD of my money, just like that.

This company is a SCAM company and I literally cannot believe I have been duped.

A few months ago I sent 10,000USD into a Bitgold account when gold was going up, gold tanked and I didn't realize, I have other places to invest and go to withdraw by bank wire 2 days ago.

Guess what?


1.32pm:
Hello (my name),

In adherence with our KYC (Know your Customer) and AML (Anti-Money Laundering) policies, we require additional information to verify the activity on your account. At your earliest convenience, please email [email protected] with documentation that demonstrates your source of funds, such as an income statement, tax receipt, inheritance proof form, bank statement, etc.

If you have any questions, our Support Team would be happy to assist!

Thank you and we look forward to hearing from you!


5:04pm:
Your BitGold redemption has been rejected

Hello (my name),

Your redemption was rejected.

Please contact our support team [email protected] or visit our Support Center to resolve this issue.




5:12pm:

Your account has been disabled

Hello (my name),

We have disabled your account.

Please contact our support team [email protected] or visit our Support Center to resolve this issue.

Kind regards,





These were all sent within a few hours of each other and I did not get a chance to respond to any of them. Now when I try to log into the account there is no account, which means I cannot go on their forum and alert anyone. I am literally stuck going from forum to forum where most people will not look to warn others.

I have literally lost 10,000USD to this company and my wife and I are in shock, If I ever get my money back I will update this thread. If I do not write back here then take this as a severe warning NEVER to work with this company.

There may be no definite proof that BitGold is a scam in this thread, but I find many arguments here quite reasonable. On the other hand, you present no valid arguments but engage in an ad hominem attack on everyone who doubts BitGold's "holiness".

You sound like you may be a BitGold stakeholder, such as a BitGold employee. I also see that your trust rating on BitcoinTalk is negative, and there is a warning "Trade with extreme caution!"

I am not sure if BitGold (a service provided by GoldMoney Inc.) is a scam, but
(1) It has falsely asserted it was the first to offer a gold-backed debit card;
(2) As of 2015, GoldMoney's sales have collapsed by 78% over three years;
(3) It lost £9.4 million in just one year – 2014;
(4) Its net assets fell from £25.4m in 2013 to £13.1m in 2015;
(5) At its March 2015 year-end it is still posting losses.

BitGold postures itself with KYC- and AML- stylized rhetoric and scrutiny of legitimate transactions to give the impression that it is legitimate, wonderful, but you see, it has very high standards. No financial institution (bank, credit card company, broker, money transfer service) in most or all developed nations challenges or requires justification for all account actions and transactions. But BitGold does or is very close to doing that, creating a pretext for keeping a client's money under the guise of the client not meeting its proprietary implementation of KYC/AML requirements.

If it is what it looks like, this strategy somewhat resembles the 419 advance-fee scam, where the scammers pose as authoritative figures from banks, diplomatic corps, and governments, telling people "Well, you see, we are the real deal, and you just don't know how the world works. All you have to do is email us a copy of your passport to satisfy the KYC requirements and send us $3000 to cover the diplomatic pouch fee."

My personal emotional bias is to give BitGold the benefit of a doubt, and I really wish BitGold not to be a scam and not to go bankrupt. But we all need to use reason and evidence when making decisions concerning personal finances, just as pretty much anywhere else in life. Unfortunately, one of the possibilities is that BitGold is a pyramid scheme that will take years to be exposed.

Again, I'm not sure if BitGold is a scam -- I do think that they have ripped off a number of people -- but there are substantial indications that BitGold is a scam, and two weeks after I requested a debit card from BitGold, it still says "Pending Requested Card". I heard that BitGold doesn't approve all bank account withdrawals, so maybe they will never send me the debit card, decline my bank withdrawal, and keep my money.

Edit: I forgot to mention in this or my previous post: I was supposed to get a bonus on the first deposit, I saw it "applied" to the total when I was making it, and I didn't get any when the transaction was settled. Bait-and-switch is a form of fraud; it is not a joke, and there is no excuse.

After 25 pages of reading, can no one actually prove they were scammed.   From what I gather, many professional fraudsters within the bitcoin community are raging at the fact they put in so much effort to rip-off bitgold and actually ended up with nothing.    it is funny to see a low iq scammer rage and prove nothing other than their complete ignorance of how the world actually works.  For those who are claiming bitgold is a scam, you should go outside at least once a week... Your life starts today

i indeed completly agree with you guys . the funny point is in the strange fact theres still some people who keeping trusting them .... while they are just pure scamers.. 

totally agree, when i had problem i sent tons of mails and they not even answer a time!!! scammers

It is completly a SCAM, when you have a lot of gold on your account they close your account and stole all your money, they said: You break our terms of service.

And no 1 term of service broken, they never answer you the emails.