Post by Coinrad on Dec 15, 2019 15:51:06 GMT
Surprised to learn of the new $10 month service fee I revisited the Goldmoney Forum and was surprised with the direction the company had taken from a provider of gold-backed savings for the average person to gold as a material representation for higher net worth individuals.
Clearly the cost of maintaining small accounts was not sustainable, and the $10 service fee is certain to have a chilling effect on members from Goldmoney early days. Although reading through the soon to be discontinued Goldmoney Community there seems to be general acceptance of the fee which for hodlers of 50K is reasonable, below that into single thousands the cost become onerous.
In addition the foray into the 24K jewelry business as the embodiment of wealth when core services towards the original proposition of gold-backed financial services continue to be lacking is disappointing to say the least. I think it's safe to say that wealth worn around one's neck is not what many early entrants into bitgold and Goldmoney Personal signed-up for.
But to be fair there are obviously afluent folks that appreciate the dual aspect of gold as a stable store AND physical embodiment of wealth which appears to be the Market Goldmoney is now catering to.
Clearly the cost of maintaining small accounts was not sustainable, and the $10 service fee is certain to have a chilling effect on members from Goldmoney early days. Although reading through the soon to be discontinued Goldmoney Community there seems to be general acceptance of the fee which for hodlers of 50K is reasonable, below that into single thousands the cost become onerous.
In addition the foray into the 24K jewelry business as the embodiment of wealth when core services towards the original proposition of gold-backed financial services continue to be lacking is disappointing to say the least. I think it's safe to say that wealth worn around one's neck is not what many early entrants into bitgold and Goldmoney Personal signed-up for.
But to be fair there are obviously afluent folks that appreciate the dual aspect of gold as a stable store AND physical embodiment of wealth which appears to be the Market Goldmoney is now catering to.
