Gold – Josh Crumb, Roy Sebag

Featuring Josh Crumb, Roy Sebag

Roy Sebag, CEO of GoldMoney and Founder of Bitgold, and Josh Crumb, CSO of Goldmoney and Co-Founder of Bitgold, explain how ZIRP prevents retail investors from preserving their wealth, and the foundations of how Bitgold uses blockchain technology to provide a currency alternative, backing POS transactions with secure, physical gold.

Published on
14 April, 2016
Topic
Technology, Gold, Monetary policy
Duration
34 minutes
Asset class
Commodities, Currencies
Rating
21

Comments

  • BP

    Barry P.

    1 6 2017 02:22

    0       0

    Awesome product and completely agree with your future path. Just started depositing this week. Wonderful meeting you briefly at the Phister Erik in Milwaukee last week.

  • MS

    Matt S.

    26 11 2016 15:33

    2       1

    I don't understand - so a guy saves some dollars on transaction fees.... and then the gold he receives as payment drops by $50 an oz in less than a week. How has he made a saving?

  • ww

    will w.

    28 5 2016 05:47

    1       0

    Totally agree w/ Erik, others that it's utterly EXECRABLE for any gov't to put any discriminatory level of excise tax - or worse, ANY form of "INCOME" tax - on any money-exchange transactions!

  • EK

    Emil K.

    25 4 2016 22:17

    3       0

    I find it galling that we have to report 'gains' and 'losses' on gold transactions. Could you imagine doing that for your euro, dollar or yen transactions? It's all money!

  • AC

    Andrew C.

    22 4 2016 08:01

    2       0

    How does one handle Short-term volatility? Gold is great longterm store of value but 2015 32bbl(oil)/oz, 2005 5bbl/oz. Your coffee might be 0.004oz 1week, 0.005 the next (25%more!)

  • RA

    Robert A.

    18 4 2016 14:26

    2       0

    Can Bit Gold generate a summary "statement" at year end for net Profit or loss on all annual transactions, short and long term, for our tax filing obligations? Can we view a sample on the web site?

  • CH

    Calvin H.

    16 4 2016 20:32

    1       0

    John, thanks for the link with Roy's response to Shiff. I am unable to find any link where Peter says (concedes) his own analysis of Bitgold is wrong. Peter has been at this for sometime. I trust him

  • NH

    Nigel H.

    16 4 2016 16:15

    3       0

    Great concept, but how do these guys make money after paying for free insurance and storage? Only a 1% charge on transactions both ways doesn't seem sufficient.

  • MS

    Matt S.

    16 4 2016 15:21

    3       0

    Account opened! Genuinely looking forward to removing banks from oversees transfers - thanks for the heads-up RV and thanks fr BitGold for their innovation

  • MC

    Mike C.

    16 4 2016 00:16

    2       0

    Great TECHNOLOGY to get the masses involved in gold,although the challenge will always be, the manipulation and volatility involved in the underlying commodity & models centralized point of failure.

  • BD

    Bruce D.

    16 4 2016 00:04

    7       0

    Bitgold is a potential BANK KILLER! Benefits are similar to block chain technology, and it's outside of Govt monitoring, absolutely brilliant...Bring it on!

  • AG

    Alex G.

    15 4 2016 19:37

    4       0

    This video was particuarly good

  • JB

    John B.

    15 4 2016 14:33

    5       0

    @Calvin. Roy and Josh responded to Schiff in this takedown. Schiff subsequently endorsed BitGold and conceited that his analysis was wrong.
    https://medium.com/@roysebag/roy-sebag-response-to-peter-s

  • BV

    Bryan V.

    15 4 2016 10:58

    0       0

    I think these guys are on to something. Like the idea of being able to borrow against it. May be a way to utilize gains without being taxed on it.

  • CH

    Calvin H.

    15 4 2016 04:19

    1       4

    For those thinking about signing up, consider Peter Schiff's thoughts. He has a podcast on it as well. Buyer beware. http://schiffgold.com/commentaries/beware-bitgold-ticking-tax-timebomb/

  • TS

    Thierry S.

    15 4 2016 03:53

    5       0

    It would be great to get a second segment to explain how teh customer gold is protected from the hungry government. From a US/non US perspective. I found the service perfect on paper?

  • DJ

    Dennis J.

    15 4 2016 02:12

    3       0

    Started my account a few weeks ago. The one issue I have is the website. I would like to see the actual purchase price and transaction fee on each transaction.

  • TM

    Taylor M.

    15 4 2016 00:55

    5       0

    I have been using them for over a year now. Very solid platform, easy to use.

  • WE

    William E.

    14 4 2016 21:51

    2       0

    I am a "Tiny" client of these guys and they do what they say!

  • LV

    Luís V.

    14 4 2016 20:58

    2       0

    Excellent piece. Bring that future! Would have been nice to hear the inner workings re earlier GoldMoney customers on the platform. They still don´t benefit from same fees or access the same services.

  • AS

    Andrew S.

    14 4 2016 20:09

    1       0

    Thanks for the follow up John. I really like the concept. My gold savings is already in place. Might make sense to fund an account with bit gold and get a gold debt card as part of covering all bases.

  • MH

    Marc H.

    14 4 2016 20:04

    1       0

    I am very impressed with this platform after watching this I will be setting up my BitGold account today!

  • DH

    Dale H.

    14 4 2016 19:54

    1       0

    #2 Re the future kids: I'm still not sure if I can set up an account for 2 of them. They don't have the docs I needed..

  • DH

    Dale H.

    14 4 2016 19:50

    3       0

    I've been with BitGold from early days and even have the (real) t shirt. I know an 11 year old who is fascinated by Bit Gold and we have discussed it many times. It's normal to him. Kids see future

  • JB

    John B.

    14 4 2016 18:50

    2       0

    You just add one figure (either positive or negative) which reflects your net gain or loss on the year. The bigger question to ask is, if after all these taxes it still makes sense to use gold....YES

  • JB

    John B.

    14 4 2016 18:49

    2       0

    Hamed and Andrew, the taxable events are no different than those in your brokerage account. BitGold's technology allows you to export a .CSV at the end of the year with all these "deltas".

  • AS

    Andrew S.

    14 4 2016 17:18

    7       0

    For a US person, if you buy gold grams every month ( so multiple cost basis ) and use the debit card, how is this not a tax accounting nightmare? I assume you have cap gains/loses on all transactions.

  • HA

    Hamed A.

    14 4 2016 17:00

    4       0

    The problem is that in most countries the tax burden of these transactions would be a nightmare no? every time you transact you are creating a taxable event

  • mm

    miguel m.

    14 4 2016 16:35

    5       0

    An extraordinary well developed platform. Real heroes that are thinking big, starting small and moving fast. This can change how the the world exchanges value while encouraging co-operation. Tx RV!

  • mm

    miguel m.

    14 4 2016 16:28

    3       0

    @Shaun
    BitGold provides a tax tool (Tax Currency setting) to calculate your gains or losses from the purchases, sales, and spending transactions.

  • ss

    shaun s.

    14 4 2016 15:42

    4       0

    Overall like the concept. In the US since gold and bitcoin both treated as commodities aren't transactions cumbersome tax reporting wise?

  • PV

    Peter V.

    14 4 2016 15:15

    8       0

    Brilliant concept. This technology could really change the perception of gold's utility value. I plan to open an account.

  • EL

    Elizabeth L.

    14 4 2016 15:07

    12       0

    This piece is great.I have been wanting to learn about bit gold since I learned of it on KWN. Will listen to this many times. These guys are brilliant.