(Q) If a broader war erupts in the Middle East, Gold and Silver are obviously a very safe place for preserving personal wealth. Many people and I suspect families will be moving some funds into Gold. Why should Joe Public, who is a 45 year old, 50k $ a year, married with a mortgage regular guy use GoldMoney to keep his family's long term money safe? Why not a Saving & Loan account or a US bank CD? Do you ever make a conscious marketing attempt to reach such a customer or is GoldMoney really for 'Gold Bugs' only?
This is a good question, and it explains why John Rubino and I wrote our book, The Coming Collapse of the Dollar. Its principal objective is education, to explain some of the monetary and financial problems that exist as well as what "Joe Public" can do about it. Also, much of my current writing that is posted on various websites like Kitco.com addresses basic issues in money and finance, and I write for everyone. It is not a marketing attempt, but if people like what I write, they often visit the GoldMoney website. They can then compare our services to other companies and choose what works for them.
(Q) I know the GoldMoney does a lot to verify 'who' all of your users are....this is very important is today's financial world. I would like to take this opportunity to give you a special praise for going above and beyond what is 'required' of GoldMoney in the KYC department. What jurisdiction's set of laws does GoldMoney follow?
Thank you. We follow the law in the country where we operate, Jersey, Channel Islands.
(Q) What does GoldMoney do to prevent any sort of illegal activity with its users?
We have found that verifying the identity of our customers acts as a deterrent to illegal activity. Basically, the law in Jersey, Channel Islands requires us to follow the same standard that banks follow. Even though we are not a bank, the law applies to all financial institutions.
(Q) Is GoldMoney a licensed Money Service Business (MSB) in the United States?
No, we do not have any business presence in the Unites States, and therefore do not fall under US jurisdiction.
(Q) When will I see a TV commercial for GoldMoney? Do you advertise in the mainstream print media? Do you feel that is important?
We advertise only on the Internet for the simple reason that our business is entirely Internet based. I can easily imagine though some time in the future expanding our advertising to mainstream print media.
(Q) Most of the articles I read, end with some wild speculation that digital gold currency 'could' be used for terror financing and it seems that any new financial technology today automatically gets that 'possible' label from day one. Having been at the top of the digital currency industry for a number of years, can you tell me, is there any situation past or present which has been positively linked digital gold currency with any sort of terror financing?
I am not aware of any.
(Q) I believe it is not only OK but required for government agencies to make such statements, its their job, but do you think it is unfair or irresponsible for the press to so often speculate on possible terrorist involvement with digital gold currency?
There is a difference between what "has" happened and what "could" happen. When people read these statements about how DGC could be used, I believe they accept them at face value. In other words, DGC is no different from any other tool or service -- they can be used in proper or improper ways. Even good things can be put to bad uses. We don't want that to happen with GoldMoney, which explains why we are so careful with our Customer Acceptance Policy and following the letter of the law where we operate.
(Q) In the US, prepaid cards have become second nature for most shoppers. From prepaid Visa cards to cell phone minutes, more prepaid cards are hanging on the end of isles in front of consumers than ever before, when can I expect to see a $25, $50 or $100 GoldMoney card hanging in my shopping isle?
I don't have any view on that. I've never looked into it, and am therefore not even sure whether it is a viable business model.
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