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Digital Currency: Virtualgold
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Global Digital Payment System (GDPS). Fully backed by gold on deposit. Gram of gold is represented as VGg in the VirtualGold system. VirtualGold dollars is represented by VG$. Offshore, instant transfers, low fees, no storage fees & Non-repudiable. Fundable via exchange agents or directly with e-gold.
Submitted by: Mark
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REVIEW LIST
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My review concerns probably the most important aspect of any 'virtual' money system; the ability to access your funds in a form that they can be used in 'real life' when you need them. In this aspect VirtualGold have so far proved impossible to deal with.
I placed a transfer request with them to withdraw $550 worth of VG into my e-gold accounts on Jan 7th, 2006. As part of the process I transferred the funds from my VG account to VG's own VG account, so at that point the funds left my control. After seven days the money had not arrived in my e-gold account so I used VG's internal mail system to ask about the delay. Note that VG claim a maximum delay of 24hrs.
I received no reply but the funds were returned to my VG account withing 24hrs. At this point I made a test transfer of just $2.00 of VG to the same e-gold account. This transfer went through very quickly.
Heartened by this, and assuming I may have made some mistake in the process with my initial withdrawal request, I went ahead with a transfer request for $570 to e-gold almost immediately. Three weeks later there is still no sign of the deposit at e-gold, VG have the funds in their own account and I've received no reply to either of my subsequent three polite internal e-mail requests to them. My latest request was simply for them to return the VG to my own VG account but even that has been ignored.
I read in another forum that one shouldn't blame VG, as there is apparenlty a shortage of e-gold and this is simply being reflected in their speed of service. Frankly I wouldn't mind if this were the case. I could arrange something else. However, their silence is deafening....and worrying.
At this point I would warn against depositing any funds with VirtualGold. They go IN instantly - coming out again is the problem.
I would welcome comments of recent experience from other VG users.
Philip
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