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Prophecy

BullionVault down.

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Posted (edited)

I have noticed they are struggling to maintain things their end. They couldn't get any gold audit results for a week from all their vaults around the world which was fishy. Now their website has been down all day. Any ideas?

Screenshot 2020-05-21 at 12.59.09.png

 

edit. They have finally put up a 'down for maintenance' screen

Edited by Prophecy

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A usual vector for systemic hacks. I am exaggerating of course but hack attempts are ramping up all over the board at the moment.

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One thing annoying about Bullionvault is that their coin shop is not connected to their vault scheme. Your bullion account can not be used to buy coin. Obviously it could be but they chose not to. So if you are parsing money to your vault account until you have enough to be converted to a 1oz coin, you have to sell your vault share, withdraw the money to your bank account and then bank transfer back to get one of their coins.

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24 minutes ago, BackyardBullion said:

Another reason I do not like vaulting companies. 

I actually filmed a video this morning to go out next week about this very subject - physical all the way all the time for me!

Similar to the Glint issue recently, all worked out ok in the end but could have just as easily gone the other way and it left people without access to their gold/cash for a period of time.

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4 hours ago, Prophecy said:

A usual vector for systemic hacks. I am exaggerating of course but hack attempts are ramping up all over the board at the moment.

Yes and no.

In this outbreak and what is happening with gold, it could be server load issues, where they don’t have the capacity to handle enough web requests. This could be indicative of a DoS (denial of service) attack or just a rogue update applied that has crippled the servers...or too many people wanting to get to their vault.

depending on their data centre/provider I’m surprised they haven't switched over to a secondary Site/server to maintain operations.

or it could be someone with a digger that has Just cut through the data cable... it has happened. 

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4 hours ago, BackyardBullion said:

Another reason I do not like vaulting companies. 

I actually filmed a video this morning to go out next week about this very subject - physical all the way all the time for me!

What's the reason?

The website going down?

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Just now, TheApe said:

What's the reason?

The website going down?

Yeah, it is just another reliance or accessing your cash. You are completely beholden to the ability for the company to trade and be open for business. If their server dies, their service dies - yrs it could be temporary but what if you needed those funds right now. What if the time it went "down" was a big jump in the market and you were trying to time some exits and profits. 


Visit my website for all my Hand Poured Silver: http://backyardbullion.com

And check out my YouTube channel 

https://www.youtube.com/backyardbullion

 

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Just now, BackyardBullion said:

Yeah, it is just another reliance or accessing your cash. You are completely beholden to the ability for the company to trade and be open for business. If their server dies, their service dies - yrs it could be temporary but what if you needed those funds right now. What if the time it went "down" was a big jump in the market and you were trying to time some exits and profits. 

I'd argue you can get access to cash much quicker using bullionvault when compared to holding gold. It's one of it's great advantages along with the low premium costs.

You can even set buy/sell orders if you are trying to time exists. "Timing" seems like an impractical idea with physical to me. 

Obviously not on the one day of the year it's down.

 

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1 minute ago, TheApe said:

I'd argue you can get access to cash much quicker using bullionvault when compared to holding gold. It's one of it's great advantages along with the low premium costs.

You can even set buy/sell orders if you are trying to time exists. "Timing" seems like an impractical idea with physical to me. 

Obviously not on the one day of the year it's down.

 

I'm very much a "you dont hold it, you dont own it" kind of guy. 

Many vaulting companies are great, but I do wonder what would happen if every customer they have asked to sell if terrible really hit the fan. They would not cope. 

Hold all the way for me. 


Visit my website for all my Hand Poured Silver: http://backyardbullion.com

And check out my YouTube channel 

https://www.youtube.com/backyardbullion

 

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7 minutes ago, BackyardBullion said:

I'm very much a "you dont hold it, you dont own it" kind of guy. 

Many vaulting companies are great, but I do wonder what would happen if every customer they have asked to sell if terrible really hit the fan. They would not cope. 

Hold all the way for me. 

I agree partly, just not on the idea you are more liquid with physical. Its one of the benefits of vaulting.

There are risks with vaulting companies, more risks then physical. But there are risks with physical ownership too. E.g. maybe you own it now but not if I take it from you. 

I like to put some eggs in all baskets personally, so I can gain from advantages of all approaches and I dont understand taking a hard stance on one or the other.

By the way, I enjoy your videosūüėÄ.

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well, the website is back up and of course the gold market had a significant enough drop for some people to want to convert to cash for a bit, if that's their strategy. There are day traders on there.

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Posted (edited)
12 minutes ago, Prophecy said:

well, the website is back up and of course the gold market had a significant enough drop for some people to want to convert to cash for a bit, if that's their strategy. There are day traders on there.

Im sorry I dont want to be rude and get told off by admins.

But thats a really stupid conclusion to come to. For a few reasons.

  • Gold is down only about 15 euro an ounce since their website went down.
  • How were they to know Gold would go down?. Are you suggesting manipulation?
  • Gold has fallen a lot more on occasions and this is the first time they have been down. Are you suggesting from now each time there is downward trajectory they will just close website. Great idea to run a business, except they need customers.
  • During trading, it doesnt matter if you sell. You can only sell to other buyers. No difference to them.¬†
  • If they shut down during volatility they lose their percent on buys\sells.

 

Edited by TheApe

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Posted (edited)
40 minutes ago, TheApe said:

Im sorry I dont want to be rude and get told off by admins.

But thats a really stupid conclusion to come to. For a few reasons.

  • Gold is down only about 15 euro an ounce since their website went down.
  • How were they to know Gold would go down?. Are you suggesting manipulation?
  • Gold has fallen a lot more on occasions and this is the first time they have been down. Are you suggesting from now each time there is downward trajectory they will just close website. Great idea to run a business, except they need customers.
  • During trading, it doesnt matter if you sell. You can only sell to other buyers. No difference to them.¬†
  • If they shut down during volatility they lose their percent on buys\sells.

 

It might be 'stupid' to you, and it's not my strategy or approach but I know a few people who are doing very well with multiple kilos of gold on there that want full and uninterrupted access to trade as they see fit. They use technical analysis of the charts to decide when to trade. Not my thing but it's their thing. And they are pretty big whales in there. 

 

edit. and i think you have jumped to quite a few strange conclusions from my post. I'll leave it there.

Edited by Prophecy

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11 minutes ago, Prophecy said:

It might be 'stupid' to you, and it's not my strategy or approach but I know a few people who are doing very well with multiple kilos of gold on there that want full and uninterrupted access to trade as they see fit. They use technical analysis of the charts to decide when to trade. Not my thing but it's their thing. And they are pretty big whales in there. 

 

edit. and i think you have jumped to quite a few strange conclusions from my post. I'll leave it there.

Sorry, misread your post, thought you were suggesting bullionvault deliberately brought down site.

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4 minutes ago, TheApe said:

Sorry, misread your post, thought you were suggesting bullionvault deliberately brought down site.

Appreciate the apology

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Posted (edited)

I quote them:

"Service outage 21 May 2020

Our website was unavailable for 8 hours 12 minutes on Thursday 21 May. This was due to a hardware failure at our data-centre provider ‚Äď the secure third-party facility we use to host the main set of BullionVault servers and to connect our service to the internet.

While our I.T. team quickly identified the problem and worked urgently to fix it, configuring a solution took longer than we originally expected. We're very sorry for any inconvenience and worry this may have caused you.
 
Because this was a hardware issue, it was not the result of any attempted hack. All data was secure, and it remains so now. Trading halted when the problem began, because no new orders could be placed and so open orders could not be matched. They remain open now, or have been matched since we brought our service back online at 19:20 UK time on Thursday evening (20:20 CEST, 14:20 EDT).

This outage, plus all other unscheduled and planned maintenance since May 2017, puts BullionVault's uptime over the last 3 years at 99.9%. While that is materially better than most comparable dealing platforms, and while our I.T. team continue striving to improve it further, you will understand that no system can guarantee 100% uptime to its users."

Edited by Prophecy

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If you don’t hold it you don’t own it

 

i guarantee if PMs shoot up to very high price then BV and all similar will go down with excuses maintenance or something 

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13 minutes ago, Rocky2000 said:

If you don’t hold it you don’t own it

 

i guarantee if PMs shoot up to very high price then BV and all similar will go down with excuses maintenance or something 

If you hold it, you don't own it.

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3 minutes ago, TheApe said:

If you hold it, you don't own it.

Errr how does that work



Added 0 minutes later...
3 minutes ago, TheApe said:

If you hold it, you don't own it.

Yes you do

 

if you have the physical in your possession 

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24 minutes ago, Rocky2000 said:

Errr how does that work



Added 0 minutes later...

Yes you do

 

if you have the physical in your possession 

In who's eyes?

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I can't understand the desire to use a vault or security deposit and not hold the asset physically unless we are talking about a large amount. Granted it's not as bad as trading paper gold but still one step away.
 


Web Design Ashford - Website services from one fellow stacker to another. 11 years experience providing web design, web hosting, logo design & more.

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2 minutes ago, cravethatcoin said:

I can't understand the desire to use a vault or security deposit and not hold the asset physically unless we are talking about a large amount. Granted it's not as bad as trading paper gold but still one step away.
 

What do you consider a large amount?

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1 minute ago, TheApe said:

What do you consider a large amount?

That will of course vary for everyone. My personal view is that I would never own enough to justify using a vault service.


Web Design Ashford - Website services from one fellow stacker to another. 11 years experience providing web design, web hosting, logo design & more.

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