E-gold?

[mookie9920]

I have was looking around and came across this website http://www.e-gold.com/

e-gold is an electronic currency, issued by e-gold Ltd., a Nevis corporation, 100% backed at all times by gold bullion in allocated storage.

Other e-metals are also issued: e-silver is 100% backed by silver, e-platinum is 100% backed by platinum, and e-palladium is 100% backed by palladium. However, the most popular e-metal (by an overwhelming margin) is e-gold.

e-gold is integrated into an account based payment system that empowers people to use gold as money. Specifically, the e-gold payment system enables people to Spend specified weights of gold to other e-gold accounts. Only the ownership changes - the gold in the treasury grade vault stays put.

here to stay

e-gold is always as good as the gold it's backed with - this year, next year, a thousand years from now.

[mookie9920]

The world wide web needs world wide money. e-gold was created in response to this need.

e-gold is accounted by weight of metal, not US$ or any other national currency unit. Weight units have a precise, invariable, internationally recognized definition. Additionally, precious metals, gold in particular, enjoy a long history of monetary use around the world. Thus, e-gold is ideally suited for international transactions.

Although e-gold is accounted by weight, the e-gold payment system allows Spends to be expressed in terms of eight major national currencies (as of this writing). For example, it's possible to:

Spend 10 troy oz worth of e-gold

Spend 5.3 grams worth of e-gold

Spend US $100.00 worth of e-gold

Spend CHF 685.88 worth of e-gold

This means (for example) that a Canadian can pay a German or a Japanese can pay an Australian the correct weight of gold (e-gold) for a good or service as easily as if the price had been quoted in his own national currency.

[mookie9920]

All financial value will migrate to cyberspace over the next few years. e-gold is ready so that you can be too.

e-gold is borderless -

e-gold may be Spent to any other e-gold account anywhere in the world via the e-gold shopping cart interface (SCI), the e-gold Account Manager, or web enabled mobile phone.

e-gold is quick -

e-gold payments clear instantaneously (with no chargeback risk), no matter how large the payment, no matter how far apart the Spender and Recipient.

e-gold is cost effective -

Spending e-gold is free, even if your recipient is on the other side of the world.



Recipient transaction fees range from substantially smaller to orders of magnitude smaller than those of credit cards and bank wire transfers, no matter how large (or small) the payment.



The e-gold Agio fee, which recovers bullion storage costs, passes on economies of scale normally only enjoyed by very large holders of bullion.



benefits all users of money

The target market for e-gold is simply people who use money. How do you presently use money? Chances are any of these activities would benefit from the increased soundness, security, efficiency, and lower cost of e-gold. Here are some examples of how e-gold is presently used:

e-commerce

Business-to-business payments

Point of service sales

Person-to-person payments

Payroll

Bill payments

Charitable donations

Monetary base of the AUG* economy

* AUG is an abbreviation for the currency unit "grams of gold".

Evolving Exchange Market

The e-gold system is designed to be absolutely free of any financial risk. There can be no debt or contingent liabilities associated with e-gold. For this reason, e-gold Ltd. does not possess any national currency of any nation and has no bank accounts. Thus, e-gold Ltd. is not able to offer currency exchange services. Instead, a growing number of independent exchange services around the world support exchange between national currencies and e-gold, accepting various remittance methods, including credit cards, bank wires, checks, and money orders.

[mookie9920]

Pursuant to the e-gold Account User Agreement, the physical bullion that comprises the value backing e-gold must be insulated from physical, legal and political risks. Title is held by The e-gold Bullion Reserve Special Purpose Trust that exists for the express purpose of holding bullion for the exclusive benefit of all e-gold account holders collectively. The bullion is held in the form of certified good delivery bars in allocated storage at repositories certified by the London Bullion Market Association (LBMA). Metal is held free of any lien or encumbrance whatsoever and explicitly may not be attached to any liabilities of e-gold Ltd. or any other entity. No metal may be removed from storage or any other disposition made without the signatures of both e-gold Ltd. and a third party Escrow Agent of good reputation.

[mookie9920]

After reading over the past many times i'm still confused on how it works?? Anyone ever see this before?

[wallst.neil]

Nah. Never even heard of this stuff.

[Korey]

It's the new western union / paypal for online drug dealers and illegal activities. I would stay away honestly. Many of the major exchangers recently have gotten assets seized by the govn't, and accounts are constantly getting frozen.

[mookie9920]

yeah i read somewhere you can get .05 to 5.00% a DAY.....that threw a red flag up right there

[Jonathan]

I've got an e-gold account... the thing is... your assets in there fluctuate with the price of gold... OBVIOUSLY. So if gold starts to plummet you won't have as much as you put in... but vice versa is also true.

e-gold has been used a lot in the world of HYIPs... er I mean ponzi schemes. Guys get together and make a website claiming that they trade forex for you, and they'll pay you 5% a day... or whatever... sometimes it's 100% a day.... ... and basically the real workings of it become: if you're in first, you'll probably get paid, but at the expense of the last guy in.

That's actually how I got started with the stock market... ... started playing these HYIPs at the beginning of 2006. I very quickly wised up to what was going on and luckily never played much money in them ($10 here, $5 there). Then I snowballed into real markets and never looked back.

Er, sorry for drifting off topic... so e-gold has been involved with a lot of crap, and the feds seem to ALWAYS have an investigation with their company... whether it's money laundering or child pornography (sick)... I'd recommend staying away for now and if you wanna invest in gold buy the stock ETF: GLD

Or you could just trade the commodity itself... whatever rubs your buddha

[Crazed98]

Most groups that try and scam people out of their money usually use e-gold for the money transfers.