[EMAIL PROTECTED] wrote:
> If
> the market considers DigiGold to be the same as physical gold then the "gold
> supply" has just increased by a tiny fraction of the world total.
Nope, the market considers a unit of DigiGold a *fractional probability*
of getting ahold of the designated mass of e-gold. The probability
itself fluctuates depending on where you are in the queue to get paid,
how much their reserve is, and the likelihood of a run on DigiGold.
Normally the probability is near certainty, and so the exchange rate
will hang around at nearly 1:1; instability will cause DigiGold to lose
value.
The market *doesn't* clump up fractional reserve units with 100% backed
units, so the former doesn't inflate the latter. Hence it is not
stealing.
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