>>I _already_ pay a mountain of taxes so that we >> can have a government to prosecute criminals and a court system to settle >> disputes, and your client should use those resources instead of expecting >> the rest of us to be roped into paying for what amounts to an insurance >> policy. > >Perhaps this is the answer - insurance. >Whereby an e-gold accountholder has the choice of purchasing >insurance to cover spends from his account. > >This ensures that e-gold's non-repudiable policy is kept intact while those >who want insurance pay for it. >The rest are not affected. > >The annual cost of bulk coverage is suprisingly very low. Recently Citibank >introduced a credit card for Internet transactions with 100% protection by >insurance. >The cost of such insurance - no more than $1 per year! A smart idea, but, you would never in a thousand trillion years be able to insure a group of customers against incompetently having their passwords stolen. The premiums would be 100% of the risk. The chance of having your credit card used in a fraud incident is miniscule, one in millions of transactions. In contrast, people seem to be incredibly incompetent at not having their passwords misused, typing the wrong account number (wave! I did it!) etc. > >Even if e-gold is considered a bigger risk by the underwriters, the premiums >would still be affordable (based on the above rate). > >There's an upshot to recent moves by Citibank to link bank accounts to the >net and enable global internet transactions, even between those having >accounts in other banks - it is like the banking empire is striking back >(belatedly) at the turf of e-gold and others. >Banks, despite all their inefficiencies, have a major advantage in this >war - instant funding - they are already holding customers' money. > >One of e-gold's major advantages is the non-repudiability of transactions. >Now with the insurance option, as Citibank is pushing with its internet >card, aren't banks too in a position to offer non-repudiability for their >net transactions? > >Expect fierce competition ahead. > >Regards, >Chandra ----------------------------------------------------------- "Great ventures create great mottos." --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
