[e-gold-tech] e-gold Spend Fee Formula to change 2004-01-01
Valued e-gold Users: In January, e-gold Ltd. will announce its new Micropayment Initiative for Online Digital Content. To better support enhanced micropayment capabilities, a new formula for calculating e-gold Spend fees will be put into effect January 1, 2004, the first substantive adjustment since 1996. The new formula corrects some longstanding peculiarities. For example, in the past, extremely small value (less than a penny) silver payments were permitted despite both the transaction amount (and especially the fee) being so tiny as to serve no consequential economic purpose. Another anomaly that will be corrected is the cap on Spend fees. In the past, this cap has been calculated according to US dollar equivalence, at 50 cents. This is being changed to a weight-based cap, which varies from e-metal to e-metal. Well established advantages of e-gold will not change. Unlike virtually every other alternative payment system, e-gold will continue to be bi-directional, with no arbitrary distinction between consumers (payers) and merchants (entities that receive payments). Every e-gold account remains fully capable of making and receiving payments and there is no fee for making a Spend. The new formulas are: e-gold Spends... = Formula -- ----- AUG 0.0004 AUG 0.15% + AUG 0.0002 AUG 0.1 AUG 0.51.25% + AUG 0.00375 AUG 0.5 AUG 1 AUG 0.01 AUG 1AUG 5 1% = AUG 5AUG 0.05 e-silver Spends... = Formula -- ----- AGG 0.02 AGG 5 5% + AGG 0.009 AGG 5AGG 25 1.25% + AGG 0.1875 AGG 25 AGG 50 AGG 0.5 AGG 50 AGG 2501% = AGG 250 AGG 2.50 e-platinum Spends... = Formula -- ----- PTG 0.0004 PTG 0.15% + PTG 0.0002 PTG 0.1 PTG 0.51.25% + PTG 0.00375 PTG 0.5 PTG 1 PTG 0.01 PTG 1PTG 5 1% = PTG 5PTG 0.05 e-palladium Spends... = Formula -- ----- PDG 0.0004 PDG 0.15% + PDG 0.0002 PDG 0.1 PDG 0.51.25% + PDG 0.00375 PDG 0.5 PDG 1 PDG 0.01 PDG 1PDG 5 1% = PDG 5PDG 0.05 Thank you for using e-gold. Doctor Douglas Jackson Chairman, e-gold Ltd. --- You are currently subscribed to e-gold-tech as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Safe web surfing tip: Get in the habit of checking the SSL key/padlock icon in your browser and address/location bar *before* submitting sensitive information like your e-gold passphrase.
[e-gold-list] e-gold settlement volume (# of payments) relative to the Euro
The following tables detail the number of payments settled via the RTGS [Real Time Gross Settlement] systems participating in or connected to TARGET, the RTGS mechanism for the Euro. Domestic Euro payments - http://www.ecb.int/target/stats/01_table5.htm Cross border Euro payments - http://www.ecb.int/target/stats/01_table3.htm Combined totals - http://www.ecb.int/target/stats/01_table1.htm [This table includes some systems that entail netting. The pertinent stat is All TARGET payments]. Note that the average e-gold transaction volume http://www.e-gold.com/stats.html is already about one twentieth the combined RTGS stats for all of Euroland. e-gold exceeds the daily number of domestic settlements for 12 out of 15 systems and the domestic plus cross-border combined for 11 out of 15. Note also that these systems operate only 5 days per week and are closed seven additional days for holidays. And of course none of them can allow direct end-user access because they all extend credit intraday. The fee for a cross border settlement ranges from EUR 1.75 to EUR 0.80 http://www.ecb.int/pub/pdf/target_en.pdf It should of course be noted that most Euro payments in these economies are cleared via netting processes of the various clearinghouse arrangements of the banking systems. It is, however, fully appropriate in an apples-to-apples sense to compare to the base money RTGS systems. A goal for e-gold is in fact to serve as reserve asset and medium of settlement for financial intermediaries. As AUG [gold, as money, denominated in grams and using e-gold as base money] emerges as a credible alternative to USD, EUR and JPY, the logic is for the banks to extend their multilateral netting facilities to include AUG and to upload their settlement sheets to the e-gold system. --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED] Did you know that e-gold Ltd. stores more gold on behalf of customers than many countries? See http://www.gold.org/Gra/Gra1.htm and the e-gold Examiner at http://www.e-gold.com/examiner.html for details.
[e-gold-list] Re: The Dollars World, Theory vs. Reality, 15 August 2001, p. A14
Editor, Wall Street Journal Re: The Dollars World, Theory vs. Reality 15 August 2001, p. A14 Charles Kadlec is advocating monetary reform that emphasizes price stability and reduces the role of centrally planned discretionary elasticity but uncritically embodies the premise that money is a public good. Price stability isnt the problem. Contractual stability performance according to the rule of law is. When a sovereign repudiates his monetary obligations the damage is uncompensated. A rehash of the gold standard or explicit definition of some other numeraire wont change this. Likewise, a supranational central bank would only exacerbate the tendency. There is, however, a paradigm that systematically eliminates the flaws that have doomed every antecedent monetary regime to inevitable corruption. The elements are: 1) privately issued base money that circulates efficiently via a remote payment system but entails no credit or liquidity risk, 2) a second tier currency board (also a private firm) that uses the base money as its redemption medium. Both layers are real time gross settlement (RTGS) systems. Both operate on a strict debit basis and can therefore permit direct end user access without exposing themselves to credit risk. The base money, being non-fiduciary (unable to derive revenue from a treasury function), is fee based. The second tier currency entails no fees of any sort because the issuer may hold remunerative assets. This differs radically from the classic gold standard because it entails a realistic redemption discipline. Anyone at any time has recourse to the non-financial base money without loss of access to efficient transaction mechanisms. Both systems expose automation interfaces facilitating the emergence of multilateral netting arrangements. Direct end user access and immediate settlement also means that real time settlement of securities trading becomes feasible, especially using the currency boards fee-less medium. Dr. Douglas Jackson Chairman, e-gold Ltd www.e-gold.com --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED] Did you know that e-gold Ltd. stores more gold on behalf of customers than many countries? See http://www.gold.org/Gra/Gra1.htm and the e-gold Examiner at http://www.e-gold.com/examiner.html for details.
[e-gold-list] cashless society drivel
The unsigned article Dreams of a cashless society [The Economist, p.65, May 5th, print version] dismisses e-gold as a virtual currency used as pay that avoids the tax man. I would have expected a modicum of critical discernment from the Economist. Electronic payment systems and especially privately issued currencies will succeed or fail based on the soundness/coherence of their economic logic and the strength of their business model. Lumping e-gold in with beenz, flooz and PayPal is an indication that the writer has not examined issues such as the loading function or the value proposition embodied in the circulating liabilities of the various issuers. The point of e-gold is immediate settlement with extremely low direct costs, non-repudiation, an efficient automation interface, bi-directionality [fostering an active, competitive exchange market], combined with zero credit or liquidity risk. When you are ready to undertake a serious analysis please contact me. Douglas Jackson MD Founder and Chairman, e-gold Ltd. www.e-gold.com CEO, OmniPay www.omnipay.net --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] [Fwd: re: Secret Service Raids E-Gold]
sigh Original Message Subject: re: Secret Service Raids E-Gold Date: Fri, 30 Mar 2001 19:05:34 -0500 From: Douglas Jackson [EMAIL PROTECTED] To: [EMAIL PROTECTED] CC: [EMAIL PROTECTED] I am the founder and Chairman of e-gold Ltd. Contrary to the luridly irresponsible and actionable headline on this article, there has been no raid on e-gold Ltd., or on Gold Silver Reserve Inc. [dba OmniPay http://www.omnipay.net ], the company that originally developed the e-gold system and currently serves as Operator. The more edifying reality is that e-gold is the worlds first electronic currency designed for borderless eCommerce, enabling the worldwide use of gold as money. It merges the digital transaction efficiencies of an electronic payment system with a universally acceptable basis of value. The advantages of e-gold include: Low transaction fees The maximum payment processing fee is 50 cents (US-equiv.). For a $1000 value payment, this is less than one twentieth as much as credit cards. Immediate settlement e-gold payments clear instantaneously, no matter how large or small the payment, no matter how far apart the spender and recipient. Non-repudiation No chargebacks. Get paid, stay paid. Direct access with bi-directionality Anyone can pay or be paid. Automation support The e-gold Shopping Cart Interface is easily implemented and provides immediate authenticated notification of completed payment. Zero financial risk e-gold is the worlds first remote payment system backed 100% by physical gold in allocated storage. e-gold is in fact succeeding where other electronic payment initiatives are failing because it is designed specifically for worldwide eCommerce. All others merely add additional layers of liability to legacy systems. Since online launch November 1996, the e-gold system has been growing at an accelerating pace. As of April 2000, 100,000 transactions had been settled. The one millionth transaction was November 2000 and the second million mark surpassed in March 2001. It is regrettable that the first time many people will hear of e-gold(r) will be this sloppy and damaging Wired headline. Dr. Douglas Jackson Founder of e-gold --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Thiel's sloppy libel
letter to editor of salon.com regarding http://www.salon.com/tech/feature/2001/02/23/pay_pal/index.html _ Peter Thiel, according to today's salon.com article (correctly) describing the repudiable nature of PayPal payments, apparently regards it as appropriate to make reckless allegations that depict e-gold(r) http://www.e-gold.com as some sort of system to "launder funds". This (probably actionable) remark is especially ironic given the multiple attempts that Gold Silver Reserve, Inc. and other companies have made to help PayPal address PayPal's severe fraud problems. Gold Silver Reserve, Inc. was the original developer and operator of the e-gold system. It now functions as the primary distributor of e-gold with its OmniPay service http://www.omnipay.net , a system of online exchange that functions as a hybrid payment system in its own right. OmniPay, by the way, accepts national currency payments only by wire transfer (subject to a $3000 minimum) because wire is the only non-repudiable method for receiving payments that involve the banking system. The first time we heard of x.com and PayPal was around November 1999 when our fraud detection protocols were triggered by a series of suspicious wires from x.com. We contacted Kathy "I guess I'M the fraud manager!" Donovan and informed her of our suspicions. x.com (shortly afterward merged with PayPal) never was able in that episode to even reconstruct how funds had been taken from their bank account. We actually had to explain to them that available funds and good funds are not synonymous and that their practice of ACH debit for funding accounts was an invitation for fraudsters. They mentioned to our amazement that they did not even capture IP numbers with the online application they were using at the time. Since then we have detected and thwarted multiple episodes of would-be crooks who, having already taken PayPal to the cleaners, attempted to rip off our company or companies we do business with. In several incidents we have offered to help PayPal identify and prosecute obvious crooks but the attitude of their responses (like many banks) was that they would rather cover up the fact that they are being inundated by fraud rather than risk loss of investor confidence. Like so many dotcoms they seem to be in the business of raising money from investors, as opposed to earning profits (the former they have excelled at, the latter I doubt will ever occur). To set the record straight regarding what e-gold is and how ridiculous it would be to use it as a system to hide the proceeds of crime... e-gold enables people to use gold like they would money. e-gold is backed 100% by gold in allocated storage* under the signatory control of a third party escrow agent, titled to the e-gold Bullion Reserve Special Purpose Trust for the exclusive benefit of all e-gold account holders collectively. A person with an e-gold balance can click some to another account holder. These transfers settle immediately and, unlike PayPal or credit card transactions, are non-repudiable. e-gold is account based, so the entire lineage of any value stream is logged - right back to the time that value entered the e-gold universe via exchange. Sophisticated pattern matching protocols detect activities such as smurfing (attempts to structure transactions in a way to disguise large flows of value). Please note that the e-gold shopping cart interface enables automation that enables a recipient to programmatically post accounts as paid and to deliver goods and services with total confidence that payment (including micropayments) is fully and irreversibly settled. The maximum cost of receiving an e-gold payment is 50 cents (US$-equiv.). For values under $50 the fee for receiving payment is 1%. There have been over 2 million e-gold transactions** even though, unlike PayPal, e-gold never needed to give money away as an inducement to open accounts, and in fact has never done much of anything in the way of marketing/promotion. Douglas Jackson, MD Chairman, OmniPay 175 East Nasa Blvd., Suite 300 Melbourne, FL 32901 (800) 909-6590 * see http://www.e-gold.com/examiner.html ** see http://www.e-gold.com/stats.html --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] inquiring minds
Questions that a Kitco Pool Gold Account (or Monex (Atlas), or FideliTrade (Group Ownership Service) [or any other party soliciting unallocated "storage" deposits] depositor would do well to ask Kitco: Given that your Pool Gold description http://online.kitco.com/poolaccount.html does not require Kitco to hold any physical metal to offset its unallocated gold deposit liabilities, nor does it it specify a time limit for Kitco to deliver metal in the event that a depositor orders delivery... 1) How much Pool Gold do you owe your depositors? Are they unsecured creditors as generally described by http://www.pamp.ch/Gold/uu/unalloca.html ? 2) What assets do you specifically hold to offset your unallocated gold deposit liabilities? Do you hold (or have a target range of) a primary reserve of actual physical metal against these demand deposit liabilities? 3) Since you accept/create gold deposits and invest these borrowed assets so as to generate a financial return, do you publish financial statements that would enable a depositor to assess your gold-specific liquidity and solvency as it relates to your ability to repay these deposits? Do you maintain a cushion of equity capital sufficient that in the event some of the gold loans that you hold as assets (such as your unallocated deposits at deeper layer gold banks) fail to perform you could still pay off your depositors? [Banks are expected to hold 8% core capital against their risk adjusted assets.] ___ Questions submitted to the Perth Mint 13 Feb 2001 I think I understand the deposit insurance guarantee that the State Government of Western Australia provides on your unallocated gold deposits [if the Mint can't come up with the gold, the government is obliged to pay off in Australian dollars http://www.perthmint.com.au/depository/faq/guarantee.shtml ] , but precisely what risk(s) does Lloyd's insure the Mint against http://www.perthmint.com.au/depository/faq/insurance.shtml ? What are the liability limits of the Lloyd's policy? Could you fax me a copy of the pertinent provisions of the Lloyd's policy? Are they insuring the Mint's performance vis-a-vis unallocated deposits too? or are they insuring against losses of physical specie relating to physical security etc.? Would they pay in gold? As for that, does the State set aside a reserve to enable it to perform in the event it must cover the Mint's unallocated deposit liabilities? Does it publish financial statements detailing its exposure to the Mint's unallocated deposit liabilities? While on subject, what proportion of its unallocated deposit liabilities does the Mint typically reserve against with physical metal? Finally, how much gold liability is the Mint exposed to with its unallocated storage facility? --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
