[e-gold-list] Re: e-gold flaws Previously: PECUNIX INCORPORATED Share Offer
2. There is no way to show a third party that you've actually sent gold into another account. Maybe a public batchnumber system can work here. Why would you want to do this? Get the party you've sent it to, to make a statement. Think of this from a Market Maker prespective. You have sent gold to somebody and they say your haven't. If you need to prove it to a third party, like maybe the credit card company, you can't unless you give the CC company your passphrase. Good Point! 6. e-gold doesn't exist. Try calling somebody who works for e-gold. It won't happen. You'll have to call somebody that says they work for e-gold but at the end of the day, they are being paid by GSR. Why does this bother you so much? You mention it all the time! This bothers me because there may be a potential problems. Who would I call if say I needed GSR's e-gold account frozen because of some wrong doing. It may never happen but what if it does. What if there are certain Business aliances that I would like to make with e-gold and not GSR. Why do I have to give up all rights to sur GSR to be linked from the e-gold website? You can get GSR's e-gold account frozen the same way you can get any other account frozen -- get a court order. When dealing with ANY third-party, like GSR or E-Gold, you have to trust the third-party. GSR created the e-gold system, and the only way to challenge them is through the courts. Let's say that e-gold and GSR were separate, and you had a problem with E-Gold LTD. If this occurred, you would need to go to the courts. With any type of business set-up, like E-Gold / Omnipay, you're going to find certain alliances which you're going to have little control over. This isn't a problem. Indeed, it's an asset in most cases. Look at the alliance between GoldMoney and FideliTrade. You're not going to get GoldMoney to freeze FideliTrade's account under any circumstances. This would be a serious breech of trust, and would have to be resolved in the courts. 8. Server located in beautiful Melbourne, Florida. Under the protection of the USA. Another feature. Some consider it protection, other consider it a security risk. How so? 10. No Marketing! Relying on users to bring in merchants instead of getting merchants that bring in users. With growth like they've had, they wouldn't be able to handle any more. This is a good business decision. Some would consider 76000 mearly funded accounts in 4 years to not be up to par in their industry. How could they handle faster growth? They've had problems with the current growth. Should they have gone out and rounded up new capital to hire a larger programming staff and buy bigger machines? Later, Craig --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: e-gold flaws Previously: PECUNIX INCORPORATED Share Offer
You can get GSR's e-gold account frozen the same way you can get any other account frozen -- get a court order. When dealing with ANY third-party, like GSR or E-Gold, you have to trust the third-party. GSR created the e-gold system, and the only way to challenge them is through the courts. Let's say that e-gold and GSR were separate, and you had a problem with E-Gold LTD. If this occurred, you would need to go to the courts. With any type of business set-up, like E-Gold / Omnipay, you're going to find certain alliances which you're going to have little control over. This isn't a problem. Indeed, it's an asset in most cases. Look at the alliance between GoldMoney and FideliTrade. You're not going to get GoldMoney to freeze FideliTrade's account under any circumstances. This would be a serious breech of trust, and would have to be resolved in the courts. This is very poor policy to have no dispute resolution mechanism in place other than the court system. Here is a very good report on B2B dispute resolution that makes it clear why, for an online business to earn trust, it should establish a dispute resolution mechanism that makes the court system the absolute last resort. http://www.nmm.com/documents/wired_conflict.pdf ~ Vincent --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] RE: e-gold flaws Previously: PECUNIX INCORPORATED Share Offer
Deen wrote: For those that are trying to go look at the negative balance--it seems to have been eradicated by the Ninth Amendment Foundation. I'm not sure of the Ninth Amendment Foundations's relation to e-gold, but for some reason it was important to them that the negative balance not remain on display If Im not mistaken, the ninth amendment foundation is Jim Ray... Sidd. --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] RE: e-gold flaws Previously: PECUNIX INCORPORATED Share Offer
3. Negative Balances! Anyone want to see negative balances in action. Just view the top account on e-gold's public balances page... http://www.e-gold.com/pub-bal.asp?pubid=100 -7.76 troy ounces of silver I'm proud of that one because I was able to send two (2) transactions back-to-back fast enough to have e-gold think my account still had funds in it. Meaning, the first transaction would have zeroed out the account, and the second transaction should have been rejected. But, instead, it accepted both because the first transaction didn't remove the amount of gold before it spent it to another account, so the second transaction was able to withdraw even more before the first transaction caught up. I believe they have corrected this, but they didn't want to give me 7.76 ounces of silver (a measley $33.63 US Dollars) for reporting their bug to them, so it remains on public display. Hehe. No, this was _not_ caused by their storage fees as some people may tell you. That would have required at least 9312 ounces of silver (over $40,000.00 USD) on the account--I'm sorry, but I did not have that much stashed in silver. It will remain on display until someone spends me 7.76 ounces of silver, or I need to use it for other purpose--which might be awhile, since our Gold-Escrow.com is closed temporarily. :^) Deen Foxx (CTO) [EMAIL PROTECTED] --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] RE: e-gold flaws Previously: PECUNIX INCORPORATED Share Offer
I'm proud of that one because I was able to send two (2) transactions back-to-back fast enough to have e-gold think my account still had funds in it. Meaning, the first transaction would have zeroed out the account, and the second transaction should have been rejected. But, instead, it accepted both because the first transaction didn't remove the amount of gold before it spent it to another account, so the second transaction was able to withdraw even more before the first transaction caught up. Good grief! It's hard to believe there would be such a fundamental error in a financial database! Sidd. --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
[e-gold-list] Re: e-gold flaws Previously: PECUNIX INCORPORATED Share Offer
Hello Khurram! As usual, I disagree! Seriously... What flaws does e-gold have? 1. Someone can very easily write a script that continuosly tries to access an account with a bad passphrase and therefore locking any account perpetually. This is a feature. Good security, to keep hackers from continually trying passphrases until they get lucky. 2. There is no way to show a third party that you've actually sent gold into another account. Maybe a public batchnumber system can work here. Why would you want to do this? Get the party you've sent it to, to make a statement. 3. Negative Balances! They only occur when the monthly agio fee is applied to an average balance, and the only entity affected in e-gold. The only alternative is to assess the fees on each spend, as GoldMoney does, and this is way to complicated. This is a feature. 4. No third party counting the gold in the storage facility. The Escrow Agent should start this soon. Hey, no one else even HAS an escrow agent. 5. Absolutely no fraud prevention or resolution. PayPal may be horibble but they still have some kind of "Insurance" for its users. It may not be much.. but its something. I agree! E-Gold needs an insurance policy against hackers who raid accounts, like PayPal! 6. e-gold doesn't exist. Try calling somebody who works for e-gold. It won't happen. You'll have to call somebody that says they work for e-gold but at the end of the day, they are being paid by GSR. Why does this bother you so much? You mention it all the time! 7. Sole Bailee of metal into the storage facility. Prevents fraud. Anytime you allow someone to bail gold into the system, you open a door for stolen gold, which would lead to counterfeit e-gold. The important function is to allow a third party to BAIL-OUT the gold on demand. This is a feature. 8. Server located in beautiful Melbourne, Florida. Under the protection of the USA. Another feature. 9. Conflict of interest for users because the people that control e-gold also control its sole Bailee. Why is this a problem? 10. No Marketing! Relying on users to bring in merchants instead of getting merchants that bring in users. With growth like they've had, they wouldn't be able to handle any more. This is a good business decision. 11. Bad website design. Excellent website design! 12. Ploy to collect a large amount of precious metals incase Y2K didn't go too well.. - just kidding on that one. There are several pieces of evidence that point to that.. but I might discuss that at a later time. No relevant. 13. Bad service. I AGREE!!! 14. Majority of user-base is involved in "questionable" activities. The only way to remedy this is to eliminate the idea of an internet currency, and replace it with a payment system, like PayPal. This is an unfortunate aspect of the entire premise, and cannot be avoided. 15. Infringement of patents... from what I've heard. You cannot claim an 'idea' as a patent and have it hold up in court. Just to name a few.. Have a nice day. hehe.. Talk Later, Craig --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
