VC writes: "I don't understand why it's a bad thing to allow a 100% backed
currency to be used as the basis for a fractional reserve banking system."
It's pretty simple, it causes inflation. [...]
Is it true, though, that GoldMoney will not ALLOW a third party to use
goldgrams as the basis
On 13 Apr 2001, at 7:48, SnowDog wrote:
Is it true, though, that GoldMoney will not ALLOW a third party to use
goldgrams as the basis for a fractional reserve gold bank?
Yes.
From GoldMoney user agreement:
VIII C. iii
"The User agrees to keep his unallocated, undivided interest in the
VC writes: "I don't understand why it's a bad thing to allow
a 100% backed currency to be used as the basis for a fractional
reserve banking system."
It's pretty simple, it causes inflation.
For an economist inflation is usually defined as "an increase in
the money supply". This
"The User agrees to keep his unallocated, undivided interest in the
pool of gold held in storage at a Vault free from any liens,
encumbrances, charges or claims"
In other words, GoldGrams cannot be leased or loaned nor can any
derivatives be created on them.
It seems like this would really
Is it true, though, that GoldMoney will not ALLOW a third party to use
goldgrams as the basis for a fractional reserve gold bank?
Yes.
This is a very interesting aspect of GoldMoney that escaped me. And it
is very disturbing because it is an intrusion on the holder's use which
is
On 13 Apr 2001, at 11:32, CCS wrote:
This is a very interesting aspect of GoldMoney that escaped me.
I don't see iot as disturbing at all.
And it is very disturbing because it is an intrusion on the holder's use which is
impractical to enforce.
It is indeed an intrusion... but that is
SnowDog wrote:
VC writes: "I don't understand why it's a bad thing to allow a 100% backed
currency to be used as the basis for a fractional reserve banking system."
It's pretty simple, it causes inflation. [...]
Is it true, though, that GoldMoney will not ALLOW a third party to use
[EMAIL PROTECTED] wrote:
VC writes: "I don't understand why it's a bad thing to allow a 100% backed
currency to be used as the basis for a fractional reserve banking system."
It's pretty simple, it causes inflation. Right now DigiGold's literature
says that is maintains a 25% reserve.
And it is very disturbing because it is an intrusion on the
holder's use which is impractical to enforce.
It is indeed an intrusion... but that is GoldMoney right to do so.
Sure they have a right... It is disturbing that (1) they would do
do something so stupid as require something that
On 14 Apr 2001, at 0:04, David Hillary wrote:
You can lend
currency and take deposits and make payments, do virtually
anything with
currency, just don't try and say 'this 400oz bar in toronto is mine,
I
have 400oz of e-gold, so if i don't pay you what i owe you you
can go down
to the
On 13 Apr 2001, at 14:02, CCS wrote:
Sure they have a right... It is disturbing that
(1) they would do do something so stupid as require something that cannot be enforced
and
Again CCS, they can enforce it after the fact by removing the
user's privilege...and that is good enough
(2)
SnowDog wrote:
"The User agrees to keep his unallocated, undivided interest in the
pool of gold held in storage at a Vault free from any liens,
encumbrances, charges or claims"
In other words, GoldGrams cannot be leased or loaned nor can any
derivatives be created on them.
It
On 13 Apr 2001, at 19:31, Julian Morrison wrote:
As I read this, you cannot lease or loan GoldGrams... but you can create a
payment now, with a contractual agreement to repay with *some unspecified*
GoldGrams.
Well a goldgram like a gram of e-gold is specific. But I agree with
you, this
CCS wrote:
VC writes: "I don't understand why it's a bad thing to allow
a 100% backed currency to be used as the basis for a fractional
reserve banking system."
It's pretty simple, it causes inflation.
For an economist inflation is usually defined as "an increase in
the money
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