Apologies to those who already got this. Feedback to refine the idea
welcome as well as best way to integrate with FreeNet (if
possible/desirable)
I presume that you know about e-gold (www.e-gold.com), this turns over more
than US$1million/day and has none of the fraud risk of credit cards and no
charge backs as can happen with PayPal
e-gold has an agio fee of 1% per year for storage which is a hassle for any
promise notes issued as the backing will have to be topped up to maintain
100% backing.
metalsavings avoids this but they lend the gold out and that is not ideal
either, they also have transaction minimums of 1 gram.
have a look at http://groups.yahoo.com/group/goldenagents/message/83 for
another place I am broaching this idea.
now imagine a distributed collection of at home vaults of lead. Heavy no
point in stealing lead. It still has value and the running and
re-imbursement of the vault operators can be funded from small percentages
levied against bailing in/out of metal into the system as well as exchanging
e-gold/cash for lead.
Ultimately it makes little difference if costs are extracted from lead or
gold it is still going to be a percentage of turnover.
By using lead no guards or expensive storage facilities would be required as
theft would be exceedingly unlikely.
There also seems to be the possibility of gold storage without agio fees via
a company in Perth (associated with Perth Mint I think, will look into it)
but they have non-trivial minimums.
certifying vaults, issuing digital certificates, and all the transaction
settlement are just software and trust relationship details that can be
figured out once an interest exists. I do not see any major obstacles yet.
cya, Andrew...
> -----Original Message-----
> From: Tavin Cole [SMTP:[EMAIL PROTECTED]]
> Sent: Tuesday, May 29, 2001 5:57 AM
> To: [EMAIL PROTECTED]
> Subject: Re: [FreeNet-chat] Yet another damn 'permanence' proposal
>
> On Mon, May 28, 2001 at 04:25:20PM +0800, McMeikan, Andrew wrote:
> > Are there many freenetters interested in distributed financial storage
> > agreements?
> > (I did not say bank because banking is a restricted function by most
> > governments, whereas holding something on behalf of someone else is not
> > {i.e. money is not load but held in safe storage})
> > some sort of periodic audit to verify metal held in storage as backing
> for
> > electronic transactions would be required, but that would be a small bit
> of
> > privacy to give up for the benefit of many.
> >
> > let me know off list if this takes your fancy.
> >
> > cya, Andrew...
>
> let's just discuss it right here, or perhaps on tech,
> I'm sure lots of us are interested.
>
> --
>
> # tavin cole
> #
> # "Technology is a way of organizing the universe so that
> # man doesn't have to experience it."
> #
> # - Max Frisch
>
>
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