Hello!
I was thinking about this today, and I realize that when the websites are
split, between Omnipay and E-gold, that there need no longer be a hard
connection between the exchange rates that Omnipay charges to buy and sell
e-gold and the exchange rate used to send e-gold to someone, denoted in a
local currency unit. So, I was thinking that you might want to put something
into the E-Gold User Agreement saying that you attempt to keep the E-Gold
exchange rate set to the world SPOT price of gold. This would let new users
know how this rate is calculated.
Also, you might want to put some sanity checks in the system, whereby the
system would shut-down if the exchange rate was set outside of a 'rational'
boundary -- perhaps a window of $20 an ounce or so. If you did this, then
you could probably set the exchange rate automatically from other sites.
Perhaps bring up the exchange rate from two or three other sites which
report the world SPOT price of gold, and then vote on the result. You can
put some other tests in the algorithm, and then post the price. If the
exchange rate deviated by a large amount, the sanity checks would come into
play and shut-down the exchange mechanism from occurring in that local
currency. Therefore, if I wanted to send you $100 in e-gold, and the
exchange rate was 'out-of-bounds', I wouldn't be able to express the
transaction using this method. I would have to send some other currency
equivalent, or denote the exchange in grams. With this method, you wouldn't
have to dedicate someone's time to it.
Sincerely,
Craig
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