Gentlemen,
May I be so rude as to interject?
>There is zero risk in outexchanging E-Gold and you have to get it from
> somewhere.
I must disagree with you on this point. Technically, there is no
*immediate* risk on outexchanges because the transaction is non-reputiable,
agreed. However, due to the large numbers of scammers who hide in e-gold
(auction scammers, "program" scammers, pyramid promoters, for instance)
there is a LARGE *associated* risk in outexchanging e-gold.
For example, I attempted to assist in the refund process for Eurocredits
(monies were to be refunded from E-Biz investors) by facilitating transfers
from "eurocredit dollars" to Standard Reserve currency. Gary Stroud of
EuroCredit bank was to exchange the "eurocredit dollars" for USD to wire to
my company in exchange for his clients transfers to SR currency. Rather
than sending USD from EuroCredit bank, he liquidated e-gold holdings and had
a wire for $9715 sent to my company informing me that he simply wanted to
"cash out" of e-gold before using the USD backing EuroCredits. This seemed
logical as he claimed to have holdings in several digital currencies and
owned several large companies. His ID, phone numbers, and physical addresses
all were verifiable.
Three weeks later I have received calls from the SEC, the Superior Court
of Western Oklahoma, the court appointed receiver AND the prosecutor from
the case Gary Stroud is involved in. It appears that the e-gold holdings
Gary Stroud "liquidated" was really just more e-gold he scammed out of new
"investors" for more programs he was promoting. He was never able to produce
USD from EuroCredit bank. It appears that "eurocredit dollars" are the
equivalent of Monopoly money. (You know, nice to look at, fun to play with
and imagine spending, but ultimately worth less than the paper it was
printed on.)
So, just because a transaction is "non-reputiable" (non-reversible) does
not mean it does not have risk associated with it. Scammers, con-artists,
and simple thieves are well acquainted with the rules of e-gold and
frequently use those rules to their advantage. As a Market Maker, we are
then left in the "sticky" situation where we are sometimes unknowingly duped
into helping a criminal outexchange funds taken from a victim. (The auction
scammer is a prime example!)
Now more than ever Outexchange transactions need to have as much (if not
MORE) Due Diligence completed as Inexchange transactions. Completing
outexchanges for people can sometimes drop their "dirty laundry" right on
top of your unsuspecting head.
Thanks for listening.
Eric
Eric Gaither, President
Gaithmans Gold Nation, Inc.
(317) 788-8580 Voice
[EMAIL PROTECTED]
http://businesses.msn.com/gege/
Gaithmans: your ultimate e-currency exchange service provider!
----- Original Message -----
From: "Vince Callaway" <[EMAIL PROTECTED]>
To: "e-gold Discussion" <[EMAIL PROTECTED]>
Cc: "e-gold Discussion" <[EMAIL PROTECTED]>
Sent: Thursday, July 05, 2001 11:08 AM
Subject: [e-gold-list] RE: E-Gold to Paypal
> On Wed, 4 Jul 2001, Graham Kelly wrote:
>
> > Ian,
> > I tend to agree, but I learned a long time ago, that people who undercut
> > a service fee-wise, are generally not around a while later... so I've
> [snip]
>
> Not always true.
>
> There is zero risk in outexchanging E-Gold and you have to get it from
> somewhere.
>
> Like any business rates are adjusted according to the market. I was
> paying 2% for peoples E-Gold. I pay out in Paypal. I was getting to the
> point where I was buying more E-Gold than I was selling. I dropped the 2%
> and now things are working well.
>
> I also increased my in-exchange rate to 10%. The only payments I use are
> Paypal. I do address and phone verification on all new customers. That
> can get somewhat expensive.
>
> The ironic part is since I raised my rate from 8% to 10% my order volume
> has increased.
>
> Go figure.
>
>
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