At 08:51 PM -0800 11/25/2001, Greg Broiles wrote: ... > >Steve and I experimented with very small e-gold transactions tonight - if >he sent me .00001 ounces of gold (USD .002728), I received .000006 ounces >(USD .001637), and e-gold took .000004 (USD .001091) for their spend fee .. >which is a spend fee of 40 percent, not 1 percent. >
Hi Greg. You are correct, there's a relatively-high spend fee when the payment's that small. Of course, half of that goes to originators of the payer & payee which often might also be the spender/spendee, but for the *really* teeny stuff you're absolutely right, e-gold doesn't work well. I think that anything really teeny that's going to work and be popular will have to be "bearer" rather than account based, fully automated so you don't have to do much thinking to at least give it away, and (here's where I think MoJo will, unfortunately, fail) convertible into other forms of money (especially e-gold!) for anyone motivated enough (who owns enough of the stuff). I'm also not too convinced that the really-small stuff's important, as I don't want to type my passphrase for anything less than a tenth of a gram of gold. I like repeating that they're *possible* because so many people still think they're not. :) My definition of "micro" involves having the motivation to type a number and a passphrase, obviously nobody really likes doing that. I also think that micropayments might have the advantage of pretty-good security in that "nobody wants them" so the various criminals out there might not be as motivated to try to steal 'em in the first place. I suspect most users who got them might just redirect all micropayments to something like EFF rather than bother to "cash" them, but all this is of course only a prediction. Your intuition about e-silver being best for *really* teensy payments is also correct. Conversely, since everything's by weight, the higher value metals might be a tiny bit worse for micro-stuff (but some people -- like me -- enjoy having the P-metals anyway). Thanks. JMR --- You are currently subscribed to e-gold-list as: [email protected] To unsubscribe send a blank email to [EMAIL PROTECTED] http://www.e-gold.com/stats.html lets you observe the e-gold system's activity now!
