From: "Sidd" <[EMAIL PROTECTED]> > Let us imagine for a moment that through some terrible disaster, GM > Networks Ltd (Goldmoney) and e-gold both lost their entire database of > customer accounts ... > > It is clear to see that for all practical purposes GoldMoney is just > like e-gold... they are both gold backed digital "notes", the terms of > which are published in the respective user agreements. Both systems > would be in exactly the same predicament if they lost their DB... how > to honour their promise to pay?
Sidd: I think that's an overly catastrophic scenario, kind of like talking about what would happen if an asteroid hit the planet. I'm more interested in the practical differences between the two arrangements if NO massive disaster occurred. Let's say for example, either e-gold or GoldMoney decide to go out of business. Not because they're failing or intend to default on obligations, but just because they feel like doing something else. What are the practical differences here? If GoldMoney goes out of business, they must either give you your gold or give you your proportional share of a liquidation sale, payable in fiat currency I suppose. If E-gold goes out of business, they must ... uh ... either give you your gold or give you your proportional share of a liquidation sale, payable in fiat currency I suppose. I'm not trying to be cute here, but I do have a hard time discerning a difference between owning a thing versus having a CLAIM on a thing. What IS a claim anyway? A claim of ownership! If you have a valid claim on a thing, don't you own the thing? By the way, it is not a sufficient answer to say, "Well, the difference is due to recent legal interpretations, with precedents in English Common Law, blah, blah, blah." That may all be true, but I want to know what the actual difference is, not in terms of legal wording, but in terms of how it plays out in the real world. In other words, describe two scenarios that are visibly different. Is one system stronger than the other because certain people will go to prison if they don't make good on an obligation? Define the difference in concrete terms. > I think Craig is correct when he says, "This is a difference that makes > no difference". Possibly, unless someone can specify the difference in concrete terms. -- Patrick --- You are currently subscribed to e-gold-list as: [email protected] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
