> > Transferable Gold Accounts (gold currencies), fiat money, and paper > > certificates are all money substitutes. > > Ken, of course, you think you are right. > > But James Turk, GoldMoney and their lawyers also think they are > right about GoldMoney not being a money substitutes but real gold > money.
That is why GoldMoney holdings are called "holdings" and not "accounts". I agree that if a GoldMoney holding really is title to a specific gold object, then it is "gold money", as opposed to a gold liability. As you know, I simply don't believe that GM presently meets the conditions required for a GM holding to constitute true title. It doesn't help that the patent is a confused mess that talks about the holding balances being "liabilities of the central clearing house". You have to be honest here, Claude. GM today claims that a holding balance is NOT a liability. But the patent says that holding balances are "liabilities of the central clearing house". That means that GoldMoney today is NOT the system that the patent describes. What happened was Mr. Turk was not clear in his own mind when he wrote the patent application whether there was a distinction between a deposit currency denominated in gold, and a custodial gold system. Since then he has evolved GoldMoney into an attempt at a custodial gold system. But the patent itself contains a mix of terminology that is self contradictory. On the one hand it says it extinguishes payment liability. On the other hand it says that GM holding balances are "liabilities of the central clearing house". That is a contradiction, you see. Even if you don't grant my premise that an undifferentiated claim on part of an object does not constitute clear title, you still have to admit that the GM patent is self-contradictory. If GoldMoney improve their system to grant true title to stored gold objects then I will be more than happy to hail GoldMoney as the first and only custodial gold money currency. Until then it is just a deposit currency wearing lipstick. Cheers! Ken --- 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.
