Hello,
--Ragnar--
Does e-gold buy $15 worth of gold dust or a gold coin on my
behalf and put it in the vault? Or does the e-gold system
actually contain (when audited) 1 bar of gold, plus $15 fiat
currency? I think it is the latter.
--Ragnar--
e-gold has a set amount of gold in curculation. Say 400oz for example.
Then only those 400oz can circulate because there is only one 400oz
bar in the bar. You don't buy from e-gold. You buy from an exchange
provider who has some chunk of that 400oz. Once G&SR (OmniPay)
sees that there is demand for gold beyond the 400oz that is already in
circulation, they buy a bar and send it to the e-gold vault. Then e-gold
creates another 400oz of e-gold and sends it into the G&SR account.
You then buy from them.
e-gold doesn't have to do anything when you buy gold. Because you
are buying it from an exchange provider or somebody else who already
has e-gold. All e-gold does is subtract gold from one persons account,
say $15 dollars worth, and adds it to the other persons account.
Simple right?
Khurram Khan
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