> Are we violating the Copernican Principle by supposing > that there are special accounts in the e-gold system which > have non-liability status? I don't think so. I think it > is obvious that there have to be accounts which have > special status: e-gold, Ltd., is not rich, but it does have > assets. Some of those assets are e-metal. > > Is the horse dead yet?
It should be dead, but here's another thought: What if the e-metal in E-Gold's Special Account is FAR MORE than the difference between the gold held in trust, and their customer account liabilities. Let's say they have 1 million ounces of e-gold in their special account, and use it to SPEND as NEW e-gold, each time Omnipay bails a bar of gold into the Trust. Would they be violating their User Agreement? No, of course not. That e-gold would represent warehouse receipts, not yet distributed, or new dollar bills, printed, but not yet billed by the Federal Reserve. The gold in the Trust does NOT have to balance with the aggregate amount of e-gold in all accounts. GoldMoney operates differently, and would have to balance. Anyone agree? Craig --- 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.
