On Sunday, March 2, 2003, at 12:40 PM, SnowDog wrote:
But it doesn't matter because merchants aren't allowed to offer discounts
for cash or other payment methods, when they accept credit cards. So there's
still a 2% - 5% additional fee when purchasing something with e-gold.
Only if you acquired that e-gold from an exchange provider. If you earned it directly there is no additional fee.
I remember when gas stations offered cash discounts,
but that doesn't happen as much now because people have adjusted to the
hidden fees of credit cards, much as they have adjusted to hidden
gasoline taxes and withholding of income taxes. If they don't see it,
they don't complain.
Not the case. Credit card companies have written into their contracts a
provision which requires merchants to offer their products for the same
price, regardless of whether it's purchased with a credit card or otherwise.
Those of you who sell e-gold for credit card payments should read your
merchant contract a bit closer. It should be in there.
I repeat, I remember cash discounts at gas stations. I worked at such a gas station. I guess the contracts weren't the same back in the 70's, or there was more widespread noncompliance.
Generally, all you have to do to put $100 in an e-gold account is buy a
money order for $105 and send it to an exchange provider. If you don't
like spending the extra $5, try bringing a sandwich for lunch one day
instead of going out to a restaurant. That'll put you about $2 ahead.
$105 for the $100 money order will yield what? About $95 of e-gold? It's not
a bargain.
Check your math. At a 5% fee, a $105 money order will yield $100 worth of e-gold.
If you only got $95 worth, that would be a fee of 10.5%. I don't know of any exchange providers charging that high a fee.
There are places where revocable payments will rule the market. Such sales
involve relatively inexpensive items with high mark-ups. There are other
places where irrevocable payments are required: high value items like cars,
boats, and houses. These items require irrevocable payments. E-gold has a
chance here. Another area of interest is international trade. It is very
difficult for people living in third-world countries to sell their products
internationally, because no one wants their local currency.
One of these days no one will want USD either, and it will be difficult for Americans to sell their products internationally. Americans have become so accustomed to foisting their green paper on the rest of the world it's not even funny. When that gig is up it's going to get very ugly. You haven't SEEN an Ugly American until you've seen one denied what he thinks is his due.
But if the USD lost 90% of its value over the last 50 years or so, I suppose it could do it again over the next 50 years too. And if you put everything into the stock market, you're guaranteed at least to break even on your purchasing power, right? :-) Although getting a decent night's sleep might be difficult.
-- Patrick http://fexl.com
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