Khurram Khan [EMAIL PROTECTED] wrote:
Can somebody please change the "Reply to" address of this list to send
to the egoldlist and no to the person who wrote the message. Its clear
that if we are communicating on a mailing list, we'd want our replys to
go back to the mailing list, so
And how come there are so many people from Australia into
egold??! :)
You've obviously never tried to open/operate an Australian bank
account. As well as needing roughly the same ID requirements to get a
passport, the incompetent, rude staff have to be seen to be believed,
and most banks
E-gold allows payments of one ten-thousandth of a gram (four digits to the
right of the decimal place)
E-gold's minimum spend is 0.01 ounces. This equals 0.000311 grams.
However, since all three currency systems presently require a human to enter
the account number and password for
Ben Legume wrote:
And how come there are so many people from Australia into
egold??! :)
You've obviously never tried to open/operate an Australian bank
account. As well as needing roughly the same ID requirements to get a
passport, the incompetent, rude staff have to be seen to be
VC writes: "I don't understand why it's a bad thing to allow a 100% backed
currency to be used as the basis for a fractional reserve banking system."
It's pretty simple, it causes inflation. [...]
Is it true, though, that GoldMoney will not ALLOW a third party to use
goldgrams as the basis
On 13 Apr 2001, at 6:29, Viking Coder wrote:
I don't understand why it's a bad thing to allow a 100% backed currency to
be used as the basis for a fractional reserve banking system.
Because you introduce a new risk. The unit of account of the new digital
currency system is then no longer
On 13 Apr 2001, at 7:48, SnowDog wrote:
Is it true, though, that GoldMoney will not ALLOW a third party to use
goldgrams as the basis for a fractional reserve gold bank?
Yes.
From GoldMoney user agreement:
VIII C. iii
"The User agrees to keep his unallocated, undivided interest in the
VC writes: "I don't understand why it's a bad thing to allow
a 100% backed currency to be used as the basis for a fractional
reserve banking system."
It's pretty simple, it causes inflation.
For an economist inflation is usually defined as "an increase in
the money supply". This
"The User agrees to keep his unallocated, undivided interest in the
pool of gold held in storage at a Vault free from any liens,
encumbrances, charges or claims"
In other words, GoldGrams cannot be leased or loaned nor can any
derivatives be created on them.
It seems like this would really
Is it true, though, that GoldMoney will not ALLOW a third party to use
goldgrams as the basis for a fractional reserve gold bank?
Yes.
This is a very interesting aspect of GoldMoney that escaped me. And it
is very disturbing because it is an intrusion on the holder's use which
is
I don't understand why it's a bad thing to allow a 100% backed
currency to be used as the basis for a fractional reserve banking
system.
Because you introduce a new risk. The unit of account of the new digital
currency system is then no longer backed 100% by an hard asset (gold) as
Hello e-gold list,
my name is Nicola and I'm new to this list.
I live in Italy, and I'm looking to a Gold Exchange Services or Marketer here in my
country or, if not, to a Marketer who may change e-gold to our currency, ITL (Italian
Lira) or Euro.
I feel the main problems are exchange rates,
OK, sounds like I need to do some more shopping around. I went to
Ozziegold, and they charge 8.5% I think, if you deposit cash straight into
their bank account, so obviously that's a bit rich. I certainly don't
have a problem with people recovering credit card fees etc, and taking a
Hello,
Can anyone recommend a good service for funding E-Gold accounts ?
I have tried a few, the latest was GoldNow, but it took several weeks
and they were not very commutative and I ended up having to cancel
the transaction after two weeks passed. I need these to go through
in a reasonable
Sorry if I missed something here, but is there a "race" to reach such a
number?
Gerry
On Thu, 12 Apr 2001, Viking Coder wrote:
e-gold should pass 200,000 user accounts within about 2 weeks; definitely
before May 1.
Viking Coder
Worth Two Cents?
-BEGIN PGP SIGNED MESSAGE-
Hash: SHA1
Hello Nicola,
I live in Italy, and I'm looking to a Gold Exchange Services
or Marketer here in my country or, if not, to a Marketer who
may change e-gold to our currency, ITL (Italian Lira) or Euro.
Our service - http://www.icegold.com allows
On 13 Apr 2001, at 11:32, CCS wrote:
This is a very interesting aspect of GoldMoney that escaped me.
I don't see iot as disturbing at all.
And it is very disturbing because it is an intrusion on the holder's use which is
impractical to enforce.
It is indeed an intrusion... but that is
On 13 Apr 2001, at 11:38, CCS wrote:
Because you introduce a new risk. The unit of account of the new digital
currency system is then no longer backed 100% by an hard asset (gold) as
soon as you use credit instruments to increase your broad money base.
Huh??? A risk for which
Since we don't know what happen with the proceeds from the
issuance of these e-gold bonds, the risk cannot be controlled.
That is how I understand fractional reserve banking.
I don't think your terminology is correct. I don't believe bonds can be
issued that way. However, that's not the
SnowDog wrote:
VC writes: "I don't understand why it's a bad thing to allow a 100% backed
currency to be used as the basis for a fractional reserve banking system."
It's pretty simple, it causes inflation. [...]
Is it true, though, that GoldMoney will not ALLOW a third party to use
[EMAIL PROTECTED] wrote:
VC writes: "I don't understand why it's a bad thing to allow a 100% backed
currency to be used as the basis for a fractional reserve banking system."
It's pretty simple, it causes inflation. Right now DigiGold's literature
says that is maintains a 25% reserve.
And it is very disturbing because it is an intrusion on the
holder's use which is impractical to enforce.
It is indeed an intrusion... but that is GoldMoney right to do so.
Sure they have a right... It is disturbing that (1) they would do
do something so stupid as require something that
Because you introduce a new risk. The unit of account of the new digital
currency system is then no longer backed 100% by an hard asset (gold) as
soon as you use credit instruments to increase your broad money base.
Huh??? A risk for which currency? There are two units of account
On 14 Apr 2001, at 0:04, David Hillary wrote:
You can lend
currency and take deposits and make payments, do virtually
anything with
currency, just don't try and say 'this 400oz bar in toronto is mine,
I
have 400oz of e-gold, so if i don't pay you what i owe you you
can go down
to the
On 13 Apr 2001, at 14:11, CCS wrote:
Namely, the assertion that the use by a 3rd party,
such as SR, of e-gold to back another currency, such as AUG, would
introduce risk to e-gold itself.
I don't remember saying this. The risk I mentioned was for the
currency that is introducing fractional
On 13 Apr 2001, at 14:02, CCS wrote:
Sure they have a right... It is disturbing that
(1) they would do do something so stupid as require something that cannot be enforced
and
Again CCS, they can enforce it after the fact by removing the
user's privilege...and that is good enough
(2)
SnowDog wrote:
"The User agrees to keep his unallocated, undivided interest in the
pool of gold held in storage at a Vault free from any liens,
encumbrances, charges or claims"
In other words, GoldGrams cannot be leased or loaned nor can any
derivatives be created on them.
It
Sorry if I missed something here, but is there a "race" to reach such a
number?
Gerry
No, I was just sitting at work bored. I checked the e-gold stats
(procratination), and thought I'd share with the group something that
brightened my minute.
No race, just inane trivia and purty odometer
On 13 Apr 2001, at 19:31, Julian Morrison wrote:
As I read this, you cannot lease or loan GoldGrams... but you can create a
payment now, with a contractual agreement to repay with *some unspecified*
GoldGrams.
Well a goldgram like a gram of e-gold is specific. But I agree with
you, this
On 13 Apr 2001, at 6:29, Viking Coder wrote:
I don't understand why it's a bad thing to allow a 100% backed currency to
be used as the basis for a fractional reserve banking system.
Because you introduce a new risk. The unit of account of the new digital
currency system is then no
Claude wrote
I agree with this. But it could also be e-gold itself that issue those
loans and then the digital currency system that is e-gold could
become in default and go bankrupt.
This would be in direct violation of the user agreement. e-gold ltd.
cannot simply create e-gold out of
On 13 Apr 2001, at 11:44, Vince Callaway wrote:
An HYIP starts up, offers big returns on little investment, payouts are
done every 3-4 days. Goes great for a bit. Goes so well that people are
having trouble funding E-Gold accounts. No problem, they have an
exclusive arrangement with a
It doesn't matter what people do with the currency. As long as the metal
in the vault equals, or exceeds, the metal in circulation, the currency is
100% backed.
Agreed. But if e-gold itself goes on a fractional reserve system,
then there is a risk for e-gold users.
Claude
However,
Check out the new stats page! Almost 10,000 e-gold accounts with over 10
grams of e-gold.
http://www.e-gold.com/stats.html
Craig
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On 13 Apr 2001, at 6:29, Viking Coder wrote:
I don't understand why it's a bad thing to allow a 100% backed
currency to
be used as the basis for a fractional reserve banking system.
Then Claude wrote:
Because you introduce a new risk. The unit of account of the new
digital
currency
try http://www.metal-escrow.com/ as they do it for half the cost of the
others in oz, but I haven't yet tried them.
David Hillary
[EMAIL PROTECTED] wrote:
OK, sounds like I need to do some more shopping around. I went to
Ozziegold, and they charge 8.5% I think, if you deposit cash
Check out the new stats page! Almost 10,000 e-gold accounts with over 10
grams of e-gold.
http://www.e-gold.com/stats.html
Craig
Dude!!!
Sweet!!!
:))
Seriously, the new stats page looks great.
Good work Jay!
Viking Coder
Worth Two Cents?
At 10:51 AM +1000 4/12/01, [EMAIL PROTECTED] wrote:
Do people use e-gold as a way of storing value, or just to
fund net transactions?
Brendan, I have no idea what the answer to this is!
In my opinion, even the GUYS AT E-gold don't have a clue what the
answer to this is.
About
A
CCS wrote:
VC writes: "I don't understand why it's a bad thing to allow
a 100% backed currency to be used as the basis for a fractional
reserve banking system."
It's pretty simple, it causes inflation.
For an economist inflation is usually defined as "an increase in
the money
I still don't get it. The unit of account of the new digital currency
system is not e-gold. Why should it matter if some other non-related
entity uses e-gold as it's backing?
If Digigold has 10% of the e-gold in circulation and decides to value it's
currency at 20x it's reserve, then Digigold
On 14 Apr 2001, at 9:35, [EMAIL PROTECTED] wrote:
http:// the new magazine site! i forgot the URL already!
http://www.magazinedepot.com
Claude
http://www.goldcurrencies.ca
http://www.ormetal.com
==
Claude Cormier Public Key
http://www.ormetal.com/PGPkey.html
Hi all,
I have received comments from James Turk on this issue of
Fractional Reserve Banking as well as on their article VIII.C.iii that
forbids Goldmoney users to create any liens, encumbrances,
charges or claims on their holdings of goldgrams.
I don't think it is appropriate for me to post
On Fri, 13 Apr 2001, Mike McNamara wrote:
[snip]
I understand that there are countless micro-transactions and surely
that accounts for some of the daily figure. But still... Based on
the new stats page (which is great BTW) 63% of e-gold users have less
than $10.
[snip]
You may be
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