Re: e-gold News updated

> Hey NUK,
> 
> "If no exchanger will accept e-gold, it can collapse."
> 
> Where did you get that idea from? It looks to me as if your 
> mind refuses to leave the fiat-bound gravity induced into 
> it by the use of govmint issued coupons ;o)

I get the idea from being reasonably cynical about fiat currencies and
virtual ecurrencies. Like it or not, e-gold numbers in your account
aren't all that different from paper money. For all we know, e-gold may
in fact have over-inflated their physical gold inventories.

> Firstly, you can exchange it at OmniPay, G&SR's own exchanger, 
> secondly you can redeem your bars. You know, ask to be handed 
> your gold bars, if you have enough e-gold to allow redemption.

Proof of ownership of e-gold? Remember, if the Feds shutdown e-gold, how
does anyone-customer or exchanger-know who owns what amount of e-gold?

> Now, if OmniPay is down, and e-gold.com is down, and nothing seems to
> work, contact G&SR directly for redemption of your bars.

At this point I don't have bars, only a screenshot of what my e-gold
acct looked like before hypothetically their servers were seized. Do u
think G@SR are going to give me bars based on that screenshot?

> The only unanswered question remaining is, is the gold really 
> there? But to date there seems to be no indication that it isn't.
> And comparing the probability of the gold being there with the 
> known and demonstrated fact that fiat is being willfully 
> devalued on a regular basis, I'm putting our money on the gold.

Apples and oranges. Even if there is physical gold "there," getting it
is an entirely different matter. If it were discovered that e-gold
didn't have the physical gold claimed, suddenly e-gold's value drops
substantially. If the e-gold operation is shuttered by the govt, proof
of ownership is not possible to prove.

Who do you trust LESS, e-gold or the US government? OK, now which one of
the two entities can shutdown the other today if it feels like it?

There is a lot of blind faith in e-gold that I don't see as
unimpeachable. They have never given me the impression that they want to
be considered as anything other than a fringe currency that ponzis can
use. The registration issue in Nevis is typical e-gold, as is periodic
downtimes with no explanation to its customers. Their customer service
has always been pracxtically non-existant. I really want to see e-gold
succeed but they have to start running it like a business and not a hobby. 


One thing about physical gold and its value, it can certainly be
devalued/overvalued by government just like fiat currencies. One of the
problems in history when most countries used the gold standard was
governmental manipulation of gold supply. Just like DeBeers controls
diamonds and OPEC de facto controls oil, big 'ol government can control
gold if it wants to. Or wipe e-gold off the planet while 99% of the
people say *who cares?*

NUK