The tragic story of E-Gold

[blazespinnaker]

http://www.wired.com/threatlevel/2009/06/e-gold/

Good writeup in wired.

[jimmygu3]

Re: The tragic story of E-Gold

http://www.wired.com/threatlevel/2009/06/e-gold/

Good writeup in wired.

Sure, E-Gold failed, but GLD is as good as the real thing, right? Right? ;)

[Yaowarat]

Re: The tragic story of E-Gold

Good read.

Seems this guy was naive, did he think such a challenge to the banking system would be allowed; didn't he understand how duplicitous and double dealing the government is ?

In such circumstances he should have 'played the game' a bit more.

[metalman]

Re: The tragic story of E-Gold

Good read.

Seems this guy was naive, did he think such a challenge to the banking system would be allowed; didn't he understand how duplicitous and double dealing the government is ?

In such circumstances he should have 'played the game' a bit more.

naive to think an anon international money exchange service will not attract child pornsters, drug dealers, slave trade, etc. honey put for gov't indeed. no wonder they want him to set up a new one.

[dbarberic]

Re: The tragic story of E-Gold

First mistake was being HQ in the United States.

[Adeptus]

Re: The tragic story of E-Gold

Funny. I thought about coming up with a similar scheme about 3 or 4 years ago.What got me started was just how much personal information paypal asks for, when all I wanted to do was buy an online book. In the real world I just walk into a book store (mostly anonymously) give them some cash and walk out with a product. Why couldn't transactions also work like this on the Internet? "My" idea lasted all of about a week when I eventually came to the realization that anonymous money transactions would be a great attraction for all sorts of criminals.

Back to alchemy I guess... :-D
Adeptus

[pwcmba]

Re: The tragic story of E-Gold

I've trusted James Turk's gold money site far more the whole time but have yet to use that one either.

http://goldmoney.com/en/

(Jersey, British Channel Islands)

[Yaowarat]

Re: The tragic story of E-Gold

naive to think an anon international money exchange service will not attract child pornsters, drug dealers, slave trade, etc.

I'd agree with that.

[santafe2]

Re: The tragic story of E-Gold

Sure, E-Gold failed, but GLD is as good as the real thing, right? Right? ;)

Sarcasm noted but for anyone new we should state: GLD is not gold. GLD is as good as the custodians of that ETF. They may be as rule-following and straight forward as Warren Buffet or as honest and forthright as Bernard Madoff. It's likely, they are somewhere in between.

Gold looks like an investment and has acted like an investment for the last seven years and as long as it does, GLD should be fine. But gold is really not an investment it's a hedge against an unlikely SHTF scenario. Should that unfold, GLD is not where I'd want to be.

[blazespinnaker]

Re: The tragic story of E-Gold

I think the problem was that this guy was anti government and probably acted that way a lot towards government people. No doubt he rubbed a lot of people the wrong way.

Paypal doesn't even let people use their system for adult oriented websites.