Time for e-Gold in Second Life

RBD

Restating something wrong consistently, does not make it correct.

Paypal does not take 33% in fees. In my case approx 1.75% as I have a business account.

For most casual users, absolutely nothing, as they do not need anything other than a basic account, which has NO FEE what so ever.

Fees
--------------------------------------------------------------------------------
PayPal charges Premier and Business accounts to receive payments. Personal accounts are free, but may not receive debit or credit card payments.


Personal Account
Open an Account Free
Send Money Free
Withdraw Funds Free for £50.00 GBP or more, £0.25 GBP for £49.99 GBP or less to bank accounts in the UK
Fees for other banks
Add Funds Free
Receive Funds Free
Multiple Currency Transactions Exchange rate includes a 2.5% fee* Exchange rate includes a 2.5% fee*


* If your transaction involves a currency conversion, it will be completed at a retail foreign exchange rate determined by PayPal, which is adjusted regularly, based on market conditions. This exchange rate includes a 2.5% spread above the wholesale exchange rate at which PayPal obtains foreign currency, and the spread is retained by PayPal. The specific exchange rate that applies to your multiple currency transaction will be displayed at the time of the transaction.

Quoted fees are inclusive of all applicable taxes; however, other taxes or costs may exist that are not paid through PayPal or imposed by us. You are liable for any telephone charges and any charges made by your internet service provider or similar or associated charges as a result of the use by you of the PayPal Service.

Facts are useful.

maybe if you typed it like this it would be true:


33%

e-gold fees

Agio Fee Schedule

The Agio Fee is the e-gold equivalent of an account maintenance fee. It is deducted monthly, based upon the average daily balance of gold on account since last assessed.

The Agio fee is 1% per annum.

Spend Fee Schedule

Spend Fees in the e-gold system are the equivalent of transaction fees. They are deducted automatically from the Recipient Account upon receipt of the Spend.

e-gold Spends Price Formula

e-gold Spends Price Formula
>= <
AUG 0.0004 AUG 0.1 5% + AUG 0.0002
AUG 0.1 AUG 0.5 1.25% + AUG 0.00375q
AUG 0.5 AUG 1 AUG 0.01
AUG 1 AUG 5 1%
AUG 5 AUG 0.05


To purchase e-gold, which needs to be done through another party....

From one provider....


Certified Check
expected timeframe for funds to arrive in account: under 24 hours upon receiving instrument Fee 3% for purchases under $1,000 2% for purchases over $1,000 minimum fee $2.00
Money Order
expected timeframe for funds to arrive in account: under 24 hours upon receiving instrument Fee 3% for purchases under $1,000 2% for purchases over $1,000 minimum fee $2.00
Wire Transfer
expected timeframe for funds to arrive in account: under 24 hours upon receiving payment

"Please be advised that not all banks have the ability to perform an International Wire Transfer independently. If the bank you are using does not have this ability, your bank will have to go through an Intermediary bank (3rd party bank) which will also charge a fee (typically $15). So, if you have a bank account at various banks, you might want to consider asking your bank if they can perform an International Wire prior to deciding which bank to use for the Wire Transfer."
Fee 3% for purchases under $1,000 2% for purchases over $1,000.Additional Fee $10.00 $2.00


So for a US1$ transaction over 100% of this is taken in fees, as RBD seems very keen to use US1$ as the base line figure, even though as has been explained this socaled fee by paypal is nonsense. Let us do so.

Choice is definitely a respectable desire...

but what you're offering as a choice is mis-represented.

Your fee comparison is skewed.

PayPal fees: 2.9% + $0.30
e-Gold fees: 5.0% + $0.13(roughly AUG 0.0002)

e-gold is only cheaper for transactions up to US$8.00.

All we need to do is cash out L$2400 or more at a time and we'll do better with paypal.

The smallest block I would consider cashing out is L$30k:
PayPal fees: $3.20
E-gold fees: $5.13

Paying nearly $2 more for e-gold's awkwardness just doesn't appeal.

Anyway. Mark Herpel's web site makes his opinions on e-gold rather suspicious anyway. Can you find someone more impartial and objective to quote?

- I may have this value wrong, it may be 0.045, making the cross-over point around US$10. Worst case... PayPal is still cheaper for transactions >$15.

Is this E-Gold company licensed in Europe to be an "Issuer of Electronic Money", and thus regulated and accountable to some governmental authority - the way Paypal Europe is? (they're answerable to the UK's Financial Services Authority - being a Paypal user in the EU gives you a much better set of ToS than elsewhere, especially with regards to dispute of transactions and locking of funds.)

If not, then I wouldn't be willing to touch them under any circumstances - and I believe they wouldn't be able to lawfully carry out their business in the EU without such a license.

You sound closed minded and bias towards change. Embrace DGC....

I'll take e-Gold over Linden Dollars any day. At least eGold is backed by Gold Bullion which has real world value. Those Libertarians love their Gold Money. But I Linden Dollars aren't worth the Byte they are printed on.

Wired did an article on eGold back in 2002..

http://www.wired.com/wired/archive/10.01/egold_pr.html

What proof do you have that eGold is backed by Gold Bullion? Is it basically a trust thing similar the the trust people have in the US dollar?

Is it Tuesday already?

Eh, I'll hold this thread with as much credability as the last time this was brought up.... by the same person.....

The Gold that backs up eGold is held in Switzerland and other countries and audited by Lloyds of London. You'll find many google source links that confirm it.


The current Gold Bullion Count is: 118,227.29 Troy Oz
http://www.e-gold.com/examiner.html

And honestly, e-gold has no reason not to backup the currency with gold. Because people are actually paying for the gold themselves. Its not like eGold is digging into its own pockets and buying the gold. If I give egold $1.00, they buy $1.00 worth of gold and throw it in the vault. If I cash in my $1.00 worth of gold for cash, they just sell my gold on the open market, take their fee, and give me my money back.

So its not like eGold is tricking people, it is 100% legit. Its issues are the number of shady people (ie: drug dealers) who use eGold to keep from having to launder money. But who cares, thats a DEA problem, not an egold problem.

Closed minded? not really, I just like less fees.

Paypal is more secure and cheaper than etrash.

egold costs more, is more awkward, and is less secure


a shoddy product

paypal costs less, is more accessiible, and refunds in case of fraud -something egold doesn't do

a superior product

Its not closed mindedness, its an honest review that was unbiased. You just don't like the results. Boo hoo.

Paypal is superior.

If you're in that much of a hurry to move $1, then you have serious problems...


:note: $1 being the only amount where the fees are 33%... any higher amount and the fees are a lower %

What prevents e-gold from liquidating the gold they hold
for their customers and disappearing with the proceeds?

And what recourse would anyone have if they did?



--
At least L$'s have no intrinsic value without SecondLife...
so there's less temptation for LL to 'take the money and run'.

None. There would be zero recourse, you'd just be screwed. Not unlike what would happen to everybody who bought a $1000 Sim, Land, or L$ if Linden Labs just went belly up. Good luck getting your money back from selling your virtual simland. Even if you could still log in and sell, the market would crash so hard, you'd be lucky to walk away with a dollar.

I'm sure folks who have stockpiled assets in Second Life have pumped in more money than would sit in any e-gold account.

You gotta look at things in perspective.

Just an example Tigah!! Lets use biggah numbahs for yah. Now who is saving the most again?


US$100 via Paypal (2.9% + .30/cents) = $96.80/You - $3.20/Paypal (Source: https://www.paypal.com/cgi-bin/webscr?cmd=_display-receiving-fees-outside&countries=)


US$100 via E-Gold (AUG 0.01) = $99.00/You - $1.00/e-Gold (Source: http://www.e-gold.com/unsecure/fees.htm)

Do the math, e-Gold is cheaper. Yes its more awkward, but an intelligent person can understand it. And its more secure. When you receive your gold, its yours. No charge backs or nothing. Linden Labs would never have to worry about accepting payments for any size amount. No more need for currency deposit limits.

RBD-

Did you read the advertising spam that you posted?

Where it clearly stated:

"An e-gold transaction using the same options (Spend Fees 5% + AUG 0.0002)"

Are you blind? Did you pass 8th grade math?

Spend Fees are the e-gold system equivalent of transaction fees. They are deducted from Recipient account upon receipt of Spend.

e-gold Spends:
AUG 1 to AUG 5 = 1% Fee


As such, $100 in e-Gold = 4.788 AUG. 1% of 4.788 AUG is 0.04788 AUG.
And 0.04788 AUG = US$1.00

Which part did you not get?

As a side note, if you have an account, you have access to the following blurb:


To take physical delivery of metal from your account,
you will need to have an available balance of at least
the weight of the smallest individual item displayed in Examiner.

If you would like to take delivery in this situation,
please contact e-gold Ltd. to arrange for shipping procedures and for premium rates.

For smaller exchanges of e-metal to bullion coins please visit
one of the third party merchants that offer this service.

Nice joke, but it doesn't prove anything. As long as only a relatively minor percentage of ppl. want their gold/silver/etc coins shipped, it can be done with only a very small stock of metals.

Eg. if eGold says it has 1 million USD worth silver coins in a safe, but in reality it only has 1000 USD worth of silver coins, it will still be able to ship the coins, as long as only a few ppl. request that. Even better: it doesn't need ANY bullion coins, it can just buy them off the market anytime. Who cares if with a loss, it's only for a very few ppl/cases...

There's not much chanche that eGold can ever prove they tell the truth (that they have metals stockpiled), they even can't come close (and don't even try), so we have to assume they lie, and there's no metal, for the sake of our money.

I don't really trust E-Gold too be honest and I take the view that if I want to own Gold, I would much rather have it in my hand rather then trust E-Gold. Perhaps go for the Mr T look

At the end of the day, most people are not looking for a complicated way of cashing out and Paypal suits this task well.