Time for e-Gold in Second Life

Paypal is easy, why fix what's not broken.

Its not about fixing what is working. Nobody is saying, scrap PayPal in favor of e-Gold. This about adding e-Gold as a way for LL to deliver and receive payments. An option that "some" can utilize, while everybody else like you continue to use PayPal as your trusted friend.

Its a Win-Win for everybody. Existing Paypal lovers keep on doing business as usual. Fans of e-Gold now have a choice between Paypal or e-Gold. Nobody is screwed. So why the fuss?

Well maybe LL will add it if you ask them?

Ohhh you know those Lindens can't conceptualize something as revolutionary as e-Gold. It would be easier to get the Congress to scrap the Tax Code for a Flat Tax than to get LL to see the benefits of allowing the choice of e-Gold.

Bullion storage

As of November 2005, it is unclear if e-gold has an independent auditor of the physical bars, so there is no way of knowing if e-gold Ltd. really has the reserves to back the currency in the e-gold system. e-gold does maintain an "Examiner", a web page with updated statistics on outstanding liabilities and the total amount of each precious metal in its holding. While proponents generally consider this assuring enough, some critics remain skeptical.
[...]
Crime and fraud

e-gold has notoriously been the medium of choice for many online con-artists, with pyramid schemes and HYIPs ("High Yield Investment Programs" commonplace. This is presumably partly due to e-gold maintaining its policy of irreversibility of e-gold transactions. According to a website [13] who maintains a comprehensive database of HYIP scams daily, 89% of the scams preferred e-gold as their online payment processors than others [14].

e-gold and OmniPay have also been accused of being a medium for money laundering, although this is questionable given that there were only 24 customer accounts holding over 10kg of gold (approximate value $200,000) by April 2006 [15]. As digital gold currency providers are not banks, they are not legally required to perform various sorts of "know your customer" background checks. However, many e-gold exchange providers require a high level of identification, sometimes more intrusive than a bank.

Opening an account at www.e-gold.com takes only a few clicks of a mouse. Customers can use a false name if they like because no one checks. With a credit card or wire transfer, a user buys units of e-gold. Those units can then be transferred with a few more clicks to anyone else with an e-gold account. For the recipient, cashing out — changing e-gold back to regular money — is just as convenient and often just as anonymous. [16]

In January 2006, BusinessWeek reported on the use of the e-gold system by ShadowCrew, an 4000-strong international crime syndicate involved in massive identity theft and fraud [17]. Omar Dhanani of Fountain Valley, California, connected to the ShadowCrew, is an e-gold customer and is said to have moved amounts ranging from $40,000 to $100,000 a week from proceeds of crime through e-gold. [18]

In response, Chairman and founder, Dr. Douglas Jackson published a letter which stated that "e-gold operates legally and does not condone persons attempting to use e-gold for criminal activity. e-gold has a long history of cooperation with law enforcement agencies in the US and worldwide, providing data and investigative assistance in response to lawful requests." He further noted that "Our staff has participated in hundreds of investigations supporting the FBI, FTC, IRS, DEA, SEC, USPS, and others." [19]

E-Gold Limited
Date: 05-Dec-2005

The Nevis Financial Services Regulation and Supervision Department wishes to advise that the website www.e-gold.com contains inaccurate and misleading information as to its legal status.

E-Gold Limited was incorporated in July 1999 under the Nevis Business Corporation Ordinance 1984 (NBCO). However, it was subsequently found not to be in good standing and was struck from the register of companies on July 31, 2003 for non-payment of fees, as required by s.99 of the NBCO. E-Gold Limited has not applied to the Registrar to be restored to the register. Therefore, it is not on the register of companies in Nevis and as such we advise that persons viewing this site or proposing to do business with E-Gold Limited should exercise great caution.

For further information, please contact the Nevis Financial Services Regulation & Supervision Department by e-mail at: [email]nevfin@caribsurf.com[/email].


Updated 31/03/06

This seems to be a common point that you've made. All in all, if your honest opinion of LL is that they won't do anything to make your gameplay/money making easier, why are you even continuing to bother playing or whatever you do to make your money that you are looking for options to pull that money out of Linden, and put back in your pocket?

Just curious as why you'd continue to deal with frustration, when you aren't happy with 80% of everything this game has to offer?

Some information from Wikipedia, which seem to match what I read and heard about e-gold over the web in the past:
http://en.wikipedia.org/wiki/E-gold


Also:
http://www.nevisfinance.com/Announcements.cfm?Idz=4&MIdz=36

At some point in time, viable competition will arise and they will be forced to listen to their customers, as the arrogant complacency of a virtual monopoly disappears.

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

And what is Nevis Financial's motivation? They might be an e-Gold rival, (ie: eBullion) for all we know.

Using e-Gold instead of PayPal is much cheaper. Great article just posted this week.





you said somewhere about buying 3 dollar gold and it be worth 10 dollars in x amount of yrs, but isnt it funny if u take that 500 dollar wedding band to a pawn shop, its worth scrap value?once u own it, it depreciates. unless you keep it for 5 million yrs, by which time your dead so therefore doesnt matter to you anymore anyway.

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?

You do know the Wiki is written by anybody with a computer? Its not as if the information contained in the Wiki is authored by somebody who has done investigate research. For all we know, that person had a bad experience and is just out to tarnish e-Gold's name.

Do I have to fly to Nevis and hire a lawyer there?

If you want to contest any important statement on the Wiki page, do so. Either correct it, or join the discussion page, etc.

For skeptics like you, the wiki page also includes REFERENCES to sources. When you see a bracketed number, like [14], you can click on it on the wiki page to go to the source material.

In contrast: the material you quoted contains no references to other sources.
BTW, why the hell is e-gold registered in Nevis (a Caribbean Island), why isn't it in the USA? What if I have a dispute with e-gold? Do I have to fly to Nevis and hire a lawyer there? Does e-gold fall under Nevis laws, disregarding USA or any other laws?

Hey mon! You need lawyer? I am Nevis BEST lawyer.

That is racist.... Why do you have a picture of a black man smoking weed saying "Hey Mon"? You are being reported as insensitive to the people of Nevis. Assuming they are weed smokers. Terrible... LL, Ban Schwanson Schlegel for 3/days.

Douglas L. Jackson (The President) registered the company in Nevis to keep US regulations from interfering with a Global Banking System he setup. [...] Incorporating overseas is nothing special. Many Insurance companies incorporate in Bermuda and are only subject to Bermuda Law. Many Cruise lines (ie: Carnival) are incorporated in Liberia. So just because e-Gold is incorporated in Nevis doesn't mean jack squat.

As for the Wiki, I think I just might go and redo their page.. lol

Douglas L. Jackson (The President) registered the company in Nevis to keep US regulations from interfering with a Global Banking System he setup. Corporate registration in Nevis is inexpensive, and the government follows well-established British commercial law. But the company only exists on paper in Nevis. 99.99% of the business is run from their office at 175 E Nasa Blvd Suite 300 Melbourne, FL 32901. You can always bang on the door if you like..

Incorporating overseas is nothing special. Many Insurance companies incorporate in Bermuda and are only subject to Bermuda Law. Many Cruise lines (ie: Carnival) are incorporated in Liberia. So just because e-Gold is incorporated in Nevis doesn't mean jack squat.


As for the Wiki, I think I just might go and redo their page.. lol