--- begin forwarded text Mailing-List: contact gold-silver-crypto-help@rayservers.com; run by ezmlm Reply-To: gold-silver-crypto@rayservers.com Date: Mon, 11 Jun 2007 08:42:34 -0400 From: Patrick Chkoreff <patrick@fexl.com> User-Agent: Thunderbird 1.5.0.12 (X11/20070509) To: gold-silver-crypto@rayservers.com Subject: Re: [gsc] anonymous cust = trouble Sidd wrote:
It concerns me is that there is no info at all on the loom site about the actual gold. No mention of backing, or guarantees etc.
That is because Loom is a generic site, and there is nothing special about "loom gold" or any other asset type, except for usage tokens.
So my questions:
1. Where is the gold reserve for Loom Gold?
I trust you enough to discuss that with you.
2. Has any independent party verified that the gold actually exists in a quantity adequate to cover all the Loom Gold issued?
Yes, someone has verified that, though it happened over a year ago. You and I can discuss that too.
3. Since I see no information about this subject at all on the loom site, what recourse do I have and aginst whom would I take action if it turned out that Loom "gold" was as worthless as OS "gold"?
I recommend that you only use asset types issued by people you trust, for example yourself and perhaps some close associates. If you choose to use an asset type issued by someone you do not fully trust, you should discount its value accordingly to account for the risk. Moreover, if you do not trust a particular Loom server, do not use it. Use a different one, or run one of your own. If you choose to use a Loom server run by someone you do not fully trust, you should discount the value of any assets hosted on that server to account for the risk. -- Patrick --- end forwarded text -- ----------------- R. A. Hettinga <mailto: rah@ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'