Secret Service Raids E-Gold

Douglas Jackson djackson at omnipay.net
Fri Mar 30 16:05:34 PST 2001


I am the founder and Chairman of e-gold Ltd.

Contrary to the luridly irresponsible and actionable headline on this
article, there has been no raid on e-gold Ltd., or on Gold & Silver
Reserve Inc. [dba  OmniPay http://www.omnipay.net ], the company that
originally developed  the e-gold system and currently serves as
Operator.

The more edifying reality is that e-gold is the world's first
electronic currency designed for borderless eCommerce, enabling the
worldwide use of gold as money. It merges the digital transaction
efficiencies of an electronic payment system with a universally
acceptable basis of value.

The advantages of e-gold include:
… Low transaction fees ñ The maximum payment processing fee is 50 cents
(US-equiv.). For a $1000 value payment, this is less than one twentieth
as much as credit cards.
… Immediate settlement ñ e-gold payments clear instantaneously, no
matter how large or small the payment, no matter how far apart the
spender and recipient.
… Non-repudiation ñ No chargebacks. Get paid, stay paid.
… Direct access with bi-directionality ñ Anyone can pay or be paid.
… Automation support ñ The e-gold Shopping Cart Interface is easily
implemented and provides immediate authenticated notification of
completed payment.
… Zero financial risk ñ e-gold is the worldís first remote payment
system backed 100% by physical gold in allocated storage.

e-gold is in fact succeeding where other electronic payment initiatives
are failing because it is designed specifically for worldwide eCommerce.
All others merely add additional layers of liability to legacy systems.

Since online launch November 1996, the e-gold system has been growing at
an accelerating pace. As of April 2000, 100,000  transactions had been
settled. The one millionth transaction was November 2000 and the second
million mark surpassed in March 2001.

It is regrettable that the first time many people will hear of e-gold(r)
will be this sloppy and damaging Wired headline.

Dr. Douglas Jackson
Founder of e-gold

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