U.S. Secret Service raids E-Gold currency exchanger
James M. Ray
jray at free-market.net
Fri Mar 30 17:28:20 PST 2001
At 8:10 PM -0500 3/30/01, Declan McCullagh wrote:
>Good question. I don't recall anymore; my article today linked to an
>archived Wired story that went into this in more detail and I believe
>linked to the appropriate regs. --Declan
>
>
First of all, please note that I really speak for myself and it's implied
in the article I speak for OmniPay too. I can't hide my outrage well
sometimes. :( Here's the message from the founder, who wasn't as
amused with the headline mistake as I was.
JMR
Subject: [e-gold-list] [Fwd: re: Secret Service Raids E-Gold]
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sigh
-------- Original Message --------
Subject: re: Secret Service Raids E-Gold
Date: Fri, 30 Mar 2001 19:05:34 -0500
From: Douglas Jackson <djackson at omnipay.net>
To: newsfeedback at wired.com
CC: declan at wired.com
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 worlds 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 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 e-gold payments clear instantaneously, no
matter how large or small the payment, no matter how far apart the
spender and recipient.
· Non-repudiation No chargebacks. Get paid, stay paid.
· Direct access with bi-directionality Anyone can pay or be paid.
· Automation support The e-gold Shopping Cart Interface is easily
implemented and provides immediate authenticated notification of
completed payment.
· Zero financial risk e-gold is the worlds 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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