[gsc] anonymous cust = trouble

[R.A. Hettinga]

--- begin forwarded text


 Mailing-List: contact gold-silver-crypto-help at rayservers.com; run by ezmlm
 Reply-To: gold-silver-crypto at rayservers.com
 Date: Mon, 11 Jun 2007 08:42:34 -0400
 From: Patrick Chkoreff <patrick at fexl.com>
 User-Agent: Thunderbird 1.5.0.12 (X11/20070509)
 To: gold-silver-crypto at 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 at 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'