Vince Callaway wrote:
. . .
.
.
. . .Commerce involves exchanging goods or services for money.
One problem with the way that market makers operate is the terminology
> they use. Most of them use wording such as "We only charge 5%". This
> gives the false impression that they are charging a commision for the act
> of exchanging fiat money for gold.
>
> If market makers where on the ball (hint hint) they would advertise an
> exchange rate. Something like "Exchange rate for US$ to E-Gold is $8.85
> per gram". This is a money swap, not commerce. It is no different than
> walking into a bank and exchanging US$ for CAN$.
There is nothing misleading when an e-gold exchange provider says he/she
charges x% to convert national currency into e-gold. It's the simplest way to
convey the fee and make sure all costs are covered, even in a fluctuating
metals market. By expressing the exchange rate as x%, instead of x$/gram of
e-metal a merchant doesn't have to worry about updating the price list and the
customer also knows what to expect.
An x% service fee is simply merchant "A's" fee to provide the _service_ of
converting national currency (via some medium) to e-gold. This fee of course
covers the cost of doing business, and gives a little extra to the merchant to
put food on the table and a roof overhead.
Nothing fancy, or misleading . . . simply straight forward business. And since
money changing is a service, it falls under the definition of commerce kindly
noted above.
Also, at this stage of the game, it's _not_ the same as walking into a bank and
exchanging U.S.$ for CAN$ -- though there is an analogy . . . far removed. The
congruency though, if commodity backed electronic currencies survive and
flurish, will emerge with time.
PECB
www.gold-age.net
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