> why can I go to any ATM, insert my credit card and get my "available
> balance" as cash? Just before new year I felt the need to travel to nz
> for a few days and used my credit card to withdraw A$1 000 when my
> available balance was only around A$900! I can get the hardest form of
> money with the softest and instantly. I can use Aussie dollars to buy
> technocash to fund egold quickly, or desposit it into a market maker's
> bank account to fund e-gold quickly too.
You can get cash for your available balance because your bank knows you...
Here's what you CAN'T do: open a new bank account in an unknown bank, and
then immediately redeem a check for cash, in any amount other than a few
dollars.
I believe it will be possible for e-gold exchange services to extend credit
to their good customers -- eventually -- in much the same way that a bank
extends credit to their customers by allowing them to take withdrawals from
newly deposited checks, or credit cards. However, the E-Gold System is
growing rapidly now and there aren't that many repeat customers, with
respect to the number of new customers coming into the system, and hence it
isn't economically feasible, just yet, to trust an exchange service
customer, in the same way that a bank will trust their customers.
Craig
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