At 10:46 AM +1100 2/4/01, David Hillary wrote:
>> I meanst to type, "Whenever you are trying to buy a very HARD form of
>> money, using a softer form of money -- you will encounter
>> difficulties."
>>
>> JPM
>
>why can I go to any ATM, insert my credit card and get my "available
>balance" as cash?
But you cannot do that ...??
Well I mean you can, but there is a pathetic limit of $1000 bucks per
day, or some such.
(I can't withdraw more than 2000 bucks here in Australia -- at any rate.)
But yes you're right, you can go into a bank -- YOUR bank -- and get
cash based on your bank account there.
Indeed you can use a credit card (the softest form of money) to get
CASH (the hardest form) from an ATM:
But note that's only possible because (surprise!) by fiat, the banks
as a credit card merchant "declare" that ONLY FOR THAT TYPE OF
TRANSACTION, credit cards are very hard money.
Indeed, ONLY FOR THAT TYPE OF TRANSACTION, by fiat. banks make credit
cards as HARD as e-gold always is.
No other merchant can do that, ie, "credit cards are soft money".
If (and this would be wonderful) all merchants could miraculously
make credit cards as HARD as banks magically do - in that special
case - then, credt cards would be the best things since sliced bread,
and the world would be quite different, example, any exchange
provider would take a credit card in exchange for e-gold.
>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,
What is technoccash, and how would you use paper dollars to get technocash??
Sounds great..
>or desposit it into a market maker's
>bank account to fund e-gold quickly too.
>
Well if you have paper cash sitting in your hand, you can just hand
it to a market maker, to get e-gold. (There's no need to deposit it
in the MM's bank account - just hand it to him.)
Of course you can do that (because paper cash is May Scale 1 or 2)
--- but you can't give him a check or c/c and expect instant gold.
Regarding "putting your cash into a market maker's account", I guess
so, if the market maker has a bank account at a bank which has a
branch near you, and they'll allow third party deposits, etc. But
then you'd have to wait etc. for the MM to verify that the amount was
deposited etc etc. It would take a day.
>David Hillary
>
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