George Matyjewicz wrote:
> . . . Let's assume that we have every merchant in the world
> accepting gold. Why would a consumer want to buy gold at 9-15%
> to purchase from merchants when they could use their credit card,
> and, if paid timely, incur no fees? If not paid timely they get a loan.
>
They can get gold for less (6.5%) at
http://www.gold-age.net/
Plus there are others that offer good rates as well, depending upon the
amount purchased.
Plus, another thing to consider -- you can currently purchase e-gold at
premiums ranging from 2.75% to 15% depending upon payment method and
amount purchased. On average, the cost (all costs, percentage take,
transaction fee, gateway fees, bank fees, etc) to a merchant accepting
CC's as payment averages about 6% (in some industries, and for some
specific businesses, its as low as 2% and for some it's as high as 20%
-- I know, I did my shopping), and he must increase all his prices by at
least this amount no matter if the customer pays cash or uses credit
card; because it is illegal in most countries for the merchant to do
otherwise and merchant CC contracts have this stipulation as well (this
was not always the case -- in the fledling years of the CC-industry
merchants used to have different prices for different payment methods.
This was hurting the growth of the credit card industry, so they lobbied
congress in the U.S. and put a stop to it, plus added clauses to their
contracts to forbid and did other nasties in other countries to make
sure similar policies were enforced).
So in reality, if merchant accepts e-gold and does not take CC's as
payment, therefore being able to offer lower prices, and a customer uses
e-gold (or the others that are springing up) to purchase from this
merchant the customer's total cost (including the cost of exchanging
fiat currency for e-gold) of the goods or service is really no more than
it would have been otherwise, and may often be less.
Another benefit of the gold economy is that there's far less hassle and
paperwork than with credit cards -- another cost savings.
> . . . So, the gold economy is wonderful for the merchant, but not so
> good for the consumer. . . .
So actually the gold-economy is great for both the merchant and the
consumer.
PECB
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