Paypals alleged and dangerously inaccurate remarks, as outlined by Damien
Cave, insinuating that e-gold is knowingly aware of receiving funds which
may be illegal do nothing to divert attention from what is essentially a
frail system full of security holes and with no evident professional
verification proccess in place. It does, however, open the door to a
possible massive lawsuit from e-gold and many market makers I might add.
Another nail in the tattered coffinof paypal perhaps?
It begs the question. Why are they in business?
Yes there maybe crimminals who will attempt to use the e-gold system. They
also use the paypal system, and the banking system. in fact any system they
can and it is a fact of life that they are not going to go away so you have
to accept them and learn how to deal with them.
e-gold has what is perhaps one of the most secure transactional systems
around. However it does have a weakness. It's entry point.
e-gold/G&SR/Omnipay's handling of this is to distance themselves from the
entry point through the use of market makers who are expected to carry the
risk and put in place processes to reduce that risk as small as possible.
This is why speedy, accurate but unobtrusive verification for the market
maker is so vitally important, as many have found to their cost.
I was slack jawed, for example , when I read that paypal does not even track
the IP addresses of it's customers.
I do not know how paypal works behind the scenes but as they accept credit
cards and assuming they use a banking institution and a gateway I am
wondering now what their chargeback rate is and how come they are still in
business?
Such a self admitted aggressive approach to the detriment of innocent
clients surely indicates a dangerous level of fraud from a banks point of
view.
Aggressive tactics may be warranted in the face of massive fraud attacks,
but only to the correct target. You don't kick the cat when the car does not
start. It seems that paypal has yet to learn that lession.
Kind regards,
[EMAIL PROTECTED]
http://www.gold-today.com
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----- Original Message -----
From: "Douglas Jackson" <[EMAIL PROTECTED]>
To: "e-gold Discussion" <[EMAIL PROTECTED]>
Sent: Saturday, February 24, 2001 8:23 AM
Subject: [e-gold-list] Thiel's sloppy libel
> letter to editor of salon.com regarding
> http://www.salon.com/tech/feature/2001/02/23/pay_pal/index.html
> _____________________
>
> Peter Thiel, according to today's salon.com article (correctly)
> describing the repudiable nature of PayPal payments, apparently regards
> it as appropriate to make reckless allegations that depict e-gold(r)
> http://www.e-gold.com as some sort of system to "launder funds". This
> (probably actionable) remark is especially ironic given the multiple
> attempts that Gold & Silver Reserve, Inc. and other companies have made
> to help PayPal address PayPal's severe fraud problems. Gold & Silver
> Reserve, Inc. was the original developer and operator of the e-gold
> system.
---
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