Hi, James Turk describes some of the history and rationale behind the goldmoney patents in a Wed, 1 Mar 2000 post to the cypherpunks mailing list Subject: CDR: Circulating Gold as Currency Available from: http://www.inet-one.com.my/cypherpunks/dir.2000.02.28-2000.03.05/msg00181.html A quote from Turk's post: "...Because I recognized in the late 1980's that I was still early in my thinking, I set about researching how best to protect the solution I developed. In 1990 I started studying patent law to see whether I could secure the idea, with a view to turning it into a business when the technology was ready. In 1992 I hired a patent attorney, and filed the first application in February 1993. Even back then the Internet was still more a vision than a reality, but it seemed that we were getting close to the technology I required...." To my knowledge, Mr. Turk has received two digital gold-related patents: 5,671,364 Method and system for commodity-based currency for payment of accounts and elimination of payment risk (issued September 23, 1997; a Continuation-In-Part of application Ser. No. 08/015,588, filed Feb. 10, 1993; abandoned Jun. 6, 1995.) Abstract A system and method for permitting gold or other commodities to circulate as currency requires a network of system users that participate in financial transactions where payment is made in units of gold. The gold is kept in secure storage at a deposit site for the benefit of the users. The payments in gold are effected through a computer system having data storage and transaction processing programs that credit or debit the units of account of gold held for the account of each system user. http://164.195.100.11/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=/netahtml/search-bool.html&r=2&f=G&l=50&co1=AND&d=ft00&s1=turk.INZZ.&s2=gold.ABST.&OS=IN/turk+AND+ABST/gold&RS=IN/turk+AND+ABST/gold 5,983,207 Electronic cash eliminating payment risk. (issued November 9, 1999; a continuation in part of application Ser. No. 08/465,430, filed Jun. 5, 1995 now Pat. No. 5,671,364; which is a continuation in part of application Ser. No. 08/015,588, filed Feb. 10, 1993, now abandoned. ) http://164.195.100.11/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=/netahtml/search-bool.html&r=1&f=G&l=50&co1=AND&d=ft00&s1=turk.INZZ.&s2=gold.ABST.&OS=IN/turk+AND+ABST/gold&RS=IN/turk+AND+ABST/gold Abstract A system and method to allow gold to circulate as digital cash through the global computer network (Internet) and/or private communication networks much like cash currently circulates in the physical world. A computer system (emint) will create digital representations of gold (ecoins). Each ecoin will represent a weight of gold held at a participating secure storage facility (storage site), and each ecoin is given by the emint a unique Digital Hallmark.TM. by which it can be distinguished and identified. The sum total of all circulating ecoins (denominated in physical measures such as weights such as grams and/or ounces and fractions thereof) will equal the weight of all the gold held for safekeeping at the storage site(s) for the users of the emint. The ownership of gold is not transferred by a computer system executing debits and credits between individual accounts, but instead by individuals directly transferring ecoins amongst themselves (as is done in cash transactions, i.e., without double-entry bookkeeping). NOTE****I'm not an attorney, this is not legal advice, consult your own attorney********NOTE Based on my reading of Turk's patent # 5,671,364, it appears to cover e-gold's system. Given the original filing date of the parent patent, it also appears that goldmoney could theoretically sue e-gold for patent infringement. Whether or not goldmoney will choose to sue, and whether it would be to their benefit to do so, I don't know. -- Use e-gold? Send me two cents: http://2cw.org/257121&[EMAIL PROTECTED] Read the _Wall Street Performer Protocol_: http://www.openknowledge.org/writing/open-source/scb/ --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED]
