Hello Khurram!
As usual, I disagree!
> >Seriously... What flaws does e-gold have?
>
>
> 1. Someone can very easily write a script that continuosly tries to
access an account with a bad passphrase and therefore locking any account
perpetually.
This is a feature. Good security, to keep hackers from continually trying
passphrases until they get lucky.
> 2. There is no way to show a third party that you've actually sent gold
into another account. Maybe a public batchnumber system can work here.
Why would you want to do this? Get the party you've sent it to, to make a
statement.
> 3. Negative Balances!
They only occur when the monthly agio fee is applied to an average balance,
and the only entity affected in e-gold. The only alternative is to assess
the fees on each spend, as GoldMoney does, and this is way to complicated.
This is a feature.
> 4. No third party counting the gold in the storage facility.
The Escrow Agent should start this soon. Hey, no one else even HAS an escrow
agent.
> 5. Absolutely no fraud prevention or resolution. PayPal may be horibble
but they still have some kind of "Insurance" for its users. It may not be
much.. but its something.
I agree! E-Gold needs an insurance policy against hackers who raid accounts,
like PayPal!
> 6. e-gold doesn't exist. Try calling somebody who works for e-gold. It
won't happen. You'll have to call somebody that says they work for e-gold
but at the end of the day, they are being paid by G&SR.
Why does this bother you so much? You mention it all the time!
> 7. Sole Bailee of metal into the storage facility.
Prevents fraud. Anytime you allow someone to bail gold into the system, you
open a door for stolen gold, which would lead to counterfeit e-gold. The
important function is to allow a third party to BAIL-OUT the gold on demand.
This is a feature.
> 8. Server located in beautiful Melbourne, Florida.
Under the protection of the USA. Another feature.
> 9. Conflict of interest for users because the people that control e-gold
also control its sole Bailee.
Why is this a problem?
> 10. No Marketing! Relying on users to bring in merchants instead of
getting merchants that bring in users.
With growth like they've had, they wouldn't be able to handle any more. This
is a good business decision.
> 11. Bad website design.
Excellent website design!
> 12. Ploy to collect a large amount of precious metals incase Y2K didn't go
too well.. - just kidding on that one. There are several pieces of evidence
that point to that.. but I might discuss that at a later time.
No relevant.
> 13. Bad service.
I AGREE!!!
> 14. Majority of user-base is involved in "questionable" activities.
The only way to remedy this is to eliminate the idea of an internet
currency, and replace it with a payment system, like PayPal. This is an
unfortunate aspect of the entire premise, and cannot be avoided.
> 15. Infringement of patents... from what I've heard.
You cannot claim an 'idea' as a patent and have it hold up in court.
> Just to name a few.. Have a nice day.
hehe.. Talk Later,
Craig
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