At 11:05 AM -0400 4/16/01, Ken Griffith wrote:
>I've been lurking here for a while and would like to correct an apparent
>misconception regarding the Gold Economy Article comparing currencies (
>
>http://www.goldeconomy.com/compare.htm
>). The text from the article was as follows:
>
>[Fractional Reserve
>
>E-gold and GoldMoney are both 100% gold-backed. However, e-gold allows and
>holds stock in companies that use e-gold as the basis for ractional reserve
>banking (DigiGold and Standard Reserve).
...
Hi.
This is not correct. e-gold Ltd. holds 0 stock in either DigiGold or SR, just as
they (still) own 0 bank accounts, and make 0 loans. They just store the gold,
period.
There are a variety of currencies which use e-gold as a "base," the oldest
(AFAIK) being the online game currency from the MUD "Dark Castle" called
"plats," but a (hypothetical) failure of Dark Castle's game (and therefore the
failure of "plats") wouldn't matter to e-gold Ltd. in the least, as far as I can
see. Someone please correct me if I'm getting this wrong. Thanks.
JMR
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