Frank,
Thank you for your reply. I was not suggesting for one moment that there was
anything amiss with your business, but was actually asking a more general
question about licensing for Market Makers in various jurisdictions. In most
countries (maybe not the Netherlands?) a license from some financial
supervisory authority such as the National Bank is required to operate a
currency exchange business exchanging say dollars to guilders, and also to
buy and sell gold. I was wondering if the same rules applied to e-gold
exchange businesses.
As an aside, I do agree that the system you describe in Holland sounds
pretty effective - based on what you say, and compared my experiences of it
4 or 5 years ago, it has obviously been tightened up a lot in the last few
years. I have personally opened bank accounts in the Netherlands and nobody
asked me any questions. If the ISP even checks for compliance with the law,
maybe that's going a bit too far...
I also concur with Julian Morrison that the system basically demands a
"caveat emptor" approach. E-gold don't have any direct control over MMs, and
neither is it desirable that they should have. Just as not every business
that exchanges dollars has to be approved by the Federal Reserve. I guess
what you say about picture IDs etc applies to MMs listed on the official
e-gold site, but I know there are many MMs who are not "official". The
coconutgold.com site for example states: "Coconut Gold Offshore is utterly
independent of e-goldŽ, "G&SR", and related entities. In fact Coconut is
probably THE most independent of the market makers. We have absolutely
NOTHING to do with e-goldŽ / "G&SR" and don't even get stock from them. We
are utterly independent." And I know Coconut Gold has a first class
reputation.
Anyway I think it is great that there is a free market, but in a free market
people must be able to make informed decisions. E-gold relies very much on
people's trust in the system... I mean how many people really check whether
the gold exists at JPMorgan or in Dubai or wherever... and I think it's
disappointing from that point of view that they have apparently been slow to
react to obvious scams like e-qold and flat rate gold.
Best,
offshoresurfer
----- Original Message -----
From: "Frank Zuchristian" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>; "e-gold Discussion"
<[EMAIL PROTECTED]>
Sent: 28 April 2001 09:49
Subject: Re: [e-gold-list] Re: KvK Chamber of Commerce
> Dear offshore surfer,
>
> The "Kamer van Koophandel" (Chamber of Commerce) in
> the Netherlands is diferrent than in most countries
> that I have been in. They are not just a collector of
> fees and forms (though they do that too). They are in
> fact proactive, we had to make adjustments to both
> the paperwork and the site to meet their requirements.
>
> Furthermore, you cannot get a tax number (see our
> about us page) without being registered.
>
> The banks, in the Netherland, not only will not open a
> business account with it, but will delve deeper than
> that, as they are very concerned about any activity
> that might damage their reuputations.
>
> Our ISP is based in the Netherlands, once again, not
> only did we have to submit the proper registrations,
> but also, they view the site for compliance with Dutch
> law.
>
> This cost us many meetings, and elapsed time of about
> a month before we could legitimately open our doors
> for business. Though painful, at the time, we AGREE
> with those policies. We have taken this a step
> further, by placing their logo and a link to their
> site (it is also in English) at the top of our entry
> page. We are not required to do so, nor was it
> suggested that we do. However, we take our
> responsibility, in the handling of financial
> transactions or others very seriously. Our about us
> page gives you all the details, including telephone
> numbers, which will be answered by us, or overnight by
> our computer.
>
> We have started a private group at Yahoo, for the
> benefit of our clients. The first posting includes
> links, that our clients can use to educate themselves
> on how to spot a possible scam or fraud operation.
> When we hear of one we post for the benefit of our
> clients. We also post virus warnings, e-gold related
> matters and news regarding our srvices (ie additions,
> changes, bank holdiays). All new clients are invited
> to join.
>
> E-gold requires documentation of MM's, included in
> that is a picture ID, and they also view the site
> before adding a potential MM to the list. I think
> that you will find, these are isolated incidents,
> regretable as they are, but that MM's on the whole act
> responsibly and are cognizant of their
> responsibilities.
>
> The MM's are currently forming an "Alliance" which,
> hopefully will address some of these concerns. You
> must understand, that being spread out all over the
> world, this is a very difficult task. MM's have also
> put up monies to try to locate and stop scammers, we
> want them off the net.
>
> Hopefully, this has answered your questions, if not
> please feel free to email or call me on the listed
> numbers.
>
> Thank you,
>
> Frank
> EuroGoldLine Admin
> http://www.eurogoldline.nl
> --- [EMAIL PROTECTED] wrote:
> > Do e-gold MMs require licensing in the way that
> > regular change
> > offices/cambios do? I seem to remember seeing
> > something about this on the
> > e-gold site a while back... AFAIK the Chamber of
> > Commerce thing is just a
> > company registration which anyone can get just by
> > filling in a few forms?
> >
> > offshoresurfer
> >
> > ----- Original Message -----
> > From: "Frank Zuchristian"
> > <[EMAIL PROTECTED]>
> > To: "e-gold Discussion"
> > <[EMAIL PROTECTED]>
> > Sent: 27 April 2001 10:36
> > Subject: [e-gold-list] Re: Flatrategold.
> >
> >
> > > EuroGoldLine , like many of the other MM's also
> > posts
> > > their information plainly on their pages.
> > >
> > > We take it a step further by providing and
> > independent
> > > link to verify with the KvK (Chamber of Commerce)
> > > which regulates us. Our providor also requires
> > and
> > > checks all of this information.
> > >
> > > Thank you
> > >
> > > EuroGoldLine Admin
> > > --- Vince Callaway <[EMAIL PROTECTED]> wrote:
> > > >
> > > > For my own curiosity I did a couple of lookups
> > on
> > > > flatrate gold. Using
> > > > the tools that I use to validate users I came up
> > > > with the following:
> > > >
> > > > Domain registration:
> > > >
> > > > Administrative Contact:
> > > > Collins, DuPree [EMAIL PROTECTED]
> > > > 2819-112 Street
> > > > Suite #304E
> > > > Edmonton, Alberta T6J 4M3
> > > > CA
> > > > 780-988-9077
> > > >
> > > >
> > > > The phone number is listed to:
> > > >
> > > > I Kutzner
> > > > 4616 106a St NW 901
> > > > Edmonton, AB T6H 5J5
> > > >
> > > > The website is hosted by virtualave.net which is
> > a
> > > > free hosting site.
> > > > Anyone can go in and signup, no info required.
> > > >
> > > > I did a search in canada and there are no
> > listings
> > > > for DuPree Collins, but
> > > > there are about 50 D Collins.
> > > >
> > > > In contrast it takes about 2 seconds to get my
> > home
> > > > address and phone
> > > > number, plus I list my office address on my
> > website
> > > > with a map.
> > > >
> > > > Draw your own conclusions.
> > > >
> > > >
> > > >
> > > > ---
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> > >
> > >
> > > =====
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> > here, FREE
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> > >
> > > Need to manage your e-gold account? Compare our
> > rates.
> > > Serving Europe, but available WORLDWIDE!
> > > http://www.eurogoldline.nl
> > > Check out our other site http://www.AAAloha.com
> > >
> > > __________________________________________________
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> > prices
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>
> =====
> What, you don't have an e-gold account? Get it here, FREE
> http://www.e-gold.com/e-gold.asp?cid=139538
>
> Need to manage your e-gold account? Compare our rates.
> Serving Europe, but available WORLDWIDE!
> http://www.eurogoldline.nl
> Check out our other site http://www.AAAloha.com
>
> __________________________________________________
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