> Sidd wrote
> This also begs the question... How soon is GoldMoney to be perceived as
> enough of a competitive threat to precipitate the same action?
I do not believe that this action came from a fear of competition.
What I say below is my personal opinion. It is not to be construed as
statements of fact.
I am not affiliated with e-gold ltd., G&SR/Omnipay, GoldMoney, Standard
Reserve, and obviously not OSGold in any way.
.
.
.
.
.
.
.
.
OSGold has been under a cloud of suspicion ever since they went online.
Read back in this list's archives to see the discussions concerning such.
They claim to be growing at such an alarming rate, and to be backed 150%,
only 50% of which is in gold. For them to have such a tremendous increase
in electronic circulation, in such a short period of time, means that they
would have needed to have the reserves already on hand. I have not seen
any calls for them to show accountability in reserves.
On their home page they say to check out their "Coming Soon" page which
has the following statements.
: you immediately begin to earn a very nice interest on that gold. Your
gold is
: immediately converted to a cash value to protect you from the
fluctuation in
: gold prices.
Huh? A gold-backed currency where you store cash value protected from
flucuations in gold price.
: Investigate new opportunities, where your principal is guaranteed, where
due
: diligence has been accomplished...where scams don't exist
This claim raises a major red flag for me. Everything has risk, principal
can never be guaranteed unless it is propped up by something akin to the
FDIC.
e-gold's velocity has dropped a little recently. However, when OSGold came
online, the scammers started urging all of their marks to head over to
OSGold.
And so, all (or almost all) of the scammers have, apparently, left e-gold
for OSGold. This would account for their dramatic, immeadiate increase in
account holders & velocity. And the scammers & marks don't care if the
currency they are using is stable. After all, they aren't.
If OSGold fails, it will affect the entire community. e-gold, GoldMoney,
Standard Reserve will all be lumped into the same category as OSGold.
However, they all have one thing distinctly different about them. They are
all 100% backed by hard gold.
However, this point will go over the heads of the media reporting on the
demise of yet another dot com. They will also lump the gold-backed
currencies into this dire picture, and thereby scare off new users &
merchants.
So, in closing, my opinion of OSGold is that it is a paper-backed,
gold-colored currency.
These are just my opinions, I could be wrong. Thank you, and good night.
Viking Coder
---
You are currently subscribed to e-gold-list as: archive@jab.org
To unsubscribe send a blank email to [EMAIL PROTECTED]
