> any way the next day I received another email message telling
> me that it would be refunded to me...
>
> This morning when I looked in my account there was the
> refund
So, in other words, OSGold has proven that they are a repudiable form of
payment.
There is only 3 ways that they could have given you a refund.
1) Negate the original payment; just like you do with a bank check, or
credit card.
2) Leave the original payment intact, and create your refund of thin air.
3) Leave the original payment intact, and spend the refund from their own
account.
The first option does away non-repudiability. Why bother with an
instantly-clearing financial system, when at any point in the future the
transaction could be reversed if the payer complains enough?
The second option does away the 150% backing claim, of which only 50% is
metal. The whole claim of backing is shoddy in the first place because
there is no method is exchange OSGold for the backing. In effect, OSGold
becomes no better than the glorious US dollar. The only thing supporting
such a currency is the belief in that currency. As long as nobody
questions it's validity, it is valid.
The third option does away with their profitiability. They would retain
both non-repudiability and a claim of backing, but would soon be running
real low on cash after granting all the refund requests.
Viking Coder
________________
Worth Two Cents?
http://www.2cw.org/VikingCoder
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