> On 29 May 2001, at 20:23, Viking Coder wrote:
>
> > However, the value of the gg is set by GoldMoney.
>
> Where do you see that GoldMoney sets the value of gg ? Their
> goldgrams.com site as well as their calculator have only one purpose: to
> give an indication of the current and historical exchange rates.
You just answered your own question. GoldMoney gives the current exchange
rate of the gg.
> GM deals only in grams. Unlike e-gold, you cannot spend $2000 worth of
> goldgrams at a specific exchange rates established by e-gold.
Yes you can. It just requires more work on the user's side. You never have
$2000 in your GoldMoney, or in your e-gold account. When you spend $2000
in e-gold, you aren't spending $2000. You are spending 226.27 (currently)
grams of gold.
GoldMoney says you can't spend US$ worth of gold. However, It is still
possible. The user has to pull out the calculator, figure out how grams of
gold equals $XXX and then type that number into the GoldMoney spend field.
With e-gold, you just tell it "I want to spend $2000 worth of gold", and
the computer does all the number crunching.
The whole concept of a gold-based economy is a nice fantasy, right now.
You still have to do business in terms of US$, or other fiat currency,
unless you want to you want to become nationless. Some types of businesses
don't require being based in fiat currencies. Gambling is a very good
example; it doesn't matter what value based instrument is used in that
case.
Viking Coder
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http://www.2cw.org/VikingCoder
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