Well put, Ken! However I disagree, there are numerous situations
where a storage facility stores a commodity in a non-specificized way
- this is the case in almost all bulk storage as your example of
grain storage, or the international trade in sweet light crude for
delivery ... (you just transport via tankers say or store 1 million
gallons of crude .. you don't expect to get back the "same" million
barrels of crude)
Thus, as you point out, GoldMoney is different from Viamat, in the
same way that Crude Oil Storage, is different from Valet Parking.
However, just because storage system is non-specific, it does not
automatically make it s a deposit system - although you imply that it
does. IMHO, wheat silos do NOT own the grain, and don't claim to --
nor do oil storage facilities.
For instance,
>the silo operator STILL owes the farmer 1000 bushels.
I believe that is not the case with e-gold, GoldMoney etc, Ken!
(Indeed, I believe its not the case with silo operators)
If someone happens to steal all the e-gold gold (and indeed the
insurance coverage fails, same thing), e-gold does not owe you
anything! They just say "tough tittie, your gold was stolen .. want
to store more with us?"
(Anyone from egold / GoldMoney care to comment on that?)
However Ken you hit the nail on the head that:
>(GoldMoney, Inc, denies this however. They claim that the Gold Gram Holder
>is the ACTUAL owner of the gold in the vault, and they do the accounting for
>ViaMat. However, I do not think that they have a system that allows them to
>identify which particular piece of gold is owned by a particular Gold Gram
>Holder. Therefore, I think they are a deposit currency, with better
>governance perhaps, but still a deposit currency. They strongly disagree,
>of course.)
...if GoldMoney is WRONG and you're right, then yes, sure, it's just
another fractional currency, 'backed by' a 'reserve' of gold.
However, the raison d'etre of e-gold is to NOT be like that, that
it's an anti-note.
If you're saying that's BS and it really is a note .. I guess that's
fair enough!
jp!
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