From: "Ian Grigg" <[EMAIL PROTECTED]> > Unfortunately for the gold industry, there is > a grave shortage of people who can look beyond > the dictionary and actually examine the issues > in advance of some dispute.
Here's a way to think about ownership: You own something if you have the right to use it as you see fit, and the right to exclude others from using it. Where does this definition lead? By this definition, you own the digital gold grams in any GoldMoney accounts you rightfully control. Whether you own the actual physical gold is another question. I leave that as an exercise to the reader. I don't think it actually matters. Let's assume that you only own the digital gold grams and not the physical gold. The gold reserve still serves one important purpose: to ensure that nobody can create digital gold grams out of sheer whim, ex nihilo. There are only two legitimate ways to get digital gold grams into your GoldMoney account. You must either bail in a bar of hard-earned gold, or somebody else must pay you in exchange for something of real value. As long as that is the case, digital gold grams are valuable in the real world. It is not important that you own the physical gold. It is only important that you own the digital gold grams, and that they remain valuable. -- Patrick --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
