Dear Claude, That is really neat, as it ties into that whole Ken Griffith discussion about property and the like.
You, James Turk, and others, seem to be saying that GoldMoney is gold circulated electronically, digital gold coins, or the like. If I understand this correctly, the gold in allocated storage at Via/Mat held for the benefit of GoldMoney.com is actually also held for the benefit of the several customers of GoldMoney.com. In theory, then, a person who has a GoldMoney.com holding who had, say, one 400 ounce bar worth of gold grams (that is 12441.2 grams more or less exactly), could redeem that GoldMoney, and have an actual bar of gold placed into allocated storage in his own name. (I am simplifying: I don't know what process Via/Mat would like to go through to set up an allocated storage account for a new customer.) That's pretty cool, I think. > e-gold is a claim on gold, circulated electronically! Or, e-gold is a digital warehouse receipt for gold. Being digital, the warehouse receipt can circulate electronically. Now, that's really interesting. Have you looked at payment keys at GoldMoney.com? Because, at the Las Vegas "Foundation for Economic Education Festival" on 4-5 May 2002 (FEE Fest for short), I saw James Turk, Geoff Turk, and their new marketing dude John Lee. They were passing out gold like it would be going out of style. What they had were stacks of paper. On each page was printed a payment key. I typed in my payment key (before it expired on 15 May) and one tenth of a gram was added to the holding. Wow. Very cool. Now that payment key was on a piece of paper, much like an actual warehouse receipt. I redeemed it online. >It seems to me that the introduction by E-gold of this > new "liability" concept is their way of diferentiating > them from GoldMoney which is gold, circulated electronically, > the equivalent of a digital gold coin. Could be. In which case I wonder if there is a patent infringement case, after all. <grin> (Everyone just loves the way I stir up the pot, huh? ;-) >Time will tell if these two concepts will make a difference. I think competition is good. It leads to innovation, even if the innovations don't always matter very much to the end user. Throughout history, others have differed on this notion. Many people have claimed that competition is wasteful. I submit that such people don't understand economics, and don't wish to gain understanding. Regards, Jim http://cambist.net/fiat/goldchex.html --> you don't need a checking account, so stop paying bank fees!! --- 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.
