Tristan Petersen wrote: > Now imagine, there are currently 10 bars in the vault (let's assume for > simplicity all bars are 400oz). Now, there is 4,000oz in the reserve. > Suppose, now, a customer comes along and says "I want 40oz of gold". Do I > buy a 400oz bar, chop it up, then put 40oz in the vault and sell the > rest? Do I reject the customer because he didn't buy a 400oz bar? No. I > buy 400oz, put it in the vault, give the customer 40oz, and keep the rest [snip] > Now, the assets in the system are 4,400oz. > Now, the liabilities (what I actually *OWE* to customers) is 4,040oz. > There are 360oz unaccounted for - really assets in the system until a > customer purchases it; then it will become a liability. These are dynamic > assets.
Hi, Tristan, I think JP's point is that in this case it would be easier to understand if there were a house account that soaked up the difference between client gold and physical gold, so that all physical gold was represented in the online system. That just doesn't appear to be the way e-gold works, since fees are not apparently structured as payments to a house account. -- Randall Randall <[EMAIL PROTECTED]> Crypto key: randall.freedomspace.net/crypto.text ...what a strange, strange freedom: only free to choose my chains... -- Johnny Clegg --- 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.
