At 10:08 AM 10/23/2002 -0500, [EMAIL PROTECTED] wrote:
IG systems are meant to be *monies* in the same way that USD and Euros are moneys.Yes, credit and money are two different things.
Reversible payments in e-gold or goldmoney makes little sense.
It would be like having "reversible US dollars"
Credit cards are, of course, something that *OPERATES WITH* US Dollars. Indeed, in the future, if e-gold is really popular there will be credit cards that operate with e-gold.
...
Reversible payments are a form of credit. The merchant ships you the goods because he believes you will not reverse the payment. That belief is credit. The word "credit" derives from the Latin "credere," meaning to believe or trust.
Money does not require belief, trust, or credit. When the merchant receives money (e.g. e-gold), the transaction is settled as far as he is concerned.
Danny makes a good case that purchasers want credit in the form of reversible payments. Merchants are willing to extend that credit to drum up more business and establish their integrity. Ultimately the merchants want money (e.g. e-gold), but in the meantime they are willing to take a calculated risk.
If you can devise financial systems that will satisfy both the purchasers and the merchants, you will make a pile of money.
-- 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.
