Dear Major Colonel and Bosco,
All this crap about audits and such is because of SR and OSpyrite (a descriptionNo, it isn't. All this concern about audits and such is also due to the fact
I coined BTW) -- Two companies that had NO experience in the Precious Metals
business and had NO business running a metals backed system!!
that e-gold has an affirmative obligation to identify an independent auditor
who should be performing audits which should be published. If you have no
concern over e-gold's business practices, where is the audit for the period
from February 2001 to February 2002? Has there been any audit since February
2001? Are you comfortable with an e-currency provider that claims to be
audited but is not?
take your 400 Oz's and tell them to ship you a Bar if you don't trust them.Like most of what passes for opinion from your locale, this claim seems more
like passing wind. The obligation to perform audits and take the process of
third party certification seriously is one that GoldMoney and e-Bullion
appear to take seriously. I don't see that on the e-gold site, though I
presume that the upcoming revisions to the site will be reassuring. The
last change - indicating a lot of details on the individual bars, was quite
reassuring compared to what went before.
It is idle and foolish to say that if I don't trust e-gold or GoldMoney
I should put an eighth of a million dollars into their hands to buy a
400 ounce bar of gold and redeem it. Saying as much simply ignores the
valid question about whether e-gold is going to have an audit performed,
and whether e-gold is going to publish the results of such an audit. I
didn't put the third party auditor provisions into my agreement with
e-gold, Ltd. They did.
It certainly doesn't call for noise from you. If you don't have any
sensible thing to contribute to the discussion, type your views into
a text editor, print them out, fold them six ways until the paper is
all sharp outside corners, and vigorously place these where the Sun
never shines.
IMHO if you have any questions about credibility then you should apply them to a Company that requires you to shell out over $120K to see the Gold!!
It seems very clear from even a casual review of the list archive on talk.e-gold that I've never once complained about the e-Bullion currency or its policies. I have been complaining about the policy at e-gold, which is their policy of requiring audits but not having them performed or published. First you tell me that my only recourse is to put an eighth of a million dollars in their hands and redeem a bar of gold, and quit using their system; then you tell me that I should direct questions about credibility toward them. In other words, you appear to be floating face down in your stream of consciousness. Maybe you should engage your brain before you finger the keyboard.
As for GoldMoney, they do have the same bizarre notion of using LBMA roughly 400 ounce bars as their standard unit for redemption, but at least they perform and publish audits on their inventory.
Here again it all reduces to the fact that if you don't trust them don't buy or sell their product! Period.
No, it doesn't reduce to any such made-up fact. The fact is that I do trust e-gold, and I do buy and sell their product. I have reason to trust them, based on an extensive background of direct business relationship, based on meeting principals of their firm, based on other due diligence. Just because I trust e-gold, Ltd. to provide a good e-currency does not mean that I have to be satisfied by a breach of their contract to provide a third party auditor and have audits performed. It doesn't mean that I have to tolerate idiocy from fools like you, either.
If you think you can do a better job at it then build your own GBC and have at it!
Of course I can do a better job. But why build my own? It is so much more effective to buy one of these distressed properties and bring professional management to bear on its problems.
I would think it would be more appealing to stick needles in my eyeballs!
I would pay a gram of gold to see you do so, but only if I get to choose the knitting needles. Regards, Jim http://goldbarter.com/ --- 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.
