The real reasons America is invading Iraq Kenneth Davidson
Yet another clever guy named Davidson. Where will there be an end to us? <smile>
From: "Patrick" <[EMAIL PROTECTED]> The Lucrative Mint is an issuer: it's the software tool used by an underwriter to issue digital coins representing some value.
You mean, the underwriter is a money issuer, and the Lucrative Mint is a tool which permits the money issuer to generate digital coins based on underlying value. Does the Mint provide for any audit function? Or does the underwriter issue as many digital coins as he pleases, regardless of how much underlying value he has laying about?
clients should be able to interpret, store, and exchange DBIs from multiple independent bearer instrument issuers (like a wallet that can store and spend e-gold and e-bullion and e-cows too).
The e-gold system offers gold and silver. It uses the troy ounce as its underlying unit of account, but one can convert to many decimal places of accuracy to get to grams. e-Bullion also offers gold and silver. The GoldMoney system offers only gold. I'm curious about the e-cow system as it relates to your interchange.
Clearly, a gram of gold is equal to a gram of gold. Similarly, an ounce of gold is equal to an ounce of gold, if those ounces are both ounces troy. (The same is true if both are ounces avoirdupois, but there is a discrepancy if one is troy and the other is avoirdupois.) I'm not confident of the rate of exchange between gold and cows.
Indeed, one cow is not much like another. Some are fat, some thin, some Jersey, some Guernsey, some Brahmin, some are male and thus bulls and not cows at all. A variety of standard units of cattle are traded on various exchanges, of course, but none are, to my knowledge, traded in any gold unit of account. So, one would have to convert cows to currency (dollars on the Chicago exchange, for example) and then currency to gold. Exogenous factors would generate significant variation in the rate of exchange depending on which trade mart was used and which currency was used.
For reasons of his own, James Turk would perhaps dispute my idea that a gram of gold is equal to a gram of gold. He would, I suspect, assert that a gram of GoldMoney is a gram of gold, but a gram of e-gold is some sort of gold credit, or claim on gold. In my view, these claims don't add up to much, but any exchange system may help to establish a market rate for exchange among the gold currencies. I note for the record that Simon "Sidd" Davis has an automated exchange at Metal-Escrow which he seems to preferentially set to convert his GoldMoney to e-gold. This rate setting behavior suggests that e-gold may carry a small premium to GoldMoney.
Software agents can manage your portfolio in real-time, always in direct possession of your assets, maximizing your returns to your exact specifications.
If you have such a software agent to demo, please specify the URL. Otherwise, you might wish to change the word "can" into "may." Software agents may maximize returns, but they also may not. I'm not sanguine about having a software agent in direct possession of my assets. Definitely not all of them.
It may even be possible that widespread use of digital bearer currencies can reverse the adage and make "good currencies drive bad ones out of circulation."
That's not the adage, and the adage has a name. It is known as Gresham's law. Properly stated, it says:
Artificially over-valued money will tend to drive artificially under-valued money into private stockpiles.
Properly understood, it says nothing about free market money. Free market money exchanges at market rates, regardless. Market rates are set by supply, demand, influential market makers (those with large stockpiles to exchange), and emotional factors.
Artificially over-valued money is fiat currency - money that has value because of legislation. It is often paper money, though some pot metal tokens are also common, and it may be represented by things like credit cards. Most commonly, a fiat money derives market acceptance throughh some type of coercion. For example, it might be accepted for taxes. Obviously, taxation is theft and thus compulsory - so coercion is involved. Other types of "legal tender" legislation make it a "crime" to "refuse the coin of the realm."
Artificially under-valued money would be price fixed silver or gold, for example. On 24 June 1968, the USA feral gummint stopped redeeming silver certificates for silver. Since then, the price of silver has fluctuated widely, more or less by market forces.
Beginning about 17 March 1968, various schemes to fix the price of gold began to be unraveled, culminating during the Ford Administration (some say 14 August 1974, others 1976) with an end to the ban on private ownership of gold by USA citizens. Since then, gold prices have also been fluctuating widely, with market forces playing a significant role.
This point is critical in the examination of the possibility for de-nationalizing money. With prices of traditional monetary metals gold and silver free to move with market forces, there is no longer any artificial under valuing of these monetary alternatives. It remains to be seen whether the artificial over-valued money can compete.
statistics and auditing service.
To perform actual audits requires more than just software. Without actually auditing the gold or other assets in inventory, an underwriter could mint money using a fractional reserve scheme, hoping never to encounter the need to simultaneously redeem all money in circulation.
I think a fractional reserve system may be an acceptable form of money for some, though it is far from my preference. However, it would also be fraud if the extent to which the system is fractional were not known to the participants using the money.
" How do I unbail the gold? Is gold involved?") this is up to the mint operator(s).
You mean the underwriters?
Patrick
I gather you aren't Patrick Verbeek of AnyGoldNow, nor are you Patrick Chkoreff of fexl. Do you have another name?
From: Edwin Woudt <[EMAIL PROTECTED]>what a smelly
Hmm... what's so smelly about my name? ;)
Nothing, Edwin. You are looking at the line where JP puts his memorable, if somewhat vulgar, password. I think the "what a smelly" reminds him of the word he uses for his password. Something to do with "country matters" if we may quote Shakespeare.
Patrick Verbeek writes:
We now expect prices to go as low as US$ 322
They seem to have done!
before bouncing back up again (probably in a strong move).
They seem to be doing!
Good work, Patrick.
http://8715605.thegoldcasino.com
Still a good idea!
Patrick of LFCGate:
two grains of salt.
<voice="Homer Simpson">Salt. Yumm!</voice>
First, all the crypto is public information.
<voice="Montgomery Burns">Excellent.</voice>
Lucrative's, is easily available and open source.
Swell beans, indeed.
it has been vetted
Good deal.
the "anonymizing" part of the system is done by the end user's software, not the mint.
Perfect.
The client software is open source
Thus the kudos.
Yes, please do. I'll have some info sent to you.
Roger, wilco.
Regards,
Jim http://cambist.net/
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