James, you didn't understand me. There is no egold on any card! You don't have to worry about the security of the egold because it is all on your computers!
The card is a simple key, it contains just a user name and a password. When you go into a shop, the card is put into the E-gold device and you punch in the cost in USD (for example). The device sends the transaction to the E-gold system (the site) together with the two accounts (user name and password): the buyer's and the merchant's. No one but the device knows the passwords, which are read from the (secure) cards. Thus, the transfer of money is performed in USD, just as if the buyer would spend "USD worth" from his very own computer. The conversion in grams of gold is performed by the E-gold system, as usual. "If the merchant already has an e-gold account I see no need to involve a plastic card" You need to have a card only for "real life merchants" because this way the user doesn't have to remember or to write his password, and so take any risk of the password being intercepted. The balance limit is put only for the E-gold accounts associated with the debit cards, but is not required; however, you should have a special attribute for these accounts, in your computers. Still, if someone tampers with the E-gold device and intercepts the buyers password, the E-gold system must now not to transfer out of the account too much money in one day... or you can just tell the user not to fund his debit card account with too much money at a time. Of course, the card has to be secure, just as a normal credit card is, and destroy itself if there is any attempt to tamper with it. There is no need for GSR to compete with those who fund other cards with egold, because these businesses can simply transform into a network of distributors of the E-gold debit card and the authentication device. Besides, this way they can directly be a part of the system. I started this because if E-gold becomes... big, I would prefer to go to a shop with my E-gold card instead of another credit / debit card. This card I can fund myself by simply transferring egold from my usual account to the debit card's account. This way, all my spending money are in one place, and I (as a buyer) have to pay no comission to a credit card company. I simply buy the debit card, and the merchant buys the authentication device (which can be programmed with his "real life merchant" account, or he uses another card - a " real life merchant" card). ... And even more, I can use this card in any country, in any currency! Regards, George Hara www.filematrix.xnet.ro ------------------------------------------------------- Xnet scaneaza automat toate mesajele impotriva virusilor folosind RAV AntiVirus. Xnet automatically scans all messages for viruses using RAV AntiVirus. Nota: RAV AntiVirus poate sa nu detecteze toti virusii noi sau toate variantele lor. Va rugam sa luati in considerare ca exista un risc de fiecare data cand deschideti fisiere atasate si ca MobiFon nu este responsabila pentru nici un prejudiciu cauzat de virusi. Disclaimer: RAV AntiVirus may not be able to detect all new viruses and variants. Please be aware that there is a risk involved whenever opening e-mail attachments to your computer and that MobiFon is not responsible for any damages caused by viruses. --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] 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.
