Sorry to barge in on this but am very curious What does " Redeemable for Gold" mean in the real world? Vs "Backed" by gold? I realise that the obvious answer is that if you have a big enough chunk they will give you some actual gold if you ask for it, but in what sense is there security for the account holders?
Some of the appeal of having gold is the sense that it is "safe" but I am unclear of what this means in practice (Another point of appeal of gold is as a hedge against inflation of which unfortunately there hasn't been much over the last few years). Sorry if all of this has been thrashed out in the past, but I am a bit unclear about it. Can someone walk me through the following hypothetical scenario: I go to log into the e-gold site and it is down. Let's say hypothetically that the site is down because e-gold can't meet its obligations to its host. The Companies Office (or whatever they have)in Nevis says that e-gold has gone into receivership. In order to retrieve my share of the gold, what should I do next? Indeed, for the vast majority of account holders from all over the world whose holdings are nowhere near the cost of any legal fees, how on earth can they retrieve their funds? The point I am making is that if it is too difficult for the account holders to access the asset if the company falls over, then it makes no difference whether the asset is gold, toothpaste, or in fact an interest-earning account. One of the advantages nation-states have over the private currency issuers that come around every 30 years or so is their relative longevity compared to entities such as private companies. The very few exceptions to this rule (such as the British East India company)did not have currency as their core business and had a level of power comparable to a nation-state before issuing currency. So can anyone tell me if there is a sense in which e-gold is more secure than, say, evocash? P.S. (entirely different topic)has anyone seen this? http://free.financialmail.co.za/coulsononair/couldrdeep.htm --- 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.
