[e-gold-list] Re: Atlas in Spanish!

2003-10-17 Thread Craig Spencer
On 16 Oct 2003, at 20:32, Adam Selene wrote: 

> > Anyone who wants a copy might contact me privately.  I am 
> > thinking of aggregating orders for a bulk shipment to the US from
> > Argentina. And I will accept e-gold in payment!
> 
> Wow, $49 cover price is quite expensive. Is this a hard cover?

I think so.  That price is comparable to the price of a current
English copy.  I think it is quite reasonable.

> If so, any idea when a paperback edition will be in print?

I suspect that that is unlikely.

> I'd love to order several hundred, and insure every book store
> in San Jose (Costa Rica) is kept in stock. Maybe even slip
> a Movimiento Libertario pamphlet in it if I can get away with it.

Go for it!

> Any idea if this is a new translation, or an old translation back in
> print? There was a previous translation in spanish I was told had
> many translation errors.

It is an entirely new translation, painstakingly done by people who
understand what they are translating.

Best,

CCS



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[e-gold-list] Re: [dgc.chat] Atlas in Spanish!

2003-10-16 Thread Craig Spencer
On 15 Oct 2003, at 17:41, Craig Spencer wrote:

> There is now a newly published translation of Atlas Shrugged (La
> Rebelión de Atlas) in Spanish!
>
> http://www.larebeliondeatlas.com/home.htm
>
> Buy many copies for all your Spanish speaking friends.

Anyone who wants a copy might contact me privately.  I am thinking of
aggregating orders for a bulk shipment to the US from Argentina. And I
will accept e-gold in payment!

Best,

CCS



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[e-gold-list] Hero of the e-gold list

2003-10-03 Thread Craig Spencer
The e-gold list has a new hero: Patrick Chkoreff!  

For replying to the most egregious and ignorant economic and 
monetary nonsense with patience that is truely superhuman.

Best,

CCS


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[e-gold-list] Re: Cracking the Turing number

2003-09-15 Thread Craig Spencer
On 15 Sep 2003, at 20:20, FileMatrix wrote: 

> But those people can consume E-gold's resources with or without the
> Turing number, just by trying a connection. 

Perhaps so.  I don't know if they are but I doubt it since the Turing
number eliminated their incentive to do so.  In any case it did stop
all the irritating false attempts to log into my accounts cold so I
was very glad they did it.  

Best,

CCS



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[e-gold-list] Re: Cracking the Turing number

2003-09-15 Thread Craig Spencer
George, 

> So, cracking the Turing number is useless (if the system is 
> properly secured).

You are missing some history.  You see, a couple of years ago people
WERE making automated attacks.  These attacks may have been useless; I
certainly never heard of them succeeding in stealing anything by them.
 But the constant attacks were VERY irritating to all e-gold users
(and, presumeably, wasted e-gold's system resources).  The Turing
numbers were instituted to stop the attacks, not to prevent them from
being successful.  Being able to do automated reading of the Turing
numbers would have allowed the attacks to be resumed.

Best,

CCS

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[e-gold-list] Re: Surging gold threatens to dim doll

2003-09-01 Thread Craig Spencer
On 30 Aug 2003, at 15:35, Danny Van den Berghe wrote: 

> The peak of civilisation has always tended to move in Westward
> direction. From Babylon and Egypt it went to Greece. From ancient
> Greece it went to Rome... From Europe it moved to the USA. Now it
> will move on to Asia.

Civilization is rooted in intellectual, cultural and moral 
achievment; material conditions are secondary consequences not
primary idicia.  I do not see these root qualities flourishing in new
places as they did in the past cases you list; on the contrary I see
them dieing out.  It seems more likely to me that we are on the
threshold of a world-wide dark age.

Best,

CCS



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[e-gold-list] Re: I know who "Gold Gold Gold" is

2003-08-18 Thread Craig Spencer
On 18 Aug 2003, at 14:29, Jim Davidson wrote: 

> > Er... it's not actually gold.
> 
> Yes, it is.  E-gold is gold itself, circulated electronically.

That is a nice sales slogan.  But sales slogans should not be
taken literally.

> There is actual, real gold in vaults in London, Zurich, and
> Dubai.  It is actually possible to redeem e-gold for gold.
> I've done it myself.

E-gold can be redeemed for gold.  Which is another way of
saying that e-gold is NOT gold.  It is something that can be
redeemed for gold.

Best,

CCS

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[e-gold-list] Re: PMMIT/Havenco/Seamail/KATZ Global

2003-08-14 Thread Craig Spencer
On 11 Aug 2003, at 16:21, James M. Ray wrote: 

> >>SeaLand should adopt the e-gold AUG as its official money. 
> > 
> > Now that is a really BAD idea!  There is no need for governments to
> > be involved in money at all, let alone have "official" money and it
> > would be better if they didn't.
>
> this can be seen to be an
> implicit admission by a government that a form of money they aren't
> involved-with is actually Better Money(tm) 

For once there is a "government" that is doing the right thing
about something (not being involved in money) and you want to 
screw it up!

Best,

CCS


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[e-gold-list] Re: PMMIT/Havenco/Seamail/KATZ Global

2003-08-12 Thread Craig Spencer
On 11 Aug 2003, at 9:06, James M. Ray wrote:  

> SeaLand should adopt the e-gold AUG as its official money. 

Now that is a really BAD idea!  There is no need for governments
to be involved in money at all, let alone have "official" money and
it would be better if they didn't.

Best,

CCS


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[e-gold-list] Re: Everything is illegal

2003-08-09 Thread Craig Spencer
On 9 Aug 2003, at 12:37, Robert S.Z. wrote: 

> > > Whoever, except as authorized by law, makes or utters or passes,
> > > or attempts to utter or pass, any coins of gold or silver or other
> > > metal, or alloys of metals, intended for use as current money...
> 
> Two items:
> It appears to me that this rule is specifically forbidding to
> counterfeit existing coins to be used for money. So, it doesn't really
> forbid you to make your own coins ys long as they don't resemble
> existing coins and you do not claim them to be legal tender.

It helps if you read the whole thing:

> ...whether in the resemblance of coins of the United States or of 
> foreign countries, or of original design, 

Note: "or of orginal design".  Furthermore, if you look at the rest
of the law you will see that there are separate sections specifically 
dealing with counterfeiting so this is something different.  

Furthermore, it says nothing about legal tender but "intended for use 
as current money".  So it is just a matter of opinion as to what
your "intent" is whether or not "uttering" the coin is illegal.
 
> Also, in case I'm wrong, you can make medals, tokens, chits, etc.? If
> so, you could use tokens as a means of exchange.

You can call them what you want.  It may help.  But if the government
decides to prosecute they can always claim your intent was for
them to "circulate as current money" and what you call them is
irrelevant.
 
> In the end, why bother making your own, if you can just get e-gold
> instead?

DGCs are not nearly as satisfactory or useful as money as coins.

Best,

CCS


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[e-gold-list] Re: UPDATE: Canadian server co-location for USD$2000 for 12 months

2003-07-29 Thread Craig Spencer
On 29 Jul 2003, at 21:09, Robert S.Z. wrote:

> > FYI: Ken has been a participant on this list a LOT longer than
> > you have.  His business may even be older than yours.
> > 
> Thanks for the heads up. Had never heard of him and thought as he
> stated that they 'now' accept..., that he was new.
> 
> Either way, I still meant well and honestly think that it does not
> matter how long someone has operated one business, there is always
> value in receiving input when starting something else. Or do you in
> fact mean that he has been in the hosting business longer than us? 

I said "may" because I have no idea how long you were in business
before you appeared here.  Ken's is one of the oldest e-gold accepting
hosting services (the other older ones having since folded) and the
first privacy oriented one.

Best,

CCS
  

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[e-gold-list] Re: UPDATE: Canadian server co-location for USD$2000 for 12 months

2003-07-29 Thread Craig Spencer
On 29 Jul 2003, at 20:27, Robert S.Z. wrote:

> Hello Ken,
> 
> Welcome to the party ;o)
> 
> Far be it from me to trash you right in the first post, but maybe a
> hint or two might be a good idea:

> Other than that, good luck with the venture!
> And if you want, mail me off-list for a few more pointers.

FYI: Ken has been a participant on this list a LOT longer than
you have.  His business may even be older than yours.

Best,

CCS



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[e-gold-list] Re: Free Gold, Excellent Concept!

2003-07-15 Thread Craig Spencer
On 15 Jul 2003, at 18:49, [EMAIL PROTECTED] wrote:

> Word is spreading, business is growing!  QUAN Exchange is giving
> people the opportunity to earn Free Gold through it's rewards-based
> marketing network designed to reward it’s members with e-gold for
> making purchases through QUAN Exchange!

Quan means "thing" in Tagalog.  The word is often used as a
synomym for penis.  Just thought I'd share.

Best,

CCS


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[e-gold-list] Re: Hero of the e-gold List

2003-07-09 Thread Craig Spencer
On 9 Jul 2003, at 11:38, Danny Van den Berghe wrote:  

> Thanks for the compliment.
> But I am not after awards.

Of course not.  That is one of the reasons you deserve one.

> For me it's just an excercise in expressing myself better, and 
> when I don't enjoy it I'll just do something else.

I have found that people basically fall into two types based on 
their pattern of discourse. 1) Those who speak for the purpose of
expressing truth. 2) Those who speak for the purpose of advancing
an agenda.  Since there is very little shared purpose between the 
two types there is seldom much value in more than a rudimentary
conversation between them.  

The concerns of the first seem largely irrelevant to the second 
except when they appear to bear on his agenda.  And then the 
second's concern is not with reality like the first but with the 
likely impact on his agenda, overcoming that impact and discovering
the first's non-existant ulterior motives. 

Best,

CCS


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[e-gold-list] Hero of the e-gold List

2003-07-08 Thread Craig Spencer
I would like to nominate: 

Danny Van den Berghe

as hero of the e-gold list.  He has fielded every specious
argument that has been thrown at him and calmly explained it 
with superhuman patience.  He has refused to be brow beaten,
not responded to disparagement in kind, repeated himself 
tirelessly when ignored and intransigently upheld freedom, reason 
and common sense against all assaults.

Well done! 

Best,

CCS


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[e-gold-list] Re: Don't let the facts get in the way of a good story!

2003-06-30 Thread Craig Spencer
On 30 Jun 2003, at 8:06, SnowDog wrote: 

> An HYIP is a pyramid scheme. GoldNow is not a pyramid
> scheme. Confusing such a term with a legitimate business hinders 
> us in our attempts to fight such scams.

Which confusion and hindering, if you look at the origin of this 
thread, is GK's purpose and intention. 

Best,

CCS


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[e-gold-list] Re: Spot price

2003-06-28 Thread Craig Spencer
On 28 Jun 2003, at 15:59, Mark S. Ohberg wrote: 

Is this true:

> and Kitco does not not accept digital gold currency

that Kitco will not accept GoldMoney in payment for gold coins
and bullion? 

Best,

CCS


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[e-gold-list] Re: recent discussions - need a summary

2003-06-26 Thread Craig Spencer
On 26 Jun 2003, at 9:01, [EMAIL PROTECTED] wrote:  

> thanks, JP - you're saying it's a perception thing right?

The whole idea of arguing about whether there "should" be a spread
and where it "should" be centered is absurd.  That presuposes 
someone has a choice about it.  Those questions should, and 
ultimately will, be answered by the market.

The only reason it arises in the case of e-gold is because of
Omnipay's bailment monopoly.  Because of this Omnipay can move
the center upwards by restricting supply.  (It can't similarly
move it down at will.  In the absence of this monopoly the 
magnitude and location of the spread would be set by the market. 
The question does not arise for GoldMoney or eBullion (I am not 
sure if Pecunix has a monopoly supplier or not).

Best,

CCS
 

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[e-gold-list] Re: share market misunderstandings

2003-06-24 Thread Craig Spencer
It is after midnight, so I can post another message ... :)  

On 24 Jun 2003, at 18:57, Adam Selene wrote:

> Correct me if I am wrong...
> 
> Dividends on any class of stock cannot be guaranteed. Dividends must
> be paid from profits, and cannot be paid from other sources
> (paid-in-capital or borrowings). Therefore if a company does not show
> a profit, it CANNOT pay dividends.

That would probably be a wise policy but it is in no way mandatory
or always followed.  For instance, Kodak has usually paid regular,
substantial dividends and has done so even in years when it has lost
money.

Best,

CCS


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[e-gold-list] Re: stock market confusion

2003-06-23 Thread Craig Spencer
On 23 Jun 2003, at 18:49, Cambist.net wrote:
 
> How many shares, in total, are there of the company? Are these 400
> shares out of 1000, 400 out of 10,000, or what?  If there are only 400
> shares in TGC and you own one share, you own 0.25% of the company. But
> obviously the owners of TGC must have some shares themselves of the
> company. Lets say the owners own 600 shares, so there is a total of
> 1000 shares. Then your one share represents 0.1% of the company.

That presumes all shares are equal, which may not be the case.

Perhaps "the 400" have no voting rights.  Perhaps the owners have
no stock, they just run the company, pay themselves whatever
they want and pay "the 400" whatever they want.  Who knows? 

Your assumptions are reasonable.  But they rest on premises 
which JP has repeatedly heaped with scorn.
 
Best,

CCS


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[e-gold-list] Re: share market misunderstandings

2003-06-23 Thread Craig Spencer
On 23 Jun 2003, at 18:31, Cambist.net wrote:  
 
> There are two types of stock, common and preferred. ...

John,

Excellent summary of the common usages of the terms.  Of 
course, JP won't "buy" any of it.

Best,

CCS


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[e-gold-list] Re: stock market confusion

2003-06-23 Thread Craig Spencer
Danny,  

I much appreciate your persistence.  You have far more patience
than I do.  While I don't think you will ever get any straight 
answers I am glad you are asking your questions.  They are the
right questions and need to be asked.  Better you than me tho!

Best,

CCS


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[e-gold-list] Wierd!

2003-06-22 Thread Craig Spencer
JP has a great many strange ideas about what Craig thinks.  Don't
believe him.

Best,

CCS




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[e-gold-list] Re: New Bourse - a few notes

2003-06-22 Thread Craig Spencer
On 22 Jun 2003, at 3:05, Patrick Chkoreff wrote: 

> There are voting rights but I'm not sure how that might work. 

Where did you get that?  Is it secret information you only get
after you buy a share?

Best,

CCS


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[e-gold-list] Re: New Bourse - a few notes

2003-06-21 Thread Craig Spencer
On 21 Jun 2003, at 18:51, Cambist.net wrote:

> > From: Arik Schenkler <[EMAIL PROTECTED]> 
> > 
> > It looks to me that TGC is offering some kind of bond (if they'll
> > keep paying the promised dividend).
> 
> If it pays a fixed return it's known as Preferred Stock here in the
> USA.

A bond, anywhere, has a fixed return and would have a date at which 
it matures and repays the principal.  TGC "stock" doesn't do that.
The dividends on a preferred stock would be obliged to be paid prior 
to any distribution to the owners of the business.  If TGC "stock"
does that it is not public knowledge. 

Best,

CCS


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[e-gold-list] Re: HYIP's

2003-06-15 Thread Craig Spencer
On 15 Jun 2003, at 14:45, Mark wrote: 

> Having followed this conversation on HYIP's for more than a few days
> now and being new to that idea, we have now removed the "investments"
> category and 22 HYIP listings in our directory.  Thanks for the info
> and opinions on these items.
> 
> Mark H.
> 
> www.gold-pages.net

I am impressed!  Might I suggest that, rather than removing it
entirely you replace it with a warning and an educational
explanation of Ponzi schemes, chain letters etc. or a link to 
same?  Of course, those who choose to believe that only "95% of 
all HYIP's are  scams" are utterly hopeless and will be oblivious 
any such information in their endless quest for a free lunch and
lemming-like determination to be victimized.  But you would be 
doing any of your visitors a favor who are genuinely ignorant 
and pay attention.

Best,

CCS


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[e-gold-list] Re: Three Wise Men

2003-06-13 Thread Craig Spencer
On 13 Jun 2003, at 20:23, [EMAIL PROTECTED] wrote: 

> (*) where are laissez fairest when you need em -- if anyone's stupid
> enough to use osgold, who cares?  what, you want to make it illegal to
> be stupid?   

Nobody that I can recall, certainly not me, has suggested abandoning
laissez faire or banning stupidity.  I ever have considerable
sympathy for (as PatrickV? argued) MMs making a market in anything 
that customers demand and that it is entirely the customer's fault 
if they are stupid enough to demand sham/scam "currencies".  [That 
would not be my own policy but if others chose to do it I have
no objections.  Provided, at least, they don't encourage those 
foolish customers by shilling for, and becoming complicit with, the 
shams.  And I would prefer that they at least try to warn their 
customers; altho such customers will, of course, ignore such 
warnings.]

My only concern is with simple truth and _facing reality_.  Here we 
have the absurdity that Kelly is still maintaining, after all this 
time, that OSGold was a "legitimate currency"!  And still maintaining 
the patent falsehood that he "had no way of knowing", poor thing. 

Best,

CCS


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[e-gold-list] Re: Ultimately...

2003-06-13 Thread Craig Spencer
On 13 Jun 2003, at 15:12, Graham Kelly wrote: 
 
> The OSGold ecurrency was *proven* to be a legitimate ecurrency, for
> over 16 months,

> Also, isn't it amazing that MOST of the armchair critics who are so
> vehement about OSGold... never even used it, and didn't even lose a
> dime! James, how much did you lose? Sidd? Craig?

!!!  Such non sequiturs (which are examples typical of everything he 
writes) would seem to indicate that Mr. Kelly has no idea what proof 
is or how to think or reason validly.  That is some explanation for 
why he seems so unaccountably blind to reality and his choices are 
so persistently wrong.  It is not dishonesty, irresponsibility
or lack of intellectual capacity but ignorance of how to use his
intellect properly.  

Man's mind really is his tool of cognition!  Without being able to
use it what good are eyes or choice?

Best,

CCS


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[e-gold-list] Re: DGC, OSgold, exhangers, judgements

2003-06-11 Thread Craig Spencer
On 11 Jun 2003, at 1:26, Robert S.Z. wrote: 

> > OSGold was never a DGC.  It was, from the beginning,
> > a scam -- nothing else.  
> 
> You are right that in reality it never was backed by gold, of
> course, although there were intial claims that it would be.

It has nothing to do with whether or not there was "backing".  It was
a just a scam.  They took people's money under false pretenses for the
sole purpose of stealing it.

Someone who "offers to sell debit cards" for the purpose of taking
whatever money gullible people send and keeping it is not a "merchant
with a low inventory"; he is a thief.

Best,

CCS



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[e-gold-list] Re: Who IS this "sage"? LOL

2003-06-11 Thread Craig Spencer
On 11 Jun 2003, at 21:01, Sidd wrote: 

> I doubt very much whether you will understand this because I have
> explained this to you at least twice before. I too share Craig's
> wonder at your motives, do you really not understand this, or is it
> merely convenient to "pretend"?

A very good question!  It baffles me.  How can anyone run such an
apparently substantial and successful business with so little
understanding?  Even after all this time he still, apparently, has 
no idea what OSGold was all about!

Best,

CCS



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[e-gold-list] Re: DGC, OSgold, exhangers, judgements - Caveat Emptor

2003-06-10 Thread Craig Spencer
Dear Robert S.Z.,  

Your post makes an error in regarding OSGold as a DGC that 
failed.  OSGold was never a DGC.  It was, from the beginning,
a scam -- nothing else.  The amazing thing is that the crooks
were able to keep running their scam for over a year.

Best,

CCS



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[e-gold-list] DD & Identity

2003-06-10 Thread Craig Spencer
On 10 Jun 2003, at 16:09, Offshore Team wrote:  

> Yes, I think one has to be careful with Grahams past decision mistakes
> and he may be getting into heavy waters again with the latest gold
> currency IntGold  even though this appears to be a nice currency
> system there still is no verifiable proof they have any gold backing
> at all.

A good point to watch.
 
>  It even makes me wonder about the service he provides for $5.00 where
>  they do the due dilligence on people for groups such as ecurrency
>  providors. 

He probably is doing whatever he does for his own business.  He 
believes that because he has low fraud losses this is effective and
meaningful.  It probably means conscientiously following up on
statist ID stuff.  For small transactions this will exclude most 
fraud.  But it will also exclude a great deal of legitimate 
business.  And for large transactions, where it is worth the while 
for crooks to go to some trouble, it is entirely meaningless (except
to the state).  

>  If he supports osgold type programs and the brightpays for
>  obvious quick cash in hand while they are working well,

Yes, he is obviously either very credulous and/or very short
term opportunistic.

Best,

CCS


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[e-gold-list] Re: Get a REAL life! (and enuff on thi

2003-06-10 Thread Craig Spencer

On 10 Jun 2003, at 14:24, Graham Kelly wrote:  

> Well, being that you're so WISE, and I'm oh, so BLIND, why didn't
> you warn me? 

You were warned.  Not by me, but by many other people on this list. 
Plus you got a really clear warning from e-gold itself.

> Ah well, more importantly, priceless lessons were learnt, and what
> was learnt has now been implemented, as far as GoldNow is concerned.
> So, it actually turned into a cheap lesson.

Would that it were so.  For

>Date:  Fri, 20 Dec 2002 18:52:51 -0500
>Author:  "Graham Kelly" <[EMAIL PROTECTED]>
>Subject:  We've added BrightPay to our "family"!

you wrote

>After much DD, we have decided to add BrightPay.com to our list of
>ecurrencies. They are in competition to PayPal(!), have a very small
>customer database, but are growing rapidly. I feel that most of
>negatives about the PP model have been addressed. BrightPay admin are
>also very keen to avoid fraud, and we have a solid agreement on this
>issue.

and further with more than a little irony in retrospect.

>In light of the OSGold and Standard Reverse dramas, we will not be
>adding new ecurrencies (gold backed or non gold backed) UNLESS they
>pass our inspection/muster (meaning we want directors names,
>addresses, phone numbers, and proof of backing).

My appologies for getting Stormpay confused with Brightpay.  It
is hard to keep all these scuzzy outfits straight.

> WE didn't TOUT OSGold after they ran. In fact, we were warning
> customers about 6-9 weeks BEFORE they officially "done a bunk"...
> and it's all in the archives.

Yes it is:

>Date:  Mon, 08 Jul 2002 02:55:44 +
>Author:  "Graham Kelly" <[EMAIL PROTECTED]>
>Subject:  Re: antiscam OSGold?
>Jonathan,
>
>Most people "in the know" are negative about OSGold... and I don't
>blame them. However, I believe OSGold'll get going again, once they
>sort out their banking problems. 
>
>I could be wrong, but I don't think so. Time will tell...

That was months after they had run off with the money.  And I
certainly consider that touting.

Best,

CCS


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[e-gold-list] Re: Get a life!

2003-06-09 Thread Craig Spencer
On 10 Jun 2003, at 3:51, Graham Kelly wrote:  

> What are you on about? How was ANYONE to know that there were crooks
> at OSGold... until they ran off with the funds?!? 

!!!  Almost everyone on this list knew they were crooks from the
moment they started "business" and said so publicly, repeatedly,
at length and giving reasons.  People were betting on how long
the scam would last!  It is all in the archives.

But a few market makers like yourself (including Gaitheman and 
Zurchristan, who seems to have turned out to be a scammer 
himself) insisted on doing business with them anyway.  And you 
all yowled to high heaven when e-gold took you off their directory 
for being involved with a scam.  And you all whined about unfairness
when we told you were promoting a scam.  A month or two AFTER they
had already run off with the money you were still touting OSGold.

We have to wonder about your motives.  How could anyone be so 
blind as to not know?

Best,

CCS


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[e-gold-list] Re: Payment Cards & Bank Accounts for Clients Worldwide

2003-06-09 Thread Craig Spencer
On 10 Jun 2003, at 1:24, Graham Kelly wrote: 

> I just cannot stand crooks...

You liked the crooks at OSGold well enough.  And those 
at StormPay.  And ... the list continues but I don't remember
them all.  I give you the benefit of the doubt and presume
that your judgement is just unbelievably lousy.

Best,

CCS


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[e-gold-list] Re: Release of funds tightly coupled with receipt of goods

2003-06-03 Thread Craig Spencer
On 2 Jun 2003, at 18:14, Patrick Chkoreff wrote:  

> I am trying to envision a purchasing system where the release of funds
> is very tightly coupled with the physical acts of shipping and
> receiving goods.  A well capitalized shipping company like UPS might
> be able to devise a system like this and provide a way to integrate
> different payment systems into it, including credit card, wire,
> e-gold, etc.

Yes, but they are not going to do it (don't ask me why).  So if
you want something that is practical and works you have to design
something that does not require their active cooperation.  UPS
provides an XML interface to their tracking system.  So you could
automatically key off such events as (1) item shipped (to a 
certain address) and (2) item delivered.  This would, in practice,
be enough to implement G.O.D. with what exists today.

Best,

CCS


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[e-gold-list] Re: www.repudigold.com

2003-06-02 Thread Craig Spencer
On 2 Jun 2003, at 10:21, Sidd wrote:
 
> Why even make the payment then? The recipient has no access to the
> funds until the time expires, and the payer can repudiate at any
> time... Why not use the e-gold system as it is, and send the goods to
> the buyer, and ask him to pay once he receives the goods... it's the
> same thing!

Very good point!  It makes the whole idea seem rather silly.  The
only difference I can see is that the escrow make the buyer 
demonstrate in advance that he has the funds and give up the use 
of them for a little while.

Best,

CCS 


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[e-gold-list] Re: Surge in velocity

2003-05-30 Thread Craig Spencer
On 29 May 2003, at 23:11, Ian Green wrote: 

> Gold 308.39 kg equiv. USD $3,596,865.30 in 67,261 spends in 24 hours.
> 
> This speaks of a lot more business going on than we can possibly be
> aware of in this discussion group. 

Right!

A statistic which I find useful is the ratio of spends to account
accesses.  I observed when the statistics first became available
that this ratio was about 1:1.  About a year ago it surged up
to 2:1.  Now it is 3:1 to 4:1.  I think this is a clear indication
that something is changing in the way e-gold is being used.  But
I have no idea what that might mean.

Best,

CCS
 

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[e-gold-list] Re: News From the World of Gold

2003-05-27 Thread Craig Spencer
On 27 May 2003, at 19:35, Frank Mottley wrote:

Thanks!!!  That interchange beween Ron Paul and Alan Greenspan was
absolutely fascinating.

Best,

CCS



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[e-gold-list] Re: Q for Jay

2003-04-12 Thread Craig Spencer
On 12 Apr 2003, at 14:38, [EMAIL PROTECTED] wrote:

> > Concerning your announcement of illicit attempts to log into
> > accounts ...  Does an attempt to log in which fails the Turing 
> > test count?  [I occaisionally fail the Turing test!  :)]  If so, it
> > might be a good idea to differentiate between password falures and
> > Turing test failures.
> 
> i don't remember what announcement i made, but yeah, Turing
> number failures don't amount to much of anything - i.e. if you
> can't pass the Turing test you are obviously not a human e-gold
> account holder trying to access your account! :)

I'm not sure if you understood the question I was asking; I was
not very clear.

When a user logs in to his account you have an announcement to the
effect that "the last invalid access attempt was on XX/XX/XX" or
some such.  This is the announcement I was talking about.  

I have apparently had a few such "attempts" in the last couple of
months.  I am wondering if someone is trying to hack my account,
using my account number by accident or what...  It occured to me
that perhaps I was inadvertetly the source of these attempts by
failing the Turing test.  This could be the case if you log Turing 
test failures just like password failures.  That is what I wanted
to know about.

No human here!  :)

Best,

CCS
 


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[e-gold-list] Re: [dgc.chat] Donate e-gold to CADAL

2003-03-07 Thread Craig Spencer
I made my donation to CADAL to promote liberty in Latin America.

The following transaction has been posted:
You Paid: AERF-CADAL, Account# 767583
10.00 grams of Gold (US$ 112.53 equivalent)
Memo: Donácion a CADAL
Transaction Posted! e-gold Payment batch #: 12772804

For your convenience I have created a donation page.  You can
make your donation to support CADAL at the following.

http://www.scbbs.net/craigs/donar.html

Best,

CCS





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[e-gold-list] Re: [dgc.chat] CADAL

2003-03-05 Thread Craig Spencer
Freedom Lovers,

Liberty is in peril in the world.  But in Latin America it currently
is in peril not so much from the depredations of governments or the
conscious rejection of people as from true ignorance and
misinformation.  This is something that can be fought.  And in Latin
America there are good prospects that education can yield real change.
 I'd like to bring to your attention an organization aimed at doing
just this: CADAL (CENTRO PARA LA APERTURA Y EL DESARROLLO DE AMERICA
LATINA or Center for the Opening and Development of Latin America).

http://www.cadal.org

CADAL has been a major site for the dissemination of pro-free market
information and analysis of Latin American affairs.  Gabriel Salvia

[EMAIL PROTECTED] 

has just become its new director.  Gabriel is the former director of
the tremendous Fundacion Atlas.

http://www.atlas.org.ar/

Here is what Gabriel has to say about his mission.

"My objective is nothing less than to convert this brilliant 
institution into one of the most influential in Latin America for
the promotion individual liberties in the region."  

"You well know my work and my ideals, so I hope arouse your interest
in this my new undertaking."

"CADAL, situated in Buenos Aires, has as its goal the observance and
promotion for civil, political and economic liberty in the countries
of Latin America.  CADAL originally arose about 2000 as an internet
site, developing informative content, producing TV spots and
organizing events."  

"As of February 26, 2003 it has become a foundation.  The launching
of CADAL as an institute arose now as a response to the anti-
capitalist network which operates in the region and at the same time
because of the material and institutional retrogression that the
various countries of Latin America are suffering."

"Consequently, as a strategy in the defense and the promotion of
individual liberty and economic progress for the peoples of Latin
America, CADAL offers a special dedication to supporting civil
society, freedom of expresssion, the rule of law and political
reforms that guarantee open democracy and economic policies that
permit free enterprise."

I have gotten Gabriel to arrange with his affiliate, the Atlas
Economic Research Foundation, 

http://www.atlasusa.org/

to open an e-gold account (#767583) so that they can receive 
donations in e-gold for the express purpose of assisting CADAL. 

I am going to donate 10 grams.  I urge everyone to consider doing
likewise.  Finally you have an opportunity to put your gold where your
mouth is.  Please put "for CADAL" in the memo field.

Best,

CCS






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[e-gold-list] Re: Norfed Disclaimer

2002-12-01 Thread Craig Spencer
>> There is a law against "uttering money".  There is also the Civil 
>> War circuation tax with which Lincoln drove private money out of 
>> circulation. 

On 1 Dec 2002, at 0:16, Vebjorn Ljosa wrote: 

> Could you please point me to books or web pages where I can read 
> more about these laws? 

As I recall I just looked them up in the US Code. 

Craig (SnowDog) wrote: 

>I don't think those laws exist anymore. I spent about 15 minutes  
>looking through the US Code -- Title 31 is the relevent section --  
>and could not find any reference. 

http://www4.law.cornell.edu/uscode/ 

Perhaps.  Altho they were still in the books 35 years ago and I 
don't know of any legislation that would have removed them in 
the intervening time.  

Thanks for the useful link to the code.  A little looking shows
that these items are still there.

>TITLE 18 , PART I , CHAPTER 25 , Sec. 486. 
>Sec. 486. - Uttering coins of gold, silver or other metal 
>Whoever, except as authorized by law, makes or utters or passes, 
>or attempts to utter or pass, any coins of gold or silver or other 
>metal, or alloys of metals, intended for use as current money, 
>whether in the resemblance of coins of the United States or of 
>foreign countries, or of original design, shall be fined under 
>this title or imprisoned not more than five years, or both.

On the circulation tax, David Hillary seems to have been closer
to right than my poor memory.

>TITLE 12 , CHAPTER 4 , SUBCHAPTER II , Sec. 541. 
>Sec. 541. - Tax on circulating notes generally 
>In lieu of all existing taxes, every association shall pay to 
>the Treasurer of the United States, in the months of January 
>and July, a duty of one-half of 1 per centum each half year 
>upon the average amount of its notes in circulation 

This may not be what I remembered.  It derives from the National
Banking act of 1864.

>Sec. 38. - The National Bank Act 
>The Act entitled ''An Act to provide a national currency secured by 
>a pledge of United States bonds, and to provide for the circulation 
>and redemption thereof,'' approved June 3, 1864, shall be known as 
>''The National Bank Act.' 

It might be interesting to feret out the circulation tax in its 
orginal Civil War form.  But I'm not going to do it!

Best, 

CCS 


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[e-gold-list] Re: Norfed Disclaimer

2002-11-30 Thread Craig Spencer
On 1 Dec 2002, at 17:39, David Hillary wrote:

> > There is a law against "uttering money".  There is also the Civil
> > War circuation tax with which Lincoln drove private money out of
> > circulation.

> I have heard that USD notes issued by US banks are subject to a 1%
> p.a. tax. Does anyone know the details of this tax and why it
> presumably does not apply to notes issued by the federal reserve
> banks? 

I never heard of anything like that.  

As I recall (and at 35 years distance I could be completely wrong), 
the Civil War circulation tax was 10% on every transaction.  It was 
not intended to raise revenue or allow private banks to make a 
profit on issuance.  It was designed for the specific purpose of 
driving all private currency out of existance.  It was thought at 
the time that a law proscribing private issuance would be 
unconstitutional.  A prohibitive tax was a way to circumvent
the constitution.  Now, of course, no one would care about a law
being unconstitutional; they would just do it and ignore the 
constitution.  What a quaint notion to think there was any need
to pay enough attention to the constitution to take pains to
cirucumvent it!

As to why the circulation tax does not apply to FRNs... ; that is
a good question.  They may just be ignoring the law.

Best,

Craig


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[e-gold-list] Re: Norfed Disclaimer

2002-11-30 Thread Craig Spencer
On 30 Nov 2002, at 23:21, SnowDog wrote:
 
> What is legally wrong with saying that a Silver Liberty is: 
> 1) money? 
> 2) a coin? 
> 3) minted? 
> 4) intended to circulate?
> 
> Isn't a Silver Liberty minted as coin money, and intended to
> circulate? Is there some law against creating coin money for this
> purpose?

Yes.

There is a law against "uttering money".  There is also the Civil
War circuation tax with which Lincoln drove private money out of
circulation.

Best,

Craig

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[e-gold-list] Re: Business Idea

2002-10-10 Thread Craig Spencer

John,
 
> >> If I spend the next 6 months in my attic writing a sequel to 
> >> Atlas Shrugged, and the moment I begin to sell them someone posts
> >> the entire thing to the internet and everyone downloads it for
> >> free, where is the justice in that? 
> >
> >Respectfully, I suggest that it is your responsibility to figure out
> >a free-market way to do business which profits yourself.  If you fail
> >to solve you own marketing and distribution problems it is not other
> >people who are at fault and are obligated to make up the deficiency. 
> 
> This is not a distribution problem. By that rationale, it is not the
> criminal consumer who is at fault, but the producer who did not make
> the theft hard enough. 

It is a distribution and marketing problem and there is no theft.  The
case you postulated is one in which you VOLUNTARILY distributed your 
work to people with whom you did NOT have an agreement prohibiting 
them from "posting the entire thing on the internet".  Then you
complained when they did what they had no obligation not to do.  [In
case you did have such an agreement and they violated then your
recourse is clear: whatever was specified in your agreement.]  

You, as the producer, have the inherent right to do whatever you 
want with your work.  That includes giving it away.  You do not
have the right to complain, after the fact that you gave it away,
that someone took it.
 
> >No one is obligated to compensate you because you benefit them unless
> >they have agreed to do so.  That is what a free market is.  Your
> >problem is to figure out a way to distribute your work in such a way
> >so as to secure such agreement.
> 
> If they are benefited, they may not be obligated to compensate me. If
> I provide a service to someone that they didn't want, they don't have
> to pay even if they benefited. On the other hand, what if I didn't
> agree to to provide the service. If the consumer isn't obligated to
> compensate me unless they have agreed to do so, shouldn't they
> likewise have my agreement to provide them with my product?

Yes.  But when you give your product to someone without any 
stipulations as to what they can do with it then you HAVE given
your consent to them using it in anyway they care to.  That is
what giving means.

How else could they have gotten your product?  It they truely got
your product without your "agree[ing] to provide it" (by subterfuge,
stealth or force) then that IS theft.  But that is not the situation
you postulated.

> As far as written agreements go, I believe there is already a
> statement that copying is for your own personal use, may not be
> duplicated for other reasons, etc. etc. on movies. These agreements
> also exist on software. 

That is what I am advocating.  However, I do object to these so-called
"shrink wrap" agreements when they are revealed only after the 
purshase.  There is also a certain impracticality about most of them
when there is no effective means of enforcing them.

> >Exactly right, again.  However, many laws do not actually protect
> >rights but violate them.  Patent laws are a prime example of this.
> 
> How do patent laws do that?

I have explained this in detail several times on both this list and
the e-gold list.  If you wish you may be able to look up the long
discussions that ensued in the archives.  I don't think I want to
go into it again and it would only irritate Turk!

Best,

Craig


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[e-gold-list] Re: Business Idea

2002-10-09 Thread Craig Spencer

John,
 
> If I spend the next 6 months in my attic writing a sequel to 
> Atlas Shrugged, and the moment I begin to sell them someone posts 
> the entire thing to the internet and everyone downloads it for 
> free, where is the justice in that? 

Respectfully, I suggest that it is your responsibility to figure
out a free-market way to do business which profits yourself.  If
you fail to solve you own marketing and distribution problems it
is not other people who are at fault and are obligated to make up 
the deficiency.

> But how is it that people enjoying and benefiting from my
> story do not have to compensate me for what I made? These people may
> not be physically taking printed books from my hands, so I may not be
> "deprived the use of some physical object in my possession", but is
> that relevant? If people are benefiting from my labor?

No one is obligated to compensate you because you benefit them unless
they have agreed to do so.  That is what a free market is.  Your
problem is to figure out a way to distribute your work in such a
way so as to secure such agreement.

There is a person, A. J. Galambos, who advocates your point of view 
and takes it to its logical conclusion.  You might be interested in
reading his work.  

> Whenever something is sold, the seller should be able to attach any
> conditions he wants to that sale. If I write my book, I should be free
> to only sell it to those who will agree to read it while standing on
> their head and eating easy-cheese. This is a contractual element to
> the sale, and if people don't like it, then they can not buy my book.

Exactly right.  And if you fail to explicitly make such a 
contract (which can sometimes be implied by "customs of the trade")
then you can't make up pretend terms after the fact just because
you are not satisfied with the results.
 
> And for those who say maybe it's time laws and property rights 
> should change, rights pre-exist and are independent of laws. 

Exactly right, again.  However, many laws do not actually protect
rights but violate them.  Patent laws are a prime example of this.

>Laws only come into effect later to protect fundamental and 
>inalienable rights.

If we are lucky that is the case.  Too often it is the opposite.

Best,

CCS

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[e-gold-list] Re: Positioning

2002-09-27 Thread Craig Spencer

On 27 Sep 2002, at 14:19, Kenneth C. Griffith wrote:

> In GM's press release it is interesting that Mr. Turk framed the
> patent issue as if it has some relevance to the failure of Standard
> Reserve and OS Gold.  His comments suggest that he view GoldMoney's
> role as being the ethical police force of the gold currency industry.

This is just spin BS.  I wonder if Turk actually believes this himself
or if he just thinks we are so stupid we will buy it.  For some
reason that is beyond me, he feels the need to pretend that he is 
doing us a favor by this patent suit nonsense.  Why do you suppose
that he made up this "ethical police force of the gold currency
industry" excuse for his actions?  Why is it that this guy (whether 
or not he is sincere) can't be up-front about anything?

Best,

Craig


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[e-gold-list] Re: Shhh... Here is a big secret!

2002-09-26 Thread Craig Spencer

On 26 Sep 2002, at 11:40, Kenneth C. Griffith wrote:

> Frankly, you're better off sticking with a regular domestic US
> issued debit card if you are a US citizen.  It draws less attention
> to you.

**This is worth emphasizing.**  It is unwise for a US resident to use
an offshore card _in the US_.  It is much safer to find the most
suitable domestic card and use that.  If you are outside the US then
it is reasonably safe to use one of the many offshore cards on offer.

Best,

Craig



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[e-gold-list] Re: Anonymity

2002-09-10 Thread Craig Spencer

On 10 Sep 2002, at 17:21, Kenneth C. Griffith wrote:

> Just for the record, there is not any e-currency presently in
> operation that offers "anonymous transactions".

Au contaire: ALTA.

Best,

CCS

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[e-gold-list] RE: INDX exchange

2002-06-24 Thread Craig Spencer

Hello Alexander,

I admire your exchange.  It looks very useful if I could only
figure out how it all works.  :)

> If you are also an e-gold user you may exchange 0.loz of e-gold on
> page https://tradee.indx.ru/Asp/E_gold.asp to 0.1EGOLD.MTL to
> 0.1EGOLD.MTL instrument in real-time, sell it, and receive some 30+
> WMZ units to your trader's purse *instantaneously*.

If I understand correctly, your exchange uses WMZ only as a medium
of exchange.  Is there any possibility that you might make it
possible to have a choice of media in which to quote prices?  I'd
prefer to be able to trade directly in terms of digital gold
rather than have to convert back and forth to WMZ.

Best,

CCS


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[e-gold-list] Re: what a joke ..

2002-06-16 Thread Craig Spencer

On 16 Jun 2002, at 4:55, SnowDog wrote:

> I thought Standard Reserve had signed-up a cruise line last 
> year, with 60,000 employees as customers. They were quite 
> excited about it, at the time. If they did sign them up, ...

Yea, well, you can't take salesman's blather at face value.  Who
knows what really has been going on? 

Best,

CCS



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[e-gold-list] Re: Convert e-gold to OSgold and EVOcash free.

2002-04-30 Thread Craig Spencer

On 30 Apr 2002, at 12:11, [EMAIL PROTECTED] wrote:

> if OSGold are smart, they'll restore convertibility ASAP, to ward off
> any run

Restore???  Has OSGold ever been redemable in any way for anything?

Best,

CCS


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[e-gold-list] Imposter back on Google

2002-03-14 Thread Craig Spencer

Add Reads:

E-gold e-currency
click here to log in.
Send and receive GOLD
www.e-gold.com

mouseover: go to www.e-gold.com

Best,

CCS

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[e-gold-list] Re: email notifications?

2002-03-14 Thread Craig Spencer

On 14 Mar 2002, at 12:51, Jay W. wrote:

> because email is easily spoofed, we don't want
> anyone getting in the habit of thinking that because
> a text message arrived in their inbox, they actually own
> more bits of gold 
 
> answers/ideas?

Why not just sign it with PGP?  Most people will probably not bother
or be able to verify the signature; but it would be there for those
that care.

Best,

CCS

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[e-gold-list] Re: over 400K e-gold accounts

2002-03-13 Thread Craig Spencer

On 13 Mar 2002, at 7:40, SnowDog wrote:

> How come the only spam I get comes through to the email address I use
> here? 

I concur.  The e-gold list is the source of almost all the spam I 
get.  I changed my address and that only produced a brief relief.  I
now use a separate address for my private mail.

CCS

  

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[e-gold-list] Re: Imposter on Google

2002-03-12 Thread Craig Spencer

On 13 Mar 2002, at 11:30, Michael Moore wrote:

> The minimum payment for impressions on Google is $50 USD.  for which a
> valid credit card must be lodged to get the ad placed. Kind regards,

My first thought is perhaps e-gold could track this guy down by 
getting his credit card info from Google.  My second thought is
that is ridiculous: any card he used would be stolen.

Best,

CCS

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[e-gold-list] Re: Imposter on Google

2002-03-12 Thread Craig Spencer

James,

Thanks for your comment.

> This imposter is the dreaded e-qold.com
> 
> If you mouse over the buttons at the top of the e-gold login page you
> will see the e-qold.com domain name in the links.
> 
> Did you see this under the search term e-gold or another one. Because
> it appears to be gone now?

Hmm... Yes it does seem to be gone now.  Perhaps the imposter
only paid for a small number of impressions.  It was a *paid* 
advertisement being run on the Google site pretending to be from
www.e-gold.com!  It came up with any search containing "e-gold" 
under the "sponsored links" on the right hand side of the page.
Only fairly innocuous ones seem to be there now.

Best,

CCS

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[e-gold-list] Imposter on Google

2002-03-12 Thread Craig Spencer

FYI:  This 
   http://server2.websytz.com/~egold/acct/login.asp
is being advertised as 
   www.e-gold.com
on Google.

There is also someone advertising their orginator link
on Google which is probably innocent.

CCS

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[e-gold-list] Re: Head in the sand, breeze on my cheeks & Lotteries errr..umm..raffles.

2002-03-06 Thread Craig Spencer

SnowDog,
 
> But an GBC Exchange Service does not transmit anything! To transmit,
> you must take from one party and give it to another. An exchange
> service just takes one form of money and exchanges it for another.
> They don't transmit.

That is perfectly logical.  Therefore, it does not have any relevance 
to the actions of governmental agents.

Best,

CCS

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[e-gold-list] Re: e-gold has other issues, too

2002-02-19 Thread Craig Spencer

JP,

E-gold is approximately to money as email is to letters.  :)

CCS

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[e-gold-list] Re: turing number

2002-02-04 Thread Craig Spencer

On 4 Feb 2002, at 17:39, SnowDog wrote:

> > The 2 hurdle concept and its equivalence to a longer passphrase have
> > been discussed at length on this list before.
> 
> But the ideas being bantered about recently are not equivalent to a
> longer passphrase. The idea is to issue a personalized challenge, to
> which the user would have to respond. How is this equivalent to a
> passphrase? Copying keystrokes would not allow a third-party to
> log-in.

A passphrase is a shared secret.  Demonstration of knowledge of the
shared secret entitles one to access to the account.  The response
algorithm is also such a shared secret.  It may be very hard to find 
this shared secret by trial but it could be done.  It is no harder
to find by trial-and-error than a sufficiently long passphrase. 
Therefore it is equivalent to a sufficiently long passphrase.

A better challenge-response scheme would be a PGP key pair.  But
this is also equivalent to a sufficiently long passphrase.

You bring up another point: that it is not susceptible to keyboard 
sniffing.  This is also true of a PGP key pair or a 
certificate.  But this is another issue.

And none of these consitute Turing tests or solve the problem
that the Turing number was intended to address. 

Best,

CCS



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[e-gold-list] Re: turing number

2002-02-04 Thread Craig Spencer

On 4 Feb 2002, at 15:53, Danny Van den Berghe wrote:

> > I won't argue the security/passphrase issues.  They have been hashed
> > over on this list ad infinitum.  My point remains: the purpose of
> > the Turing number is not security per se but to eliminate automated
> > trials.  How well the turning number actually does this is
> > irrelevant.  This proposal does not serve to advance that purpose.
> 
> My proposal eliminates automated trials very well because it makes
> them totally useless.

Yes, it makes them totally useless in exactly the same way that a 
longer passphrase makes them totally useless.  Presumably, the recent
robot passphrase trial attempts did not actually profit the hacker 
at the expense those of us with sufficiently long passphrases.  But
it did produce irritation and anxiety and perhaps denial of 
service.  Again, the object of turing tests is to make such 
automated trials impossible (that e-gold's turing number does not
fully do this is irrelevant) not just to make them unsuccessful.

What you are suggesting may be a good idea.  It just does not serve
the same purpose that the turning number was aimed at.
 
> That's basically the big advantage of the "2 hurdle" concept 

The 2 hurdle concept and its equivalence to a longer passphrase have
been discussed at length on this list before.

Best,

CCS




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[e-gold-list] Re: turing number

2002-02-03 Thread Craig Spencer

On 3 Feb 2002, at 9:33, SnowDog wrote:

> > > I think you guys have lost track of the whole purpose of the
> > > Turing number.  It is to prevent automated trials by ensuring that
> > > a human being is there.  What you are proposing amounts to an
> > > additional or longer passphrase and in no way excludes automated
> > > trials any more than the simple number now being used.
> 
> As Mr. Van den Berghe demonstrated, it's much more difficult to crack
> than a longer passphrase. 

I won't argue the security/passphrase issues.  They have been hashed
over on this list ad infinitum.  My point remains: the purpose of the
Turing number is not security per se but to eliminate automated
trials.  How well the turning number actually does this is
irrelevant.  This proposal does not serve to advance that purpose.

Best,

CCS


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[e-gold-list] Re: turing number

2002-02-02 Thread Craig Spencer

On 2 Feb 2002, at 9:37, SnowDog wrote:

> Here's an idea. Set the algorithm for deciphering the Turing Code, in
> the account. That way, a cracker would not know how to respond to the
> turing question. Of course, this makes logging-in very comlicated.

I think you guys have lost track of the whole purpose of the Turing
number.  It is to prevent automated trials by ensuring that a human
being is there.  What you are proposing amounts to an additional or
longer passphrase and in no way excludes automated trials any more
than the simple number now being used.

Best,

CCS

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[e-gold-list] Re: Argentina

2002-02-01 Thread Craig Spencer

On 1 Feb 2002, at 13:41, Destiny Worldwide Net wrote:

> Are people allowed to buy and sell gold and silver there?  

According to Gustavo Lazzari, an economist with the Fundacion
Atlas in Argentina the priate ownership of gold and silver is 
legal in Argentina.  However, the State has a legal monopoly
on the coining of circulating money.  Thus you could make and
sell gold medalions in Argentina, and people could use them
for trade but you could not call them "money".

This is essentially the same as the situation in the US.  The
US law forbids anyone from "uttering money".  But many mints
produce gold medalions.

Best,

CCS


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[e-gold-list] Re: R: Newbie Idea

2002-01-27 Thread Craig Spencer

On 27 Jan 2002, at 18:33, Fidex Marketing wrote:

> I think pre-paid cards are an excellent idea. I would suggest a
> simple scratch card that can be bought with cash (or with any other
> payment method acceptable to the retailer like credit cards, checks,
> store cards, ATM cards etc) in the same way that pre-paid phone
> cards work.
> 
> I believe such a system already exists in Russia, and there is
> something like it in Germany that is for buying access to adult
> sites. I wish someone would introduce it in the US.

As I already pointed out numerous companies have already done this in
the US.

PocketPass, EPacific's PayCard, NetSpend, and now defunct 7-11 Amex.

Best,

CCS



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[e-gold-list] Re: various

2002-01-25 Thread Craig Spencer

On 25 Jan 2002, at 17:34, jim wrote:

> That novelty is what makes it compelling in my opinion.  

I think it is cleaner to keep DGCs and fiat separate except for
businesses specializing in conversion.  

You can accomplish exactly what you have in mind by opening 
PocketPass, PayCard or NetSpend accounts (7-11's card was 
unsuitable for this and is defunct now anyway) and operating 
as an exchange provider receiving fiat payment to those 
accounts.  The relieves you of the enormous task of 
establishing a vulnerable and expensive infrastructure to
collect cash fiat payments nationwide.  On the other hand
these three outfits, who have undertaken this task, have
barely made a dent in it.  So you might not have a very
big business.

Best,

CCS



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[e-gold-list] Re: various

2002-01-25 Thread Craig Spencer

On 25 Jan 2002, at 11:08, [EMAIL PROTECTED] wrote:

> If someone already in the market is thinking of doing this, I'd sure
> like to know about it.  

This basic idea has been implemented by numerous businesses in terms
of fiat money.

PocketPass
PayCard
7-11's Amex card
NetSpend

There may well be more.  The only novelty might be in automatically 
converting to a DGC.

Best,

CCS

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[e-gold-list] Re: Virtual Phonecards

2002-01-17 Thread Craig Spencer

On 17 Jan 2002, at 14:21, Patrick Chkoreff wrote:

> From: "Craig Spencer" <[EMAIL PROTECTED]>
> Sent: Thursday, January 17, 2002 2:16 PM
> 
> > ---
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> 
> Hey, the phonecard site looks interesting, but it doesn't look like
> you can buy them with e-gold or GoldMoney!  Disappointing, especially
> for a site called "Hard Money Virtual Phone Cards".
> 
> Am I missing something?

Give me time...   Coming "soon".  Meanwhile, feel free to use credit
cards.  Altho it is a bit of a hassle for the first purchase its not
so bad after that.

Best,

CCS

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[e-gold-list] Re: 1mdc LODGEMENTS to take over from Euro?

2002-01-17 Thread Craig Spencer

On 17 Jan 2002, at 12:58, Patrick Chkoreff wrote:

> For building a group of people to whom they can sell FUTURE
> revenue-generating services.  JP has mentioned a possible 1mdc-grams
> product with a transaction fee.

Except, correct me if I am wrong, that product (as currently in 
use) has no fee!
 
> I'm not saying I definitely foresee a complete return on this initial
> investment, but JP and company are betting it's there.  Maybe part of
> the return is just the fun of doing it,

Actually, that is my suspicion...

> but I'm sure they're counting
> on real money streams.  We'll see.  If they decide to go out of
> business they'll just let all the lodgments expire and all the funds
> will return to the users' e-gold accounts.  Because they're honest.

Yes.  Of that I have no doubt.
 
> Well, I guess JP is building 1mdc on the premise that "if 
> they come, he will build it".



Best,

CCS

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[e-gold-list] Re: 1mdc LODGEMENTS to take over from Euro?

2002-01-17 Thread Craig Spencer

On 17 Jan 2002, at 13:00, David Beroff wrote:

> I'm not entirely sure that his business model will succeed,
> but the  *concept*  certainly does make sense to me.
> 
> Let's say that I'm an advertiser (which I am).
> I may want to place this ad in front of JP's members:
> http://LeadFactory.com/pub/example.php?d4b_e-gold

Now that does make some sense!  JP wanted to advertise on
e-gold's spend page and couldn't.  So he is trying to move
the e-gold spends to his own page where he can advertise.

Sneaky...

Best,

CCS

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[e-gold-list] Re: 1mdc LODGEMENTS to take over from Euro?

2002-01-17 Thread Craig Spencer

On 17 Jan 2002, at 10:18, Patrick Chkoreff wrote:

> Very neat, JP.  The agio fees are simply your marketing costs.  On the
> $100,000 lodged, that works out to about $1000 a year.

But marketing costs for what?  !!!

Best,

CCS


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[e-gold-list] Re: 1mdc LODGEMENTS to take over from Euro?

2002-01-17 Thread Craig Spencer

On 17 Jan 2002, at 9:06, [EMAIL PROTECTED] wrote:

> JP,
> I still dont get it. I still dont understand how 1mdc wants to 
> pay a bonus for customers. A customer is one that purchases a
> commodity or service. What commodity or service is 1mdc providing?
> Companies will pay a bonus because they know they can clean up with
> future sales. Is there some hidden fee for using 1mdc, like a 5%
> withdrawal fee? I just dont get it, sounds to good to be true ...
> I want to cut costs like everyone else, I just know there are no 
> free lunches.

I'm with you Don.  I trust JP like he trusts Paul Vahur but what
he is doing makes no sense whatsoever.  And his "explanations" just
make him sound like a phoney (which I know he is not!).

Best,

CCS

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[e-gold-list] Re: end-game wealth

2002-01-15 Thread Craig Spencer

Claude,

> Dollars, I mean Federal Notes ... are only $500B worlwide. I think
> with a lot of them in the US. So maybe only $50B-$100B is outside of
> the US, possibly a lot less.

Actually, it is my impression, to the contrary, that there are 
more FRNs in circulation outside the US than inside.  I don't 
have any sources to cite for this but I am sure I have read it
many times.  I am not sure what is true.
 
> I meant $2.4 trillions not billions. Sorry.

Ah.  That makes more sense.
 
> So. $2.4T is 40% of the US governement debt which is $6T
> 
> In other words, US debt owned by foreign central banks as 
> reserves ($700B + Europe ?? + others) is a large portion of the 
> $2.4T debt, which live little for US debt in private hands.

The issue of The Privateer that you sent me states that the EU holds
about 1T in US debt (tho it doesn't say if that is all held by the
governments...).  That raises the total to 1.7T.  I would guess that
most of the remaining 700B is in private hands.  That is not chicken
feed but it IS a minority of the total.

Best,

CCS



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[e-gold-list] Re: end-game wealth

2002-01-15 Thread Craig Spencer

Claude,

I don't really understand the figures you give.
 
> > I wonder: just what is the relative magnitude of dollars held as
> > reserves by governments and the private dollar float? 
 
> Central banks have in T-Bills and bonds:
> 
> Japan $400B+
> China $200B+
> Other tigers: $100B+ I think
> 
> Europe: ?? 

I guess, the reserves are not really held as dollars but 
as US government dollar denominated debt.  I should have
realized that.

> 40% of the US debt is held by foreigners. So it is: some $2.4 
> billions...  

2.4B is not close to 40% of the previous previous figures (in 
excess of 700B) ???
 
> Currency in circulation is probably less than $50-$100B.
> 
> I'd say that Central bank reserves are at least 50% if not 75%. It is
> a guess.. But I feel it is a good one.

Of the currency in circulation or ???

Best,

CCS

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[e-gold-list] Re: end-game wealth

2002-01-15 Thread Craig Spencer

Claude,

Thanks again for your thoughtful reply.

> But in today fiat system, central banks foreign reserves exist only 
> to show other countries that the local currency can be surpported if
> needed by market intervention. The larger are one central bank's 
> reserves, the better it. That's all there is to it. 

That makes some sense.  Thanks for explaining that.
 
> Groups cannot think. Only individuals.

You are right, of course.  It is poor practice to use such
collective metaphores.

> That is why Central banks 
> can easily foll the people with their fiat system. 

It is individuals who think these crazy things.
 
> Isn't it exactly because a currency is a reserve currency that it 
> starts to circulate worlwide. What other currencies circulate 
> worlwide but the USD. The fact that other central banks accept and 
> keep as reserves the USDs is probably the main reason why the 
> foreigners accept the USD as an equivalent to the local currency. 

I don't think so.  I think the two qualities are virtually 
independent and just coincide in the Dollar by accident.  For 
instance, people in South America use the dollar for such things 
as real estate and appliances because it is more stable and less 
subject to manipulation than their local currency.  They use the
dollar not as an equivalent but as a superior currency.  The
reserve stuff is irrelevant to them and they probably don't
even know about it.

Best,

CCS



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[e-gold-list] Re: end-game wealth

2002-01-15 Thread Craig Spencer

Patrick,

I appreciated your comments.
 
> Europe wants a piece of that action.  They may get their wish:  as
> y'all probably know, China is already moving a small portion of its
> foreign currency reserves into the Euro.

I wonder: just what is the relative magnitude of dollars held as 
reserves by governments and the private dollar float?  I have a
suspicion that the former is negligible compared to the later.

Does anyone know?
 
Best,

CCS



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[e-gold-list] Re: end-game wealth

2002-01-15 Thread Craig Spencer

Claude,

Thank you for your comments.

> > > The Euro has already 15% of its reserve in gold. 
> > What does that mean? 
> Well I meant that the ECB at 15% of its foreign reserves in gold.  

But what does that mean?  What are foreign reserves?  Since it is
not redemable in anything what good are these "reserves"?   If 
someone said I won't promise to give you anything for your car
but I've got a lot of money would you give them your keys?  

This is crazy!  Such reserves are utterly meaningless.
 
> > > Although the Euro is not convertible to gold, it gives some 
> > > sort of stability and solidity to the currency. 
> 
> > Of what use is that?  It sounds like OSGold.
> 
> Well at least it raise the confidence of Europeans and foreign 
> central banks (like China) who are considering the Euro as a 
> component of their reserves. 

Perhaps it does.  But why?  What are they thinking?

To certain people it might "raise their confidence" if each bill
were smeared with chicken blood and sprinkled with powdered
rhino horn.  But that would still be irrational.

> > > The issue here is what arguments the ECB can use when it comes to
> > > the table with the USA to decide on the equilibrium of the USD and
> > > the Euro as world reserves currencies. Gold is one argument.
> > 
> > You seem to think that the usage and/or relative value will be
> > determined by political fiat.  
> 
> Well. Yes. Why do you think that the US and Europe are having a 
> series og major meetings starting next july. 

I have NO idea altho I am sure they are up to no good.  But they
can't, per se, set exchange rates or force usage without 
eliminating all human freedom.  And, altho I am sure they would 
like to do that, I don't think they are going to be able to do 
so in the next few years.

> Europe wants's to share the benefit of having a reserve currency.

No doubt.  It is a license to steal.  But it's not "use as a 
reserve" that is so enviable but enjoying a worldwide 
circulation. By floating worldwide non-Americans are fooled 
into giving REAL value to the printers of greenbacks in 
exchange for NOTHING.

***Maybe I've got it!***  The US can continue to get away with 
floating its fiat currency worldwide as long as there is no 
realistic alternative.  If the Euro became a realistic 
alternative then people would have a choice and that would 
end the whole house of cards.  However, the competition would 
not only end the "benefits" of the US dollar's worldwide float 
it would also prevent the Euro from gaining those 
benefits.  Perhaps, realizing this, they are scheming to 
establish a cartel which divides up the loot.  Perhaps it 
is not exchange rates or usage they aim to fix but to establish 
an OPEC of money.  This would require them to coordinate their 
issue in a joint way so that there is NO competition between 
the Dollar and the Euro.

> > As long as people have any choice that will not be the case; 
> > both will be determined by market 
> > forces.  
> 
> I agree. But it is a political decision that will lead these 
> forces.  WHat if the ECB decides to make the Euro convertible? 
> WHat if they increase to 40% and start selling more USD reserves. 

In the sense of a political decision determining governance and
supply you may be right.  But a political decision cannot 
arbitrarily determine to outcome of the market independent of
all other facts without coercively eliminating the market first. 

Best,

CCS




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[e-gold-list] RE: digested a few: wires, etc.

2002-01-15 Thread Craig Spencer

On 15 Jan 2002, at 22:52, Paul Vahur wrote:

> All the international wires in amount of 10,000 USD and higher are
> registered in some federal database in US. AFAIK, all the SWIFT USD
> payments go through USA, even if the sender and receiver bank are in
> the same country. Same applies to other currencies as well. 

That sounds like you mean all Swift transfers in other currencies, 
like Swiss Franks, go though the US.  Is that really what you
meant?  Or did you mean that, in that case, they would go thru
Switzerland?
 
Best,

CCS

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[e-gold-list] Re: end-game wealth

2002-01-15 Thread Craig Spencer

On 15 Jan 2002, at 15:33, C. Cormier - Ormetal Inc. wrote:

> The Euro has already 15% of its reserve in gold. 

What does that mean?

> Although the Euro is not convertible to gold, it gives some 
> sort of stability and solidity to the currency. 

Of what use is that?  It sounds like OSGold.
 
> The issue here is what arguments the ECB can use when it comes 
> to the table with the USA to decide on the equilibrium of the USD and
> the Euro as world reserves currencies. Gold is one argument.

You seem to think that the usage and/or relative value will be 
determined by political fiat.  As long as people have any choice
that will not be the case; both will be determined by market 
forces.  If the world police state develops (which seems more
and more likely) so as to be able to decide these things for 
people and enforce the will of the politicians then who 
cares: all human like is essentially over anyway.

Best,

CCS 



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[e-gold-list] Re: re. Keeping wealth in land / re. CARA legislation was Re: where does one keep ...

2002-01-13 Thread Craig Spencer

Gook luck JP!

> I disagree with you completely and totally here David!

> There's absolutely no difference between "real estate", something like
> "oil" or "gold" or indeed "intellectual property" or say
> "frequencies".

> There is only ONE TYPE of property -- intellectual property.  The
> works of the mind.  Real Estate is very much intellectual property.

I explained all this to David at great length the better part of a 
year ago.  He never paid the slightest heed, even to the extent of
responding to what I said or disagreeing with me, he just ignored
such my arguments and repeated Georgist dogma.

Best,

CCS

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[e-gold-list] Re: Julian's thoughts (long)

2002-01-10 Thread Craig Spencer

I really can't let this pass!

On 10 Jan 2002, at 2:49, Jim Davidson wrote:

> Money is just money.  It is the love of money, and
> the behavior that love of money causes, which is
> the root of evil to be torn out root and branch.

On the contrary, it is selfishness (for which "the love of 
money" is just a proxy) which is the root of all good.  To
parrot the commonplace otherwise is thoughtless ignorance 
either of the nature of morality or of the proper meaning 
of selfishness.

Best,

Craig

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[e-gold-list] Re: a few notes on new access feature

2002-01-09 Thread Craig Spencer

Jay,

I did a little experimenting with the new features yesterday.  One
thing I experienced was apparently having to re-log-in several
times.  Have you added some short time-out that you didn't have
before?  This may be good but perhaps I'm a bit slow.  I would
prefer it to be a little longer or to have control over it myself.

Also, have the constant spurious log-on attempts continued.  I 
noticed my account had been tried yesterday.  Is everyone 
experiencing this? 

Best,

CCS



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[e-gold-list] e-gold -> OSGold ???

2002-01-08 Thread Craig Spencer

There seems to be a recent flood of solicitations (some of them 
from familiar people and many from unknowns) trying to promote 
the rest of us to send them e-gold in return for OSGold.  Does 
anyone have any insight into this curious development?

If it was just unknowns I could put it down to scam artists 
trolling for suckers.  But the fact that some reputable people 
are doing it leads me to think that it is more than this.

One obvious thought is that they, or the perhaps people who are 
supplying them with discounted OSGold in quantity, know 
something (like the imminence of OSGold's collapse) that leads 
them to want to dispose of their OSGold and store their value in 
a currency that is actually redemable in gold and therefore 
intrisically valuable.

CCS

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[e-gold-list] re: love they neighbor

2002-01-02 Thread Craig Spencer

Jim,

I appreciate your recent epistles.

It sounds like you have some first hand knowledge of the 
situation (both current and historical) in Somalia.  Can
you point me to a systematic exposition (free of statist
bias) of same?

Thanks,

CCS

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[e-gold-list] Re: Someone tries to hack my accounts

2002-01-01 Thread Craig Spencer


> >- a complete set of addresses, organisation chart etc. of this
> >'company' (i doubt it's a legally registered company at all)
> 
> It certainly and proudly is not, you're right!  It is a pirate 
> company in the modern mode.  The sole trust is reputation.

Right On  --  JP!

CCS


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[e-gold-list] Re: oh for god's sake

2001-11-04 Thread Craig Spencer

On 5 Nov 2001, at 11:50, [EMAIL PROTECTED] wrote:

> Well, "someone", a legitimate law enforcement officer.
 
Law enforcement officers do not legitmately have any more such
authority than anyone else.  Whether a law enforcement officer
is legitimate or not depends on what that officer is doing.  If
he is violating individual rights he has NO legitimacy.  Only if 
he is defending individual rights does he have any legitimacy; just
like anyone else.  In our sad world most law enforcement officers
are entirely illegitimate.  Even in the semi-free part of the
world they are illegitimate much of the time since most of their
activities are criminal in nature.  The thing that distinguishes
the semi-free part of the world is that there the law enforcement
officers do sometimes do legitimate things.  
 
> I don't see that it's something else, it's prior restraint, as in your
> previous sentence.

Err   My point was that _prior restraint_, per se, is
illegitimate.  Freedom cannot exist in a society in which prior
restraint is allowed.
 
> In that situation, I believe it would be correct for the rightful
> government to say "Attention airlines, we are forbidding all airlines
> from carrying any passengers with green eyes on Wednesday"
> 
> It's a tough one though.

Yes, that is a tough situation.  But it must be solved by a social
system that excludes prior restraint if freedom is to be possible.   
A lot of thinking about this, and perhaps some innovation, is needed.

> we libertarians will still want strong law and order.

Absolutely. 
 
Best,

CCS



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[e-gold-list] Re: oh for god's sake

2001-11-04 Thread Craig Spencer

On 4 Nov 2001, at 16:24, SnowDog wrote:

> > Secondly, she's an _environmentalist_, i.e. the enemy.
> 
> You can't have a world free only to capitalists.

I don't know about that.  Inasmuch as non-captialists are, by
definition, people who are aim to violate individual rights --
that is criminals -- I would say that only capitalists can
be allowed freedom.  The others ought to be prevented from 
comitting their intended crimes.

Best,

CCS
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[e-gold-list] Re: oh for god's sake

2001-11-04 Thread Craig Spencer

On 5 Nov 2001, at 9:39, [EMAIL PROTECTED] wrote:

> I disagree Craig, in the specific case of an airplane flying over
> populated areas, or other similar examples such as say "a truck moving
> explosives" and the like .. in those cases the Gov. probably has the
> right to tell the Airline many things, eg, dont fly today there's a
> hurricane, dont fly in this area its set aside for kite flyers today,
> dont fly with such and such a mechanical problem, etc.

There are somethings that it might be legitimate for a government (or 
anyone else -- the government is not above anyone) to order 
an airline about.  Ie. don't to something that violates an
individual's rights or reclessly and negligently endangers masses 
of people.  But the examples you give do not fall in these 
categories.  Airline safety standards should be regulated by the
market (people have a right to patronize (or not) an airline whose 
safety practices suit them).  And the government has no business 
allocating property rights (in airspace or anything else).
 
> Quite simply say a criminal was getting on the plane (a theif or
> whatever - nothing to do with war etc -- someone who it was suspected
> would pickpocket all the passnegers in 1ts class during the flight) --
> it would be a normal act of jurisprudence to arrest or detain that
> person, IMHO.

This would be prior restraint.  Prevention of the commission of a
crime is legitimate.  Forceably restraining someone on the basis 
that someone thinks (even for good cause) they MAY commit a crime 
is something else.  On the otherhand, the airline can rightfully 
exclude anyone they want for any or no reason; an airline which 
excludes known crimnals might be a marketing feature.  But this 
would not be a legitimate act for a government.
 
Best,

CCS

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[e-gold-list] ABC-Host

2001-10-31 Thread Craig Spencer

Does anyone know what happened to www.abc-host.com?

They used to be a substantial e-gold taking hosting service.

CCS


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[e-gold-list] Re: After 911

2001-10-05 Thread Craig Spencer


http://www.cato.org/current/terrorism/pubs/eland-010920.html

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On Fri, 5 Oct 2001, Julian Morrison wrote:

> I'm interested to hear if anyone has (considered, non-kneejerk) ideas as
> to what impact the 911 attack and the govt's reactions will have on
> e-gold as a system. Is the new "anti money laundering" talk likely to
> make any hassle?
> 
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[e-gold-list] Re: The US Fed Dances

2001-10-05 Thread Craig Spencer

On Thu, 4 Oct 2001, James Turk wrote:
 
> I first read about NESARA a few years ago, and don't agree with it 
> for two reasons:
> 1) the US Treasury Credit-Notes it proposes as currency are 
> unconstitutional (these are a different name for 'bills of credit',
> which the Founding Fathers abhorred and outlawed in the Constitution).
> 2) NESARA proposes more government involvement in the monetary process,
> when what we need is less.
> 
> James
> www.GoldMoney.com

Thank you for your objections.  I second them.  NESARA is a fascistic 
abomination.  Its proposals are far worse than the present system (which
is hard to top)!

We need a free market in money not total government control.

Best,

CCS


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[e-gold-list] Re: The US Fed Dances

2001-10-02 Thread Craig Spencer

 
> However, WITH a Federal Reserve system in place, you can't just 'leave the
> economy alone'.

I think that is what I said.  That is one reason (of many) it should be
abolished.
 
> Q: How would you go about abolishing the Federal Reserve? Almost all USD in
> circulation are debts to the Federal Reserve. How would you replace this
> debt-backed currency with an other type?

Privatize it.  Remove all government imposed priveleges it enjoys.  Then
turn it into a private, for profit business.  Let it fail if that is
what happens.  [I seem to recall that Hayek's book had more specfic
proposals for such privatization processes, but I could be
misremembering.]

CCS 


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[e-gold-list] Re: The US Fed Dances

2001-10-02 Thread Craig Spencer

SnowDog,

> > > What would you do to boost the economy?
> > 
> > Me? I wouldn't do anything to boost it. It should be left entirely
> > on it's own. 

This is a perfect response to the question!
 
> Unfortunately, with a debt-backed currency, (unlike an asset-backed
> currency, like gold), it's not possible to float the interest rate, as 
> all interest rates are derived from the rate the central bank issues.

This is not strictly true.  You are mixing two different issues.  A debt
backed currency and government monopolized, fiat legal tender are two
entirely different things.  For an analysis of how floating interest rates
would work in a non-fiat debt-backed currency see Hayek's book "The
Denationalization of Money".  Your comments apply to fiat money not debt
backed currency.

Nevertheless, the answer given you was correct.  Leaving the economy
alone is best.  However, this entails abolishing fiat money since the
very existence of fiat money is a massive economic intervention by the
state.  The only policy to recommend to the Federal Reserve is for it
to abolish itself.

Best,

CCS


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[e-gold-list] Re: Gold-backed Digital Currency

2001-09-10 Thread Craig Spencer

Claude,
 
> > What are the comparable figures for fiat currency?  Do you know?
>
> I don't have the number but I am sure it is very high.

I would still like to know what it really is.  Out of every $1000 in
circulation how many $ change hands each day?  I'd be surprised if it
is anywhere near 10%.  

> But I don't think that the velocity matters. No matter how the velocity
> of digital gold currencies and and the velocity of fiat paper
> compares, the question remains.. what is supporting the value of
> the fiat curency.

What is supporting its value is: DEMAND.

> If we want it to be supported by something else
> than "a promise to pay", we need a 1:1 ratio between the
> governement currency and the hard asset supporting its value.
 
Velocity does matter because it is a direct factor in the demand.  The
reason is that you don't need so much currency if it is used more
efficiently.  Therefore, in the GBC eventuality the demand will be less
than you expect based on present demand for less efficient fiat
currencies.
 
So in trying to anticipate what the price of gold would be if all
money were gold (backed, at least) you can't simply divide the currency
in use now (the current currency in use) by the stock of gold.  You have
to anticipate what the demand for the gold currency would be IF gold
backed currencies were used.
 
You may be right that fiat velocity is very high.  I don't know.  I'd
be interested in real figures.

But what makes me doubt that it compares favorably with e-gold the the
following.  Your typical check, ACH transfer or even wire transfer takes
on the order of days to clear.  This occupies the fiat for that period of
time.  To make the same payment with e-gold takes a few minutes (less if
it is not done manualy).  So while one fiat payment is being made you
could use the same value of e-gold to make, say, 1000 payments.  Thus to
conduct the same amount of commerce might require .001 as much value of
e-gold.  Thus the commercial demand for gold (and hence the portion of the
price of gold due to this demand) if e-gold were used for all commerce
might be 1000 time less than you have estimated.
 
Best,
 
CCS

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[e-gold-list] Re: Gold-backed Digital Currency

2001-09-10 Thread Craig Spencer

Claude,
 
This is an interesting question.

> > If the entire world switched to using e-gold today, for all their
> > direct debit financial transactions, is there enough "gold" currently
> > available to "back it?"
> 
> Sure. The price would simply have to go up.

Yes, but there is another factor which perhaps you will have the facts
to elucidate.
 
> It is estimated that there are 140,000 tons of gold in global world 
> reserves (of which e-gold has almost 2 tons) worth approximately 
> $1.26 trillions.
> 
> The money stocks of fiat currencies are estimated at 25 trillions in 
> USD equivalent.
> 
> Thus the gold price would have to rise to roughly $5500 per ounce 
> ($25/1.26 * $275)  for each unit of fiat currency to be 100% backed 
> by gold.

It might not actually have to go so high to do the job.  How much e-gold
would actually be needed?  This depends on how efficiently it is used or
how fast it circulates.  

Currently on the order of 10% (sometimes less, sometime more) of the
total backing value of e-gold circulates EVERY day.  What are the
comparable figures for fiat currency?  Do you know?  If, as I suspect,
e-gold is much more efficient than fiat currency and circulates with a
much higher velocity a much smaller value of e-gold might be required to
support the same trade.

Best,

Craig


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[e-gold-list] Re: South American MM?

2001-09-06 Thread Craig Spencer

Claude,

> > Anyone know of a reliable (or otherwise!) MM in Sth America?  Maybe
> > Brazil?
> 
> Mis clientes de América del sur me dicen que no haya MM allá.

Tienes muchos clientes ubicado en América del sur?  Sí puedes dicirme
un numero aproximado le agradezco.

CCS

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[e-gold-list] Re: GBC (ad banners redux)

2001-08-21 Thread Craig Spencer

Bob,

Hans is right.  Your conception of how the futures markets work is
entirely wrong.

> Many don't even have the financial capacity to do so;
> 
> I would say the opposite. Most pork belly futures contract owners do
> have the financial capability to take delivery. 

I said many not most.  Certainly when I traded futures I never had 
the capacity to take delivery.  [Major players do have the finacial 
capacity but it is so seldom done that it is unlikely you would be
able to find a broker who knows how to do it.]

> Say a single contract is worth USD 100,000. And the owner put 
> down 5% to buy it. Where did the other USD 95,000 come from? The 
> broker loaned it to the owner.

Bob, this is utterly false.  Nothing of the sort takes place. 
 
>> Presumably, it's planned that 99% or so of the people who trade 
>>in pork bellies never will "redeem" a contract for them, but as 
>>long as about 1% of the players CAN, 
>
>Jim, it doesn't work like that. The brokers aim for 100% of players
>that *CAN* take delivery of the underlying security. Try opening
>an account for buying any type of futures contract. Then you'll see.

Jim was right.  You should try opening a commodities account yourself 
and learn something about the futures markets!

> >it doesn't matter at all, and all contracts tend to settle 
> >*without* most owners ever having to worry about what to
> >do with an unexpected truckload of bacon -- 
>
>So are you saying that when the bacon futures contract settles,
>it's life ends, 
 
That is exactly what happens.

> the underlying security (the bacon) went pueff?

For most futures contracts there never was any underlying security.

Best,

CCS

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[e-gold-list] Re: A way to make it a true custodial arrangement

2001-08-20 Thread Craig Spencer

JP,

> I'm sure they've all cocked it up! :)

I never said that or argued anything to that effect.  I have argued
against some ideas you have proposed about GM/eg; NOT against the 
worth of the GoldMoney or e-gold businesses.
 
> >Yes, GM makes such claims.  But those claims are rather meaningless
> >floating abstractions.  Owners of GM do not actually have use or
> >disposal of the gold they supposedly own.
> 
> Thank god I just used and disposed of 22 grams of GoldMoney paying
> for a magazine subcription, as you're starting to convince me its not
> worth having them!

You used and disposed of what you owned: GoldMoney.  You did not use 
and dispose of the gold that your GoldMoney gave you the conditional
right to redeem.

Nothing I have said argued that gg are not worth having.  

Best,

CCS

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