From: "Tristan Petersen" <[EMAIL PROTECTED]> > It's very simple: the extra gold is owned by the e-gold trust until it is > needed to cover user account liabilities. > > <snip> > > The e-gold trust owns (assets) 1,952,954.93 grams of gold > The e-gold trust owes (liabilities) 1,933,833.44 grams of gold > The rest of the gold in the e-gold trust sits there until needed. > > The amount in the e-gold trust can change at any moment. This is the reason.
This would be the balance sheet as Tristan sees it: -- BALANCE SHEET FOR E-GOLD SPECIAL PURPOSE TRUST: (TRISTAN) Assets: 1,952,954.93 Liability to e-gold account holders: 1,933,848.72 Liability to other parties: 0.00 Equity: 19,106.21 This might be the case, Tristan. This was actually what I started out thinking, until people persuaded me that the extra gold more likely takes the form of a liability to other parties. However, I'm still thinking that JP's sheet is the ideal to shoot for, AS A GOAL, in terms of transparency and accounting simplicity. You would just say there is NO "EXTRA", EVER, and call it a day. The GoldMoney system works that way. If a new bar gets bailed in, the grams are credited to the account of the bailor. Period. Storage fees and (I presume) transaction fees go into a GoldMoney account. I believe the E-Gold Trust is financially sound just the way it is, but the accounting is unnecessarily complex and brings up too many subtle issues with regard to the User Agreement. So again, I favour the JP ideal: -- BALANCE SHEET FOR E-GOLD SPECIAL PURPOSE TRUST: (JP) Assets: 1,952,954.93 Liability to e-gold account holders: 1,952,954.93 Liability to other parties: 0.00 Equity: 0.00 -- Patrick --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
