How much does one troy ounce of gold weight? When in 1996 the designers of E-gold, famous electronic payment system, have actually presented the world a brand-new embodiment of banknotes, a number of business people, whose business was related to financial flows have actually completely forgotten about currencies, cross-rates, Forex and inflationary expectations. E-gold payment system has actually offered an option to modern-day money, and this overturned the world history of financial systems’ advancement and funds circulation.
Well forgotten past
As soon as in 1944 at UN currency and financing conference the world community has approved the financial system where function of world money was scheduled for gold by the extent showing how it continued to be means of last settlements between the countries. In other words, the financial experts have concurred that any monetary system worldwide should be backed with gold. However 1976 has actually ended up an epoch of the cash backed with gold, and has actually stated special illustration rights in International Monetary Fund (IMF)– SDR as world money. So, SDR became an international accounting unit with US Dollar kept as the important currency.
As the outcome in 1996 the creators of E-gold business Douglas Jackson and Barry Dony opened a new stage of a gold money making history. The funds receipting on account of E-gold system converted in this metal by default.
The history of E-gold payment system advancement is just 10 years old, nevertheless the company has actually currently passed a method from conceptual idea of payment system to world service governed by American company Gold and Silver Reserve, Inc. Such appeal is triggered by the truth that in case of becoming an e-gold system user the any physical or legal person has a chance to perform effective monetary operations and calculations, because after funds move a simple redistribution of the rights to valuable metal happens while its physical area does not alter.
The proud status of e-gold user is likewise supported with business commitments to protect the client funds against judicial claims of the other parties. Today aspect is managed by the USA legislation as legally e-gold is signed up in the United States of America. Likewise the users are brought in to e-gold with the anonymity policy of system individuals. E-gold doesn’t check the user’s personal data.
It’s interesting to note that system isn’t tied to any currency and works with eternally liquid metals. This offers the opportunity to any inhabitant of our planet to open his account free of charge. This democratic method draws in to e-Gold about 2500 accounts every day. By 2007 the overall variety of the signed up users was more than two and a half million. About 600000 of them are operating actively. By January 2006 in bank’s depositary on the accounts servicing E-gold system the overall weight of saved gold had to do with 3 heaps. To be more exact 3 376 279 grams of gold with total cost roughly 61 million dollars. We wish to underline the word “around” as an essential one. Why? … The state of the world market of the precious metals can answer this concern … Unfortunately, Payment System of E-gold on its basis dynamics level is subject to affect of gold, silver, palladium or platinum cost on funds volume of e-gold user in his account.
Every year E-gold was strongly holding the pedestals of world financial Olympus and became a habitual and trusted tool in the hands of its users. Simple and functionally working system by ways of which one can control the storage and movement of cash circulation, begin drawing the interest of swindlers and the individuals that desire to fund and to stay a secret as well as fishers and hackers.
The last ones have actually selected the tools of computer users’ password splitting as their field of activity with a view of the more stealing of funds from the users’ accounts. E- gold.com site also is being assaulted more often by large-scaled Ddos- attacks that cause failure of the entire system and the disruption of its work with the users. On the night of October, 19, 2005 due to the Ddos– assault the service of e- gold stopped its operating up to the second half of the next day. And on the 2nd of March this year the experts of “Kasperskiy lab” were exposed importunate spam-message with the following wording in the body of the letter: “TOREFUSE FROM THE BULK MESSAGE CLICK HERE”. While one attempts to refuse the destructive code is put into the user’s computer. This code is taking accounts’ numbers in E-gold and passwords for them. As a result everybody whose accounts’ numbers entered the malefactors’ hands owing to these bulk messages as a guideline lost his funds on the accounts.
The main victims that suffer from various operations and frauds with e-gold system are states, legal persons as well as the population which has got into financial pyramids, produced on the basis of thought about payment system.
Such track record of e-gold started to come over the limits of users’ trust to system. As a result
E-gold payment system has actually used an alternative to contemporary cash, and this overturned the world history of monetary systems’ development and funds flow.
The history of E-gold payment system advancement is only ten years old, however the business has already passed a way from conceptual concept of payment system to world service governed by American company Gold and Silver Reserve, Inc. Such appeal is caused by the reality that in case of becoming an e-gold system user the any physical or legal person has an opportunity to perform effective financial operations and calculations, since after funds move a simple redistribution of the rights to valuable metal happens while its physical area does not change. By January 2006 in bank’s depositary on the accounts servicing E-gold system the overall weight of stored gold was about 3 loads. … The state of the world market of the precious metals can answer this question … Unfortunately, Payment System of E-gold on its basis dynamics level is subject to influence of gold, platinum, silver or palladium cost on funds volume of e-gold user in his account.