What Would Become Of Your E-gold?
As we ponder and wait for the indictment of E-gold to unfold, I begin to wonder what will become of our E-gold accounts which has served us loyally for the past 10 years (at least 5 for me for different online purchases and services)
By and large, most of the exchangers have stopped dealing with E-gold or exchangers that still continues to deal with them charges exorbitant rates on the out exchanging part. As with IceGold, one of the more prominent market exchanger,
Starting from December 14th 2007, no new orders for buying e-gold can be placed at the IceGold website.
Due to the pending adoption of the new version of Estonia’s Anti Money-laundering Law IceGold can no longer complete exchanges once the law will take effect in the first half of January 2008. The new law requires exchangers of alternative payment systems such as IceGold to identify all customers face to face.
To make sure we can complete all pending orders before the law takes effect we can no longer allow new transactions to be registered from now on as the wires might arrive too late for us to complete the exchanges.
Already registered exchanges will be completed if the payment arrives before the law takes effect.
If the battle is lost for E-gold to operate and stand ground, the gold bullion that E-gold stores now at this point would definitely be placed under receivership as of other failed digital currencies (Just look at EMOcorp case). And for that matter, your E-gold would probably take years to liquidate and with much fees being spent on the receivership, you’ll probably get just a small fraction out of what you have still with them.
There hasn’t been any news or update via E-gold’s blog or any other reliable source at this point, and not even with the next hearing date and such. The last news on Omnipay establishing in Africa was a nada too.
I would say, its probably very financial draining for the company just to participate in the legal battle. To make it worse, with E-gold users and merchants adopting the wait and see attitude, there probably would not be many transactions with E-gold, not to mention the increasing number of merchants rejecting them as a payment mode to safeguard their businesses.
The silence is deafening. It would be a real pity if E-gold loses.
Related Stories
POSTED IN: e-gold
2 opinions for What Would Become Of Your E-gold?
Ed G.
Dec 19, 2007 at 8:50 pm
Does anyone know how long the case will take to “unfold”? Even though e-gold (and Dr. Jackson and his cohorts) are technically “innocent until proven guilty,” the operation is in legal limbo until the case is resolved. For the reasons stated in this post, many customers will be unwilling to do business with a company that is under indictment. It is only fair to e-gold to get this over with quickly. Is it known whether or not the Feds want to do this, or if they are intentionally dragging their feet? (BTW: I’d be interested in the answers to the same questions regarding the Liberty Dollar and e-Liberty Dollar.)
Benson
Dec 19, 2007 at 9:28 pm
That’s the thing Ed.
Either way it doesn’t bode well for E-gold at all. To fight a long battle with the Fed means a slow but sure motion of losing out when the lawsuits drains E-gold’s finances.
This could be just one way that how the Feds want E-gold to lose to them.
Even how strong the law team at E-gold is, I don’t think its ever possible for them to fight a battle for too long.
As for Liberty Dollar, it should be really quick since Bernard’s a big joke with all the commotions that he is creating, he’s going in for sure.
Have an opinion? Leave a comment: