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148 Comments
- borez, on 06/09/2009, -7/+42"He truly thinks that having a gold-backed currency is what’s needed in the world,"
He's not the only one. - juankovo, on 06/09/2009, -14/+36Either way, our fiat dollar is going to come to an end eventually. About the only way to save the dollar is to make it honest again, and about the only way to do that is to audit the Fed: http://bit.ly/19yKMB
- kukurio, on 06/09/2009, -1/+20I don't think they take E-Gold, either.
- Ne007, on 06/09/2009, -3/+21What? Criminals not in charge of our money? BAH! ILLEGAL!
- JigoroKano, on 06/09/2009, -18/+35So he broke the law and got a slap on the wrist and a fine (and still is able to operate legally)... but the CATO professor thinks it was a government conspiracy to crack down on gold based currency.
He did some great work busting a huge CC thief ring, and for that he should be commended, but he continued to break the law the entire time. It's almost like he didn't understand why he would be punished if he was a good person. The law generally doesn't care about your intent.
I hope business takes off for him again. I'd love to get off this fake money and electronic transactions are definitely the future. - inactive, on 06/09/2009, -4/+20I have an unalienable right to ensure my property and savings are safe from confiscation through inflation. Gold is regulated by the fact it is limited in supply and man can't produce more of it. Why are you upset with this guy but not upset of the massive grand larceny taking place by the Federal Reserve and this country's fraudelent fractional reserve bankers? If I would have put my money in a vault in 1913 when the Fed was created, it would be virtually completly worthless now. That is theft on a massive scale.
- LenBaird, on 06/09/2009, -2/+16He got shut down because he was running a growing honest money system. They didn't ask him about the crimes, and didn't respond because they were probably setting him up.
- inactive, on 06/09/2009, -6/+20Why should anyone obey laws that violate your unalienable rights? I like how you accuse him of having "fake money" but probably trade in Federal Reserve Notes, because after all, that is real money.
- kingmanic, on 06/09/2009, -0/+13The law often considers your intent during sentencing but you'll get convicting of something regardless of intent. If I accidentally hit a person with my car I may be sentenced to a shorter punishment than if I hit them on purpose.
- Wreckage, on 06/09/2009, -8/+21"backed by gold and silver"
Or you could just buy gold and silver.
Besides Credit/Debit cards are pretty universal these days - disparue, on 06/09/2009, -2/+15Someone was reading Cryptonomicon. They just have to remember to move to Southeast-Asia next time.
- inkhead, on 06/10/2009, -1/+13e-gold was awesome and worked. Anyone who creates a currency gets shut down, regardless of if they deserved it, they will get BS charges.
I used e-gold and had $10k seized by the government. It started as 2,900 and as the price of gold went up so did my account.
Government crushes anyone who tries to do any new currency or any innovation, they are terribly afraid that somebody was going to be a threat to the dollar, which just wasn't true.
But they did manage to rob all the e-gold bank accounts. Great heist pulled off by the federal government. I think this falls under anti-competition. - Evazan21, on 06/09/2009, -1/+12Where did it say it was mostly being used by criminals. I myself was a user of e-gold for perfectly legitimate reasons. It is a shame that people feel that wanting privacy automatically makes someone a criminal.
- nesagwa, on 06/09/2009, -3/+14I dont think the grocery store takes gold dust.
- Akairenn, on 06/09/2009, -5/+15"you could never prove to anyone that you actually had that amount of money"
Kind of like fiat currency? :p - linagee, on 06/09/2009, -0/+10If you create a great art piece and it has a huge value, is that not a type of currency? If you make art piece after art piece, are you not making your own form of unregulated currency?
- Animan351, on 06/09/2009, -1/+11Me to. But I can't trust this guy now.
He violated his own T.O.S
Took peoples money without even being aware of the laws and regulations
and everyone in Russia, Ukraine, and Nigeria have been unable to get their money since all this went down.
I would feel real secure knowing that the silver my money was backed by was just getting stacked in his office for a while. - jwolcott, on 06/09/2009, -5/+14ANSWER: "Timberlake, the economics professor, is convinced that Jackson’s radical dream, his goal of upsetting the economic status quo and overturning the government’s monopoly on money, is what really got E-Gold targeted."
- inactive, on 06/09/2009, -1/+9the cashier at the local food mart accepts angel dust
- Evazan21, on 06/10/2009, -0/+8E-gold allowed you to actually withdrew real gold from your account similar to what the US currency used to allow you to do.
- bipolarruledout, on 06/10/2009, -1/+9Paypal has managed to run themselves much like a bank while staying outside traditional banking restrictions. In many ways e-gold stays at the opposite end of the spectrum as a virtually friction free market exchange. You would expect a truly capitalistic society to embrace such a system.
- staffa, on 06/09/2009, -1/+9Gold and silver are annoying to handle on a daily basis. The stuff is heavy, hard to transport and most business do not accept payment in gold or silver.
As for credit/debit card which are based on US currency. The only thing keeping that paper money from being more valuable as toilet paper are the people who run the Fed, the continued good will of China and the faith of all those who use it.
To sum up. Our currency has value because
1. Our currency is managed by the people who oversaw the imploding mortgage and banking systems
2. We have a warm and cozy relationship with China, who own the majority of our debt.
3. We are a very devout and religious nation that has great faith in the value of our currency and we will not panic at the drop of a hat if it should start to unravel.
The idea of a gold backed currency is to have the tangible stability of hard currency with the ease of use that we come to expect in the digital era. - ousthouse, on 06/09/2009, -3/+10You have a gold bar making machine too?
- mnemy, on 06/09/2009, -3/+9Wow that sucks. That company needed better lawyers. And to move to another country. Man I hate our government.
- govtdoesnotwork, on 06/09/2009, -0/+6He needed to be a big political donor, like Stanford or Madoff. That works even better & cheaper than lawyers.
- govtdoesnotwork, on 06/10/2009, -0/+6Actually, e-gold (1996) predates Stephenson's (1999) book, so it's likely HE was watching e-gold's early stumbling growth. It's just that for years the media ignored it, while saying clueless crap like "micropayments are impossible." I can't even guess how other governments would have reacted to e-gold's existence. The location suggestion from "the gold community" was Panama, which is probably still US enough that the effect would have been no different.
- Animan351, on 06/10/2009, -3/+9Do we have to jail our government now too?
I've seen U.S currency used for illegal purposes all the time.That kid over there just bought weed with U.S money! now we gotta jail him AND our government. - thecoolestguy, on 06/09/2009, -3/+9Crime at the lower levels may be reduced by these types of regulations, but it serves to centralize power (since large banks can more easily afford to comply with the regulations, and smaller potential competitors see higher barriers to entry into the market).
Centralizing economic power increases the chance of corruption/tyranny from up-top (e.g. Countrywide, Lehman Brothers, Fannie Mae: the financial crisis).
In the end, the innovations and efficiencies that a free market produce are worth the corruption/crime that freedom allows the common criminal.
I also question whether crime was aided by eGold. His service helped catch many criminals afterall. - rmxz, on 06/10/2009, -0/+6But not everyone thinks that.
Gold is rare enough that it's easy for a few rich organizations to manipulate it's price.
Silver's a better choice - also permitted by the Constitution - and worked well when the US used it before. - Evazan21, on 06/10/2009, -1/+7and the people who run thepiratebay and mininova should also be put in jail because diggers use their systems to infringe on copyright laws. /s
I'm tired of the hypocrisy I see all the time. Jackson created a fast an efficient way of transferring money globally. The notion that "Honest people wouldn't care if their transactions are anonymous." is absurd. Wanting privacy does not make me a criminal! It is a basic right all humans should have. - ItchyAsshole, on 06/10/2009, -1/+7Jigoro didn't accuse him of having fake money. He said he wants to get off the fake money that is currently in place. Work on that reading comprehension antizog...
- thecoolestguy, on 06/10/2009, -2/+770% of cyber criminals use computers that use Intel processors! Intel is abetting criminals!
- ninjaturtles1, on 06/10/2009, -2/+7"few rich organizations to manipulate it's price"
And the value of US dollars isn't being manipulated? - Nickolassc, on 06/09/2009, -3/+8How? It is a limited resource that has intrinsic value. Unlike the dollar which only has a value of what the federal reserve determines it does through printing more/less dollars and other means. The value of a gold coin has remained relatively constant for something like the last 500 years and in recent years the value has gone up with the gold bubble right now.
- SoonerRoadie, on 06/10/2009, -0/+5Gone up, but nowhere near its high back in the early 80s. After which it crashed and from which it has never recovered if you count inflation.
- govtdoesnotwork, on 06/10/2009, -1/+6The point is, if you don't get or like it, you didn't have to use it. While the government was madly going after these guys, it was ignoring Bernie Madoff despite repeated warnings. e-gold was cooperating, and wanted to cooperate more.
http://globalresearch.ca/index.php?context=va& ... has nothing to do with it, I'm sure... - thecoolestguy, on 06/09/2009, -6/+11Regulations stymie innovation in the financial sector. Rather than letting people figure out new ways to store and transfer wealth, the economy is forced to use antiquated banks and government sanctioned currency.
- neoquietus, on 06/10/2009, -0/+5It has no intrinsic value, NOTHING has intrinsic value. Stuff only has value because other people are willing to trade stuff for it.
- Evazan21, on 06/10/2009, -3/+8What Law did he break? Do you know how the e-gold system even worked? He allowed people to purchase gold from him and then trade that gold with other people. I did not know that selling precious metals was illegal.
- gokusandwich, on 06/10/2009, -0/+4You guys should read "What Has Government Done to Our Money?" ...
On Amazon: http://www.amazon.com/What-Government-Money-Percen ...
As a free audio-book download: http://mises.org/media.aspx?action=category&ID ... - moulin1, on 06/10/2009, -1/+5Saying he was creating a gold backed currency is misunderstanding the nature of the business and Jackson's original intent. Not from this article but from what I read in the 90's. First and formost, E-Gold was a marketplace where people could buy and trade gold, a commodity. Commodities aren't currency. If Jackson is an illegal currency trader then so is every commodities exchange.
- govtdoesnotwork, on 06/09/2009, -1/+5http://www.paypalwarning.com/
- ousthouse, on 06/09/2009, -2/+6gold becomes more valuable
- inactive, on 06/09/2009, -1/+5I remember reading something like this in a sciene fiction novel called Cryptonomicon by Neal Stephenson. I can't rember all the details but in the book they figured out away to encrypt all the transactions so the government and the criminal central bankers had noway to track them.
- Animan351, on 06/10/2009, -2/+6Your an imbecile and I can't fathom how you managed to get positive diggs.
Having your new money gold backed instead of U.S backed would mean you won't lose out to inflation when the dollar starts to go down hill like it is now. It's stable and would hold it's value no matter where you went in the world or where you were coming from.
If the country you live in would suddenly crash and you were backed by gold instead of simply your countries name then you wouldn't lose anything. - Ocyris, on 06/10/2009, -0/+4If you're already sure you've lost trillions down a rat hole why would you toss more down the same hole?
I'm pretty sure they know when to cut bait. - NMRgentleman, on 06/09/2009, -1/+5A fiat currency could theoretically work fine, if governments could be trusted not to print it to excess. Human nature and history says that they cannot, therefore a truly stable currency must be based on a commodity of finite extent. It needn't be gold, but gold has long served the purpose.
- linagee, on 06/09/2009, -1/+5Poor Jackson. He needed to be on Sealand to escape large governments and have a "universal currency". (Or something similar to Sealand.)
Either that or an army of lawyers, but I don't think you could have enough to stand up to an entire government. - govtdoesnotwork, on 06/09/2009, -3/+6He repeatedly asked to be regulated, and was repeatedly denied.
- govtdoesnotwork, on 06/09/2009, -0/+3e-gold predated both, and despite MUCH less investor money waste...er...spent, has outlasted both. Barely...
Shockingly enough, paying Whoopi Goldberg a ***** of money wasn't the smartest business model. Who knew?? -
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