E-Gold is in trouble.
By shakeroo
@shakeroo (3986)
Malaysia
May 1, 2007 5:46am CST
I have noticed that there are quite a few discussion about e-gold having being indicted for money laundering. Today I tried to fund my AlertPay account using e-gold and it was rejected due to indictment. I have now changed my payout option to PayPal due to this. It looks like there might be problems with e-gold now and nobody knows how long this legal battle going to continue.
How about those members on myLot that do not have the option to be paid to PayPal? I hope that myLot will address this issue soon before things get out of hand.
Here are the links to the announcement from the Justice Department:
http://www.usdoj.gov/opa/pr/2007/April/07_crm_301.html
What is your thought?
3 people like this
6 responses
@tommy408 (361)
• Malaysia
1 May 07
From what I see, it is just much much smoke than the real fire. US Feds are just harassing e-GOLD.
E-GOLD is founded by very smart people. The US Feds cannot touch e-GOLD because it is not exchanging/sending/receiving money but gold in grams or ounces or whatever. Its gold not money. US Feds do not have any law for that. There is no need to apply for licenses for exchanging gold. e-GOLD found a great loophole and utilized it.
Now, I am sure they will create a law to regulate gold base transaction. That will be the end of e-GOLD in US of A
So, I can foresee two options for e-GOLD.
The first would be to move e-GOLD offshore and ask US Feds to kiss their own arses. This will be exactly what e-GOLD would do I think.
Or e-GOLD will become like PAYPAL and lose about 90% of its customer. I mean why would you want to have e-GOLD if it is same like PAYPAL and you have more widely used PAYPAL anyway. That's pure BS.
So I hope e-GOLD goes offshore and its business as usual.
@tommy408 (361)
• Malaysia
1 May 07
What I see is alot of exchangers are freezing. For small users like us, the best thing we can do is leave our e-GOLD as it is. Do not panic and start going to exchangers to sell our GOLD. I am pretty sure that e-GOLD will come out clean from this. Meanwhile let our e-GOLD grow in value over time.
"...gold is absolute objectivity. It is blind like justice. It has no politics and ideology, no likes or dislikes, no friends or enemies. All it recognizes is its possessor, whom its serves faithfully so long as he has it..." - Charles de Gaulle. Don't lose faith in gold my friend. Lay back and wait.
1 person likes this
@moreinfo (3865)
• China
2 May 07
official feed back from e-gold:
http://www.mylot.com/w/discussions/1046458.aspx?p=0
@desertdarlene (8910)
• United States
1 May 07
I don't use eGold, but I can see where the justice department is coming from. There are definitely people who will use it for illegal means and that's bad for everyone else who doesn't. But, I wonder if they monitor Paypal at all for the same reason. It's possible that eGold is raising concern because it is international.
1 person likes this
@VotreAmie (3028)
• United States
2 May 07
I am not a member of e-gold but I was considering signing up for an account. Thank you for sharing this information. Because of this legal battle I'm not going to open an account with them until they clear this out.
I'm also wondering how mylot is going to address the problem for the members that can not use paypal to be paid. I would think they will hold their payments until every thing is back to normal with e-gold.
1 person likes this
@Woodpigeon (3710)
• Ireland
2 May 07
Thanks for the info. What a ruckus! I joined donekeymails so I could get some egold to invest at invest-please. It is all seeming a bit pointless, at this rate! Adbux is freaking out, egold is being investigated...at least I know I can rely on paypal.
