HeyJude

News article on E-gold's latest troubles:

Digital Currency Business E-Gold Indicted.....


HeyJude

readtheads

Those are far from good news.
What are we supposed to do with our debts to the members if e-gold shuts down?
(when I say "we" I mean admins of HYIPs and various money-making programs)

HeyJude

I'm not an admin, and at the moment e-gold seems to be hanging in there, with business as usual, but you're right, who knows for how long?

Dr Jackson's statement that the cash (about 1.5 million) frozen by the Feds represents the bulk of e-gold's cash assets is of concern.

I don't think the e-gold members' funds are at long term risk, as purportedly those are backed by physical e-gold (3.5 metric tonnes of gold, according to the e-gold website.) But things could sure get held up for a long time while government processes operate.

At this point, it appears that admins still have time to put a contingency plan in place, such as using another payment processor in addition to e-gold, and should make sure they don't keep all their eggs in the e-gold basket, as that could spell trouble. Just my take.

HeyJude

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readtheads

I totally agree, it's like you read my mind.
I wrote to my users that I intend to keep e-gold and maintain the business, plus I'll add another payment processor; I'm thinking about moneybookers.

sharonsopinion

Just be careful with MoneyBookers. If they think that you're even slightly a ponzi, they will freeze you. Read their TOS very carefully. For that matter, read the TOS of any payment processor you are considering.

JMO,
Sharon

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gaby

The actual documents of the indictment (url: http://www.usdoj.gov/criminal/pr/pre...old_indict.pdf)
plus some comments from Dollars Blog (url : Dollars Blog » Blog Archive » Indictment Papers Released on E-gold - A JOKE )

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readtheads

Thanks for the advice.
In fact, I contacted them in advance (being sure that my site complies with their TOS, which I studied), but they rejected me, and even after reconsidering
It's my cross to bear to prove and prove and prove my site is not pyramid/ponzi/HYIP (if HYIP is a term for scamming people)
Anyway here is how it went:
make money from home with RTA online investment - blog

Simon

So what's the latest status with e-gold? Seems that some exchangers are still exchanging e-gold, whilst others are not. Any indicators (other than what is already posted here) as to how this one will turn out?

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Stijn1234

Exchangers are just working slower because Omnipay's bank accounts were blocked.

Therefore the amounts they can handle have gone down and so there's a waiting period for everybody....

The reply of E-gold on the indictment:

http://vertoro.com/images/00282723.pdf

shanek

it is a very interesting reading to understand better the indictment and e-gold's actual situation.