[e-gold-list] Re: Re Gold Age

[Sidd]

Yes, I think Craig has it right here...

On 8/8/06, Craig Haynie <public at craighaynie.com> wrote:
> Actually, I think Ragnar is being accused of selling a piece of gold to an
> undercover officer one day, then buying it back from him on a different day,
> using a different payment method than the one he used when he bought it. So
> the guy buying the gold and then selling it would effectively be
> transferring money.


But here is where the mistake is made...

> But the same holds true of anything bought or sold. You could buy something
> on eBay using cash, then sell it the next day for a bank wire to your
> offshore account.

This is not the same thing at all, unless you could sell the thing
back to the SAME seller and have him send the money elsewhere...
furthermore the seller would also need to advertise that he offered
the service of buying back the goods and sending money elsewhere. I
seriously doubt you will find any e-bay seller offering such a
service, and if you did need to return goods to a seller, it is pretty
certain he would do his best to ensure he was sending the money back
to the correct original buyer. He would probably be VERY suspicious if
you asked him to wire the money somewhere else.

What an exchanger is doing is far more similar to Western Union than
ebay. With WU you can buy a "ticket" from them in one place and sell
it back to them in another, thus transmitting your cash. Substitute
"gold" for "ticket" and you have an exchanger.

Note that none of this has anything to do with the function e-gold
itself does, and consequently e-gold is probably not construed as a
money transmitter. After all, e-gold does not even have a bank account
and doesn't know what cash is. This is entirely an "exchanger" thing.

Sidd.



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