[e-gold-list] Gold Age

[Michael]

<snip>

> 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.

Hi Sidd,

This is an attack on the digital currency system per sec. *Any* exchange
could be construed as a currency exchange.  Any wholesaler is exchanging
goods for currency on a two way street. As has been pointed out buying
and selling is ... an exchange.

As you say, e-gold does not exchange currency but simply stores gold and
administers accounts. However, with e-gold, goldmoney, pecunix and
possibly others and the amount of steady growth in the industry, it may
be that Digital Currency is perceived as a threat to the mainstream
financial institutions. I did mention this before several years ago that
one day the government would be prompted by the financial institutions
of the day, to take action against the industry. It looks like this has
now happened.

Exchangers are the weakest link (to coin a phrase). It is easy to target
them and this also targets the industry. I believe it was no
co-incidence that Gold Age was targeted out of the list of exchangers.
Ragnar is also the chairperson of the GDCA. In one fell swoop  one of
the largest eschangers and the association that administers to them has
been hit.

It only remains to be seen if Ragnar and his associate can come out of
this intact and that will depend upon the quality and effectiveness of
their legal team rather than any pretence of justice being dispensed.

Michael
Gold Century Press 

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