[e-gold-list] Re: E-qolb.com phish is back

[Craig Haynie]

> I don't think it is the "verification" of accounts so much as
> GM's other
> anti-use policies. Anyone with photoshop can mail something
> that looks like
> a photocopy of an ID.

But it takes time. Ponzis can function with e-gold because they can open new
accounts and use them immediately. They are using them as one-time
transmission accounts, just like they would use a Western Union Money
Transfer Control Number, which is, in essence, a one-time use account.

If it took a week to open an account, then it would be impossible for ponzis
to operate for very long, because the minute they are discovered, they would
be balance-limited, which would shut them down. With e-gold, many of them
don't even give out an account number until they have a customer sign-up.
For this reason, they can operate seemlessly without delay, should some of
their accounts become balance limited.

Go to the statistics page. There were over 3000 accounts opened in the past
24 hours. That does not represent 3000 new people.

I believe in the e-gold model. I know that Doug and Company are fighting for
the right to use it as they are. It has tremendous potential. It has the
potential to take a huge share of money from the likes of Western Union and
other types of money transfer companies, making it a world-wide, widely
accepted currency for this very reason. But to be fair, a delay in opening
new accounts would stop ponzis cold.

Craig




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