Comments on: e-Gold Takes Action To Prevent Online Gambling

By: online casino

online casino — Mon, 10 Sep 2007 06:43:30 +0000

Well, I don’t know if it existed back then, but know your customer is active now at e-gold (http://www.e-gold.com/letter3.html), there had been a discussion about that in moneyexchangerforum in the past (http://www.moneyexchangerforum.com/index.php?showtopic=1571) which concluded that E-gold is the most relevant and comfort method of payment.

By: steve

steve — Thu, 22 Feb 2007 16:23:05 +0000

For transparency’s sake, I think e-gold should at least know who their customers are or “who are using their e-gold”. They cannot say that it is the responsibility of the exchanger or the merchant since at the end of the day, we transact in “e-gold” and not in a digital currency owned by the exchanger. E-gold owns the digital currency and therefore, e-gold should know who uses their currency.

It is also important that e-gold peer-to-peer users would know who they are transacting with instead of all these anonymous transactions which only promote scammers to take advantage.

Just my opinions.

By: Mark

Mark — Thu, 22 Feb 2007 02:23:22 +0000

Thank you for your comments and yes, I agree.
Its just one of many awesome software additions by e-gold through the years.

That one account function puts the focus on the gaming operation to ‘toggle the account switch’ and stop incoming US account transfers. It would also appear that now the focus, ALL 100% of it, is away from e-gold and any exchange agent. Full compliance with the law.

All this—while still NOT putting out a huge warning and blocking any US accounts, as some other online payment operators have done. Super for e-gold, and a great move for all of us using e-gold.

Now, this does bring up one big question…based on your comment above, is it e-gold’s responsibility to “…implement a verification process similar to http://www.moneybookers.com“???

e-gold does NOT even have a bank account and does not directly transact business with the public. Moneybookers does—and is directly involved with fund transactions. Client’s funding Moneybookers account send the cash to Moneybookers. e-gold is NOT involved with account funding, it is always a third party agent, executing the money transactions, so…..

Is it e-gold’s responsibility or is it the third party exchange agent’s responsibility to KYC and verify? The exchange agent carries out the fiat money (USD) into digital money (e-gold) transaction, they deal directly with clients. Where does this burden rest?

By: Steve

Steve — Thu, 22 Feb 2007 01:24:10 +0000

Mark,

This is a good move on the part of e-gold and the ball is now in the hands of the gambling operators. E-gold is doing its best to clean-up and prevent the abuse of great qualities of e-gold.

In my opinion, it would be nice to see e-gold implement a verification process similar to http://www.moneybookers.com and http://www.wmtransfer.com It would be beneficial to e-gold in the long-run if they had a thorough “know your customer” process which moneybookers is well-known for. This verification process would again prevent scammers from using the e-gold system.

I love your blog and subscribe to it.

thanks,
steve