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eGold was a remarkable financial institution in that it focused so much on providing a service to their customers. They were a servant, not of the government, n
by Prrometheus 18y ago
eGold was a remarkable financial institution in that it focused so much on providing a service to their customers. They were a servant, not of the government, not of the regulatory powers that be, but of their customers. This is rare. Try to make a payment to an online poker site from your bank account if you want to see how your bank's commitment to their customers stacks up against eGold.
Sadly, eGold was shut down. It was too dangerous to the authority's power for it to be allowed to exist. Epiphyte corp. can only exist in a fictional universe outside of the watchful gaze of Uncle Sam.
- tsetse-fly 18y agoWhat's with all of the conspiracy theories? I don't think people grasp how easy and widely e-gold was used to launder money. It was THE premier way to move money if you were involved with any sort of electronic fraud. All you had to do was cash-out someone's bank account then wire the money to an e-gold affiliate, who deposits it into your online account. All transactions are irreversible. e-gold kept minimal records and after the money enters an offshore account, the government has little chance of recovery. There were millions of dollars being moved through e-gold with fraud. They purposely made the process easy with as little verification as needed. Their market was criminals. I'm sure most of their profit came out of transaction fees related to fraud. Where's the innovation? Their site looks like shit. They just managed to find a loophole to look legitimate and survive this long. I'm not surprised that the owners plead guilty to conspiracy to engage in money laundering.