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  1. #1
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    Why shouldn't we take e-gold?

    We've had a few customers request e-gold payment and I'm trying to find a good reason not to offer it. I know you can't withdraw but can covert via 3rd party company . Would we just be asking for trouble by accepting it?
    Russ Foster - Industry Curmudgeon

  2. #2
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    Its valueless. Yes, there are services that will convert it but they're almost entirely illegitimate across the board.

    Its a fraud order heaven. I don't mean they'll charge back the payment, e-gold is completely anonymous and it takes 30 seconds to open a new account with no verification, so stolen funds and the like run rampant in e-gold.

    Anyone can use it. That means you're opening your doors to people from blacklisted countries, spammers, people looking to exploit your server.

    I wouldn't ever consider e-gold as an acceptable payment method. However, if you do it on a case to case basis with interested customers, I think that would be okay.

  3. #3
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    can you spend it on things you want or need?

  4. #4
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    @taylorwilsdon I think thats a good enough reason to say no to people wanting it. I guess if they can't use a CC directly or Paypal then there is something wrong.

    @CD Burnt: Nope I would have to transfer it to our bank account
    Russ Foster - Industry Curmudgeon

  5. #5
    but when you deposited in your bank it will be simple american dollars?
    and is not to dificult to the normal client deal wiht it ? I mean , buy it ?
    thanks

  6. #6
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    Quote Originally Posted by taylorwilsdon
    Its valueless. Yes, there are services that will convert it but they're almost entirely illegitimate across the board.
    As a legitimate U.S. corporation acting as a e-gold Market Maker (eg. converting e-gold to cash and vice versa) I take offense to this statement. If you want, you can even exchange with Omnipay, a subsidiary of GS&R who owns e-gold.

    There is no reason you should not use e-gold. It's an untapped market which is almost guaranteed to increase your sales. For every customers wanting to pay with e-gold that someone declines, I pick up.

    The fees are very low and there is absolutely no way to chargeback.

  7. #7

    Thumbs up

    Quote Originally Posted by taylorwilsdon
    Its valueless. Yes, there are services that will convert it but they're almost entirely illegitimate across the board.

    Its a fraud order heaven. I don't mean they'll charge back the payment, e-gold is completely anonymous and it takes 30 seconds to open a new account with no verification, so stolen funds and the like run rampant in e-gold.

    Anyone can use it. That means you're opening your doors to people from blacklisted countries, spammers, people looking to exploit your server.

    I wouldn't ever consider e-gold as an acceptable payment method. However, if you do it on a case to case basis with interested customers, I think that would be okay.
    this scares me a lot.
    thanks for the quick info. been useful to me. thanks

  8. #8
    Join Date
    Jun 2003
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    Quote Originally Posted by taylorwilsdon
    Its valueless. Yes, there are services that will convert it but they're almost entirely illegitimate across the board.
    .
    You have NO idea what you are talking about. Countries such as Iran, Cuba etc are banned from using egold now. And as far as being valueless, I also take that into offense. If anything e-gold is the only payment processor that is backed by something or valuable. You can actually exchange your egold balance for PHYSICAL gold, or you could transfer it to your bank account from a reliable exchanger such as thebullionexchange.com. The only reason it isn't widely used is because of the difficulty of funding.

  9. #9
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    When you buy e-gold you are buying part of a gold bar. If you collect enough e-gold you can claim the gold and receive said bar

  10. #10
    As another payment option I don't think there is much of a downside for the merchant. Most of the hassle lies with the buyer since, as Hulk pointed out, it is a pain to fund the account.

  11. #11
    The major base of clients will decline e-Gold payments because it does not offer chargeback protection.

  12. #12
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    Quote Originally Posted by FXMarket
    The major base of clients will decline e-Gold payments because it does not offer chargeback protection.
    How do you define "major base?" 26.8% of my customers in 2006 paid via e-gold. Only 27% of my customers are from the U.S. The remainder mostly represent Brazil, eastern Europe, and southeast Asia.

    e-gold is paving the way for safe international business online.

  13. #13
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    About +50% of our customers from Asia pay with eglod .... only about 15% from usa and uk .... We dont have it open to public but people can ask if they need to pay with egold ... its a little bit more trouble im not saying egold is trouble but i just like to have everything in one place (Paypal) anyway i dont like to refuse costomers ! so we have to do it ...

    Navid N
    Giving up does not always means you are weak, it Simply means you are strong to let go!

  14. #14
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    For a lot of people I think egold has a shady reputation. It is the most common type of payment for autosurfs and hyips, and everyone knows 99.99% of those are scams. The 0.01% eventually turn out to be scams as well

    As a result, some people don't want to accept egold to avoid being lumped together with such businesses.

  15. #15
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    I'm sorry if my comments offended anybody here, but my opinion still stands strongly. I know you've voiced your opinion on the matter before, Jeff, and I'm glad you've had success. However, the matter of the fact is that if the people using it have no other way of paying, theres a problem somewhere. e-gold doe sn't materialize, and often its funded by means of things like (as the person above mentioned) super-shady online money websites (High yield, doublers, autosurfs ect). It is not safe for a legitimate customer, because yes, you can't do any sort of a chargeback if the host decides to screw you.

    I'm sure it works better for you, Jeff, because you cater to the e-gold market (those at risk of ddos attacks, ect), but for straightforward shared hosts,

    "You can actually exchange your egold balance for PHYSICAL gold"

    No you can't! Thats just preposterous.

    Read this article for basically my perspective: http://www.businessweek.com/magazine...2/b3966094.htm

    e-gold is constantly being investigated and subpoenaed by various governments because they essentially facilitate crime.

    Again, I don't mean to offend anybody or demean those using e-gold from a buyer or a sellers perspective. These are just my opinions.

  16. #16
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    Quote Originally Posted by taylorwilsdon
    "You can actually exchange your egold balance for PHYSICAL gold"
    Yes, you can. If you have enough e-gold in your account GS&R will exchange it (with a delivery fee) into a gold bar and have it delivered to you. You need something to the effect of $125,000 to do this.

  17. #17
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    Quote Originally Posted by IRCCo Jeff
    Yes, you can. If you have enough e-gold in your account GS&R will exchange it (with a delivery fee) into a gold bar and have it delivered to you. You need something to the effect of $125,000 to do this.
    Yeah, okay.

    Thats a really viable solution for small dollar webhosting. Accumulating $125,000 and getting it transferred into theoretically existent gold bars.

    Maybe some day I could get that exchanged for real money!

  18. #18
    posted by taylorwilsdon:
    [e-gold is] valueless. Yes, there are services that will convert it but they're almost entirely illegitimate across the board.
    There are a large number of legit services in more than a dozen countries who exchange e-gold and other digital currencies. There are also illegitimate ones of various stripes -- outright criminals, 'underground' types who are honest but in circumvention of licensure requirements, etc. This is no different from any other part of the finance sector. Unlicenced and/or fraudulent currency exchangers, money remitters, check cashers, cash advance, sv card, etc. etc. etc. exist all over the world.

    Its a fraud order heaven. I don't mean they'll charge back the payment, e-gold is completely anonymous and it takes 30 seconds to open a new account with no verification, so stolen funds and the like run rampant in e-gold.
    e-gold is not anonymous and has never been. This is a popular misconception about the company's services.

    I wouldn't ever consider e-gold as an acceptable payment method. However, if you do it on a case to case basis with interested customers, I think that would be okay.
    I think this is a prudent viewpoint -- it also can be applied to cheques, credit cards, PayPal etc.

    "You can actually exchange your egold balance for PHYSICAL gold"

    No you can't! Thats just preposterous.
    Yes you can. e-gold currently has 1kg and 400oz LBMA bars in storage which are redeemable on demand as per the e-gold user agreement. The serial number and location of each bar (as well as some other interesting info) can be found at the e-gold examiner page.*

    Read this article for basically my perspective:
    The severe hack job that BusinessWeek did on e-gold was a topic of much discussion in the digital currency business back when it was news. Doug Jackson had a few things to say about it, here* I personally was curious as to how a reporter for BW was in possession of significant non-public information about an ongoing federal process, which is normally privileged info (unless it's handed under the table by said feds, in which case it's a "leak.")

    e-gold is constantly being investigated and subpoenaed by various governments because they essentially facilitate crime.
    e-gold very proactively investigates fraud and other abuses of their system. You're just regurgitating hearsay. Any exchanger or merchant who does regular amounts of e-gold business is on a first name basis with most of the people who handle e-gold fraud investigations and gets regular info/cooperation requests from them.

    And anyone in the finance business gets continual "requests" from the government for information and/or cooperation in investigative matter. e-gold has been getting visits from the feds for years, usually not because of their own activity but because of the activities of e-gold users. Like any other company sitting in plain sight on US soil, e-gold very obviously must cooperate with lawful court orders, subpoenas, etc. It's not like they're hiding in the bushes somewhere; they share a building with Bank of America for fark's sake.

    Again, I don't mean to offend anybody or demean those using e-gold from a buyer or a sellers perspective. These are just my opinions.
    I don't mean to offend you (or anyone else) but issues like this tend to reach a "political-social-religious" point when discussed on the Internet, and people take their "right to an opinion" to an absurd extreme. If you're falling down a flight of stairs, and I say "Oh crap! You fell!" and you say "No, that's just your opinion!" then no one would disagree that you ... have issues, to say the least. However, pulling up such subjective and/or untrue assertions as "most e-gold exchangers are crooks," "most e-gold activity is criminal," "there is no gold," "I found this one story that aligns with my views, and although it is important to be skeptical with e-gold, it is not so much with a journalist," and that old chesnut "e-gold is anonymous" then wrapping them up in the security blanket of your "right to an opinion" weakens the weight of the opinion.

    Of course, that's just my opinion itself.

    *Um, had to add another opinion -- that it is simply stupid beyond reason that someone with under five posts cannot post a link. The two pages referenced above are both at the e-gold site, under "Examiner" and "What's New" respectitvely.

    Frank

  19. #19
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    Avoid egold at all costs.

    I was scammed by a egold exchanger, egold does nothing to help you with any sort of trouble.

  20. #20
    posted by The Engine:
    Avoid egold at all costs.

    I was scammed by a egold exchanger, egold does nothing to help you with any sort of trouble.
    No, that's not true at all. e-gold spends can't be reversed, but that does not mean that e-gold does not take action.

    Who scammed you? Was it an actual e-gold Agio, ie. one of the official exchangers listed at the e-gold site, or was it some shadetree mechanic deal you found at TalkGold? What specifically happened?


    Frank

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