Quote:
Originally posted by Probono
E-gold looks very interesting but what makes you think they will actually have your funds if you want them? I don't see a bank or any known entity standing behind them?
|
Your right they don't have a bank behind them and for good reason. They don't have any currency (funds) to deposit only gold do some research on the difference of gold and currencies you will understand that if they had $1million US dollars in a bank and gold prices went up they would lose money because the $1million dollars wouldn't be able to cover the account holders gold balances. Your account value is not based on a countries currency but the current price of GOLD. It is GOLD that is traded and last time I checked banks don't balance your account in the amount of gold you have
You can send $1 USD very easy but your amount of gold in your account is debited in the value of gold at the time of the transaction. Basically they convert the USD to how much gold is required for you.