Topic: Does no one remember e-gold? The first digital currency backed by gold? (Read 1688 times)

Any currency makes no sense for the mankind. As long as one wants to store and own wealth in some self increasing numbers we are doomed.

But lets play for a while, why not.

Yes, thats why i have faith in bitcoin.

Oh,I remember egold ,scammers paradise

Linked to porn,the worst kind
 all the ponzi HYIP'S
and any shit the world had on offer

couldn't last and they had to be shut down
still owed a few grand but hey,that's life

Gold has value but I think it can't be used as a mean of exchange. Many things have value but that doesn't mean you could use it as a currency. It's true that bitcoin can become obsolete, but it can be used as a mean of exchange.

This is very true; however there is a crucial difference: It is way easier, cheaper and safer to take delivery of bitcoin than an equivalent amount of gold.

eGold did not fail because it used gold as a means of exchange.  The use of gold as a backing to funds in the account was what led to its adoption.  The funds held in eGold accounts were actually backed by tangible assets (bullion), which allowed people to trust in their value.  The owners of eGold legitimately followed through on their promise and backed all deposits with bullion.

eGold was shut down because it was a money transmission service.  Unlike Bitcoin, eGold was centralized and run by a company in Florida.  Shutting eGold down was easy, the feds just had to arrest the creators and confiscate their servers.

The only difference between eGold and Bitcoin is that eGold was centralized.  The owners provided nothing more than a money transmission service, yet were prosecuted based on the activity which took placed on the service.  If the government could have shut down Bitcoin in the same way, they would have.  And prosecuted those behind it, based simply on the fact that it was being used by some people for criminal activity.

It is perhaps for this reason that Satoshi stays in the shadows.  He fears that the government could pursue him for creating a money transmission service without proper licensing.  Considering what happened to those who came before him, it is clear that there would be incentive to stay anonymous.

It's funny how eGold and Liberty Reserve truly paved the way for BTC.  Don't forget about those who were brought down in the evolution of digital currency.  These pioneers have helped the system evolve to where it is today.

I still own gold, it still has value, but the point is that everyone has to demand physical delivery or the banksters will keep raping us, This will prove the same with bitcoin, everyone has to take delivery in there BLOCKCHAIN wallet, not some bankster/exchange website or they can go ahead and play there fractional reserve game.

Gold was of an immense value 300 years ago, is now, and will be in 300 years from now on. Whereas Bitcoin might become obsolete and worthless in a mere decade due to technological progress.

Yes I remember,

And I also remember reading this "bitcoin is the digital gold" somewhere in 2012. I thought just like e-gold? it must suck... I regret it to this day thinking it was "backed by gold" and not reading further.

E-gold got themselves in trouble for servicing all sorts of online pyramid schemes. For those interested, there are still alternatives like goldmoney.com

I believe your statement to partially be correct. I agree gold is not a good currency, you can use it to barter, but it doesn't have the liquidity of currency. I disagree with the bolded part though. That is exactly what gold does, it is a store of wealth. Fiat is not a store of wealth, Bitcoin isn't a store of wealth (although we could argue that one), they are currencies that derive their value from being able to be used to transfer wealth to one another instantly.

For example, I sell you something for cash, I use that cash to buy things, what I have leftover I will either spend in the nearish future, or invest into a store of wealth. If you have an extra $100K and you keep it in fiat form, you lose buying power as time progresses. If you take that $100k and put it into an investment medium or a store of wealth, the goal is to preserve your money, or to make more. Stores of wealth such as gold tend to not be convient for day to day short term payments. That is why we need currencies.

Research them and they are a perfect example of why gold CANNOT be used as currency.

The act of using materials like gold for exchanging goods causes inflated value of said material. Mainly due to regulators/terrorists/etc.

Gold does not have a system, gold does not show its past present and possible future, like Bitcoin.

We cannot easily store vast amounts of wealth with gold or any other material.

This is why the matrix system is coming and we will all one day be living in cyber space worlds.

No, man will not travel through outer space physically, but by mentally controlling machines safely in a remote location on this planet.

Say this with me:

Gold and any other physical material cannot and will not ever be used as currency/money/medians for exchange, etc.

It just doesn't make sense for the future of mankind.