Better Money

The trademarked slogan "Better Money" is displayed on the homepage of the e-gold site. As best I recall, I came up with that one myself.  In making this claim my intent was (and is) to stimulate thinking and discourse along the lines of "In what way(s) can one brand of money be better than another?"

Thinking back, the logic for what I'm going to say next derived from an essay I read in '97 or '98 by Antal Fekete. I just now tracked it down again and it is still online. I haven't re-read it again in detail so I don't want to imply I agree with everything it says though on a quick scan it still looks pretty worthwhile.

Fekete described money as "a transmitter of value through space and time…with the least possible loss".  Transmission of value through time correlates to money's role as a store of value. Transmission through space is a reference to money's usefulness as a medium of indirect exchange, that is, a means of effecting payment. It looks to me like he meant or was emphasizing physical space, distance.

I prefer to think of the space part as transaction space, where value is conveyed from a payer to the recipient of payment, a change of ownership or entitlement.

So how can one brand of money be better than another?

Money that does not lose its exchange value over time - relative to goods and services, relative to other brands of money - would generally be better than money that did. I say generally because, as with most propositions, there are exceptions -circumstances where some participants in a money economy stand to gain from a decline in exchange value. There are also circumstances where an increase in exchange value can be disruptive, creating winners and losers. At some point I hope to expand on this. It ties into (among other topics) discussions on balance of payments, an area where e-gold or any globally oriented and designed currency can alter or invalidate existing paradigms in an interesting way.

e-gold's performance as a store of value perfectly mirrors physical gold since it is backed at all times by a 100% reserve. For present discussion purposes, suffice it to say that gold has a long track record of being ascribed exchange value and is unlikely to become worthless pending very significant advances in physics. [There is, by the way, a provision in the e-gold Account User Agreement that could be triggered in a circumstance where gold is no longer scarce in an economically meaningful way.]

How about the other dimension - preservation of value across transaction space?

In the long run, which I define as the post-transitional phase after e-gold has been embraced by mainstream institutions and is fully integrated into banking/payments/financial arrangements, many payment mechanisms will be unaffected. A credit card transaction will be a credit card transaction regardless of whether the payables or receivables are due in GBP, USD or AUG.

There are two payment scenarios though where e-gold can offer unique advantages, something better,  than what is possible with legacy brands or money.

The first case is direct acceptance of e-gold, as it currently exists, for payments over the Internet.There is not a single entity that currently accepts payment online who would not stand to reduce their costs and extend their market reach by adding e-gold as an alternative, additional option. e-gold is the only truly global payment platform. An online retail merchant can accept e-gold from anyone anywhere at extreme low direct cost, with immediate settlement and no risk of payment reversal (chargeback) even if the payer has no plastic, no credit history, even if they are unbanked altogether.

The direct cost issue is significant. Imagine a large retailer selling computers online and accepting plastic. The fee for accepting a credit card payment for a $2,000 computer may be higher than $20. The fee for receiving the same value in e-gold would be e-gold's maximum Spend fee - 5 gold cents, that is, 5 cg of e-gold, equivalent at current exchange rates to less than $1.20.

For the recipient of payments using a credit card intermediary such as PayPal or Neteller, the differential is even wider. The payment processing fees for these services must incorporate the full credit card fee (since that is how a payment is usually "funded") and add a further markup to cover their costs of adjudicating disputes such as when (as is not uncommon) they suck payments back from recipients. For every $1 million of payments processed via PayPal [eBay/PayPal uses the term Total Payment Volume or "TPV"], PayPal extracts over $38,000 in revenue. PayPal's revenue, of course, constitutes the expense of their users. With e-gold, in contrast, for every $1 million worth of velocity, the system deducts Spend fees totaling about $2,000 worth - one nineteenth as much. Both of these pale, though, compared to the vig that Neteller extracts,  $138,000 per every $1 million "receipted", more than 65 times the fees e-gold charges. Youch!

The second case where e-gold can afford benefits unachievable with any other currency relates to its function as a settlement platform. The truly unique and unprecedented characteristic of e-gold is not that it is digital, or tied to gold, or online. It is the fact that end users can directly access the settlement platform... without going through any financial intermediary. To tell this story though requires a clear understanding of the role of liability in monetary arrangements.

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Live! Webmoney Gold Currency-1 WMG equals 1 gram of Gold

Some very exciting news from the Webmoney team…. Their new digital GOLD currency, WMGold, is now live. (WMG purse) .

All funds located in a WMG purse are 100% backed by gold bullion. The main agent I’m directed to is Metdeal.com and the price per gram (bid-ask) is posted on their web site. Or if your Russian is good, visit WebMoney exchanger wm.exchanger.ru. It will also soon be possible to buy gold using other authorized e-currency exchange services and the usual variety of payment methods.

Currency rates inside the Webmoney system will remain on the same exchange mode as they have always been. However, since the price of gold moves each day, the price of a WMGold unit will fluctuate. Transacting an exchange between existing Webmoney currency- WMZ, WME, WMR and others will also be on a floating rate, as the value national currency remains constant in their system and gold fluctuates.

To open a WMG purse, you will have to download the awesome new version of the Webmoney Keeper software which includes WMG. I’m setting it up now and should have some grams later today so we will definitely have more news and information later this week.

Webmoney registration is free and you can use the account immediately - so get started today. For existing WM-users: Download Keeper Classic Current version: 3.5.0.1 Sign in to Keeper Light

Exchange agents desiring to buy WMG need to become a MetDeal Partner, which requires some of the usual WM Passport verification paperwork and a new style contract. All Webmoney agents and business affiliates must complete some paperwork in order to transact business in WMG. Its always good to see a financial company clearly identifying who is offering their products.

Luckily for WMG agents Metdeal.com has only a $1,000 USD minimum purchase so a lot of both large and smaller agents will be participating.

For all of you readers wondering if delivery of your WMG can be arranged, Yes…from their web:

To get Gold , you need to to send a request to WM Metals FZE with a subject “Requesting Gold Delivery” and stipulate the following:

1. Gold net weight you wish to obtain.


2. WMID and G-Purse number.


3. Preferable date of getting gold bullions.

Delivery Instructions together with the Invoice will be sent to you. Gold is issued in the United Arab Emirates in a form of gold bullions available to WM Metals FZE.

Metdeal FZE is a registered United Arab Emirates Company and licensed accordingly for the purchase and sale of precious metals (primarily gold). Metdeal FZE undertakes a required annual financial audit. Gold storage and transportation is carried out by licensed depositories as per international rules and standards. All operations are performed with gold bullion as per worldwide quality standards and purity of not less than 995.0 ( nine hundred ninety-five point zero).

Just in case you are wondering, the web site is available in English and Russian.

This is a remarkable product the Webmoney team has created. Using cash from hundreds of thousands of walk in locations worldwide you will be able to purchase digital gold.
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Most Asian markets up; Tokyo lifted by gains in car, steel stocks

Most Asian markets rose Thursday, with Japanese stocks advancing as gains in shipping, steel, auto and consumer finance issues outweighed losses in power companies hurt by this week's strong earthquake.

Hong Kong edged up as traders bought blue chips, and Jakarta finished at a record high.

Japan's Nikkei 225 index rose 100.99 points, or 0.56 percent, to finish at 18,116.57 on the Tokyo Stock Exchange.

The index got a boost in late trade on a report that consumer finance companies Promise Co. and Sanyo Shinpan Finance Co. are in talks to merge this year. The news sent the two companies' share prices soaring. Both issued statements denying any decision to merge had been reached.

Shipping and steel company stocks likewise posted gains. And auto shares climbed despite plans at Toyota Motor Corp. and other major manufacturers to temporarily halt domestic production due to damage at a key parts supplier from Monday's magnitude-6.8 quake.

Power company stocks fell on woes at Tokyo Electric Power Co., which has experienced a slew of problems at one of its nuclear plants due to the quake, including a fire and leaks of radioactive plants due to the quake, including a fire and leaks of radio active material into the ocean. TEPCO shares fell 5.55 percent.

Hong Kong shares edged higher Thursday as traders bought blue chips, shrugging off concerns that China may soon launch new tightening measures to contain its red-hot economy.

The Hang Seng Index rose 174.28 points, or 0.8 percent, to 23,016.20.

Conglomerate Hutchison Whampoa rose a sharp 4.1 percent, and its affiliate Cheung Kong surged 4.2 percent.

In other stocks, Hang Seng Bank rose 2.4 percent and fellow bank HSBC edged up 0.1 percent.

Traders weren't discouraged by worries that China may rein in its economy in light of new growth figures.

China's gross domestic product grew 11.9 percent in the April-June quarter compared to a year earlier, according to figures announced Thursday by China's National Bureau of Statistics. That was faster than the 11.1 percent gain in GDP in the first quarter.

BANGKOK: Thai shares pared intraday losses to end mildly lower. The main stock index dipped 0.3 percent to 847.26 points.

JAKARTA: Indonesia shares hit a fresh closing high on foreign buying in most blue chips amid hopes of strong first-half earnings. The main stock index jumped 1.7 percent to 2,333.68 points.

KUALA LUMPUR: Malaysian shares moved up 0.5 percent to 1,376.40 points in moderate volume.

MANILA: Philippine shares slipped as investors cashed in gains to raise funds for ongoing public offerings. A wider-than-expected first-half budget deficit and higher oil prices also weighed on the market. The benchmark 30-company Philippine Stock Exchange Index dropped 31.89 points, or 0.85 percent, to 3,702.91.

MUMBAI: Indian shares rose 248.96 points, or 1.6 percent, to 15,550.13.

SEOUL: South Korean shares advanced as banks and LG Electronics rose on earnings momentum. Brokerage stocks gained on merger and acquisition speculation. The Korea Composite Stock Price Index, or Kospi, rose 7.2 points, or 0.4 percent, to 1,937.90.
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Liberty Reserve - Interview with Mr. Joul Lee pt.2

(Q) Who would you consider to be your main competition and why?

There is no system quite like Liberty Reserve, which combines superior account privacy, excellent political jurisdiction, irrevocable payments, and state of the art security.

(Q) Are there any limits to how much money I can fund into a Liberty Reserve account? Are there any limits to the volume of transactions clients can perform?

There are no limits for regular accounts. However, because there are certain financial freedom restricting laws that passed or are contemplated in countries such as Australia and the United States, Liberty Reserve may, in some way, limit the volume, balance, or certain privileges (such as ability to gamble) of accounts of clients in those countries. Any such changes would, of course, be announced in advance, and at no time would Liberty Reserve freeze the value in any account for any reason except receipt of a legitimate court order.

(Q) Your information states that customer accounts all times 100% backed by U.S. dollars for LR-USD accounts and gold bullion for LR-gold accounts? Do you offer any audited balance information or do you have future plans to show monthly or quarterly how much is in the vault?

In the near future, Liberty Reserve will publish an independent accountant's report, verifying the aggregate value Liberty Reserve's assets held in trust for its customers, and matching that information to the total balances in Liberty Reserve accounts. This will occur without even the accountant knowing personal information in the accounts, only the balances.

(Q) How long has Liberty Reserve been a member of the GDCA and why do you feel that is important?

The Global Digital Currencies Association - www.gdcaonline.org - is the only industry watchdog that consists of voluntary members that agree to be bound by GDCA decisions during arbitration with customers and it allows customers to file complaints against members (and non-members for that matter). We are happy to say that we have no unresolved complaints at the GDCA.

(Q) I am now using Moneybookers and e-gold to accept client funds. Why should I try out or switch to Liberty Reserve?

Liberty Reserve is a true digital currency, completely outside of the United States and other countries that restrict personal financial freedom, including Liberty Reserve's servers. e-gold cannot say that, and we see, in recent events, where that led to. As for Moneybookers, they are not a true digital currency because they do not allow, like PayPal, the free exchange of their "currency" with other digital currencies, and, like PayPal, they freeze accounts without any court order. This I can tell you from my own experience and the experience of others. Liberty Reserve is also a long-time member of the Global Digital Currencies Association, an industry watchdog that ensures that customers do not get cheated and allows users to file complaints and request arbitration.

(Q) Do you maintain any sort of directory displaying Liberty Reserve businesses and helping to promote agents and companies which currently accept Liberty Reserve?

Liberty Reserve actively seeks to promote any legitimate merchant that accepts Liberty Reserve. We have a directory where merchants that bear our logo may request to be listed.

(Q) Where is the server located housing the Liberty Reserve web site.

There is more than one site for the Liberty Reserve servers. One place is in Europe, the other location is secret.

(Q) How do your account and transaction fees compare with the competition?

Liberty Reserve has a maximum transfer fee of 25 cents ($0.25). For funding and outexchanges, the fees are set by the independent exchange providers. Currently, though, even the 25 cent fee is waived, so all internal transfers are free.

(Q) Opening an account I know is free at Liberty Reserve. How much does it cost in fees to operate the account and transact business?

The best way to answer this question is to give an example. We have a customer, www.GoldStores.com, who agreed in advance to be mentioned here (and commensurate with our strategy to promote our merchants). They have been a Liberty Reserve client for years. They sell mostly electronics and other popular goods on the internet. They used to accept credit cards for a short while, which cost them about $500 per month based on their volume, plus another $1,000.00 or so in fraudulent charge-backs and other fees for a total of approximately $1,500.00 in monthly costs. After switching to digital currencies, including Liberty Reserve, their monthly costs amount to about $5.00, for a total cost savings of about $1,495.00 per month. As I understand it, they pass on these savings to their customers, offering discounts if customers pay via Liberty Reserve.

(Q) I see that you offer a type of transaction entitled, "Optional Anonymous Internal Payment". Is this option popular with users? Why do you feel that is important to customers?

This was a feature that was requested a few years ago by a few customers that wanted additional privacy. For example, if you pay someone for goods or services with other digital currencies your account number is displayed in the history of the recipient of the funds. Hackers or other malicious individuals will know your account number. Also, it is a good idea for making anonymous donations to charity. At Liberty Reserve, using the anonymous payment feature, your account number is not known to the recipient of the funds. We, at Liberty Reserve, are always looking for ways to meet the demands of clients to enhance their financial privacy and security.

(Q) I did not see a 'Liberty Reserve' debit card. Do you have any plans to offer such a product?

Liberty Reserve's business is making it the best, most secure, and trusted payment system in the world. That is our only goal and business model. We encourage exchangers and other companies to provide any collateral services that our clients may require, which creates many opportunities for Liberty Reserve merchants. It is a synergistic strategy.

(Q) For people reading this who want to earn money using the Internet, do you offer a paying referral program? If so, how do you pay the affiliates?

We offer one of the most competitive referral programs in the industry. Affiliates are paid instantly into their Liberty Reserve accounts. A two tier referral system is also in the works. Thank you for giving me the opportunity to answer your questions and inform your fine readers about Liberty Reserve. Joul Lee marketing(at)LibertyReserve.com

I'd like to thank Mr. Lee for taking time to fully answer all my questions.

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Liberty Reserve - Interview with Mr. Joul Lee pt.1

Today I am interviewing Mr. Joul Lee the ‘Marketing Manager’ for Liberty Reserve Digital Currency.

Liberty Reserve is a 100% irrevocable payment system and digital currency. Liberty Reserve customer funds are protected by an offshore Trust, and at all times accounts are 100% backed by U.S. dollars for LR-USD accounts and gold bullion for LR-gold accounts and Euros for LR-Euro accounts. Customer privacy, security and absolute confidentiality are top priorities for the management and staff at Liberty Reserve. Incorporated in Costa Rica this organization is also a long time member of the Global Digital Currencies Association.

(Q) How long has has Liberty Reserve been in operation?

Liberty Reserve (LR) started as a private currency exchange system for import/export businesses that was later open to the pubic as it became more popular. It is functioning publicly since 2001.

(Q) Let’s pretend I’m a new customer asking about Liberty Reserve. I’m thinking of adding it to my 60 online retail sales web and giving you a lot of new business. Please list some reasons I should add Liberty Reserve to my business plan & convince me I should be doing business with Liberty Reserve.

Liberty Reserve is a one-stop, all inclusive, merchant facility where any online business, no matter in which country situated, can accept payments from anyone in the world. Liberty Reserve has exchange providers that accept deposits in Europe, Asia, United States, Australia, Central and Latin America, etc., and the number of agents is growing. LR also does not compete with exchangers by running its own exchange, unlike other digital currencies. This way, 100% of all volume passes via independent exchange providers who have no fear that LR will steal their clients. All this, plus our low rates and superior privacy and friendly jurisdiction is why Liberty Reserve is growing so fast already. It basically sells itself by word of mouth. Within a month, LR will add LR-Gold and LR-Euro.

(Q) Can I buy Liberty Reserve digital currency directly from your Company web?

Unlike other digital currencies that have gone out of business due to fraud and the like, we do not accept such risks. Liberty Reserve is a trust that holds assets for the benefit of the account holders. That is all that it does. In order to fund or outexchange value from a Liberty Reserve account, customers need to use an independent exchange provider.

(Q) In my opinion, the most important qualities which define a ‘digital currency’ are these three items (1) All transactions are final. (2) Can be bought or sold through a third party independent agent. (3) Can be exchanged for other digital currency also by an agent. Does LR meet these requirements?

Fortunately, Liberty Reserve is defined by the above three criteria, with an added benefit of extra security and privacy.

(Q) Does Liberty Reserve offer a Shopping Cart Interface (SCI) or some way for merchants to integrate your payment system into their retail web sites?

Yes. Liberty Reserve’s SCI and API are one of the most advanced in the industry. Both API and SCI offer all necessary notifications via e-mail and/or over secure protocol.

(Q) I see your web site provides SSL as do all other financial web sites but what other technical tools does Liberty Reserve offer to protect clients while accessing their accounts?

After two years of development and vigorous tests, most of advanced security features of new Liberty Reserve are well integrated into our system on the programming level, and can not be disclosed for obvious reasons. Among a few that we can mention are: third generation dual login system, advanced geographical region identification, IP and browser lock, personal welcome message, and many more. Feel free to visit our web site for more information.

(Q) Does Liberty Reserve allow HYIP type ‘investments’ or auto surf programs?

Liberty Reserve does not “allow” any activity that is illegal in the users’ own location. However, it is impractical to monitor every account for signs of trouble (not to mention illegal in some countries and unethical and costly). Liberty Reserve management will never become judge and jury over what accounts are good and what accounts are bad. We respond only to legitimate court orders or where we have direct knowledge of activity that is illegal in Costa Rica or that is in violation of Liberty Reserve’s terms of service.

That is not to say that Liberty Reserve does not do anything to warn its users, before they open an account, about the dangers and/or pitfalls on the internet. To wit, we display this excerpt from our terms of service in BOLD for everyone wishing to open an account:

“2.4.3 User understands and acknowledges that user is aware that Liberty Reserve spends are irrevocable and that user agrees to follow the policy of buyer beware (”Caveat Emptor”) when using Liberty Reserve at various merchant sites, especially merchants such as gaming or gambling or “HYIP” and other types of investment or chance games or matrixes or Ponzis (pyramid schemes), which are identifiable by their promises of extremely high (more than 1% per day) rates of return, and that should user still wish to deal with such merchants that it is at user’s own risk.”

(Q) Do you have an Anti Money Laundering policy and do you actively work to prevent the use of your digital currency for illegal operations?

Liberty Reserve posts its rules and procedures in its Terms of Service. We comply with legitimate law enforcement requests for information (we do not comply with fishing expeditions, where some foreign government agency may ask for a list of accounts or other information without stating a specific reason and court order). We comply with the laws of Costa Rica.

(Q) How many independent agents currently transact in Liberty Reserve? Can I use a credit card to buy Liberty Reserve from any of these agents?

There are currently many agents that buy and sell Liberty Reserve, and I know that at least one of them accepts credit cards.

(Q) How do you keep Liberty Reserve client information private and protected?

All information collected by Liberty Reserve is encrypted and can not be decrypted without unique keys located on separate servers. In a very unlikely event, when even our server gets physically stolen, the information is useless without unique encryption algorithms and keys, which are located off site.

To Be Continued….

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SECRET SERVICE MIAMI FIELD OFFICE

(Miami, FL) – The United States Secret Service today announced the recent arrests and indictments of four members of an organized fraud ring in South Florida. In all, the individuals – identified as Miguel Alegria, 46, of Hialeah, FL; Raynier Pupo, 22, of Miami, FL; Ariel Montero, 32, of Aventura, Florida; and Javier Padron-Bravo, 35, of Aventura, FL – have been charged with aggravated identity theft, counterfeit credit card trafficking and conspiracy.

In a coordinated operation between the U.S. Secret Service’s Miami and Nashville Field Offices earlier this year, Miami Electronic Crimes Task Force agents arrested Julio Lopez, age 30, and Lopez’s girlfriend Anett Villar, age 26, both of Hialeah, FL, after receiving warrants for their arrests from the Nashville Field Office in an online carding investigation. Julio Lopez had used the screen name "Blinky" and had been identified as trafficking counterfeit credit cards and identifications for years over the Internet.

As a result of the initial investigation targeting Lopez (aka "Blinky"), evidence was discovered of an organized fraud ring of Cuban nationals, which included Alegria, Pupo, Montero and Padron-Bravo, operating in South Florida. These individuals were sending large amounts of money via E-Gold accounts to known cyber criminals in Eastern Europe in return for tens of thousands of stolen credit card account numbers. The stolen credit card account numbers were then used to counterfeit credit cards in “plants” throughout southern Florida.

As a result of these arrests, more than 200,000 credit card account numbers were recovered in connection with the ring’s activity, which was responsible for fraud losses of more than $75 million. Additionally, agents seized two pick-up trucks, $10,000 cash and one handgun in connection with the case.

“This case demonstrates the potential for online criminals to inflict significant damage on a global scale, but this investigation and the resulting indictments and arrests should serve as stark reminders to cyber criminals that law enforcement will continue to pursue them wherever they are,” said Special Agent in Charge William Sims of the U.S. Secret Service’s Miami Field Office.

This investigation is just one example of the U.S. Secret Service’s cyber-initiatives to combat financial fraud and identity theft. These initiatives are designed to disrupt activity on criminal web forums, where the suspects openly engage in the sale of stolen and compromised credit card information, false identity documents and malicious software that enables criminals to obtain access to victims’ computers.

The U.S. Secret Service has taken a lead role in cyber crime investigations and, through a nationwide network of Electronic Crimes Task Forces, has established partnerships in both the law enforcement and business communities to protect the nation’s critical financial infrastructure.

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