Risk in digital currency - political risk, Other Subject

Political risk

Subsequent April 27, 2007, the United States (US)Department of impartiality forced e-gold to execute some 10 to 20 million dollars value of e-gold (a small part of which was all the possessions of 1mdc which were held in e-gold), and is attempt to carry a case alongside e- gold. E-gold has dedicated to counter what its originator has affirmed to be groundless claim. 1mdc is now obsolete, however Pecunix, Gold Money, e-Bullion and other DGCs come out to have been unaltered, and possibly have gained market distribute as a result. (However, e-Bullion's principals are also the principals and operators of "The Bullion Exchange" which was one of the replace providers whose accounts were solid by the government's lawsuit.)

The condemnation and gold seizure by the honesty Department led to a run on e-gold, as a lot of account holders liquidated, the major being the court-ordered liquidation of Omnipay's entire gold stability. The fact that e-gold was capable to convince the court order to execute the gold and fill all the liquidation instructions of account holders is very strong proof that their supremacy system works.

It be supposed to be noted that any standard bank faced with a court order to pay out half the assessment of its reserves would be not capable to do so because banks grasp less than 2% of their put down in reserve and lend the remainder out as long-term loans (fractional-reserve banking). E-gold's self-certified supremacy has thus far establish to be a doing well method of protecting account owner from management risk. As of spring 2008, e-gold is still in business and accountability numerous million dollars significance of gold transactions per day.

Posted Date: 10/13/2012 3:16:44 AM | Location : United States

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