E-Gold,what is this?

Question

Hi,what is E-Gold,and how do I use it?Is it free, or do I have to pay for it?Did you make money using this thing?Thanks

Answer 1

Relatively useless, used for internet scams and whatnot as a non-refundable source of cash, since paypal allows you to chargeback your payment if you get scammed. Check out http://www.myfriendbenjamin.com/

Answer 2

I have an e-gold account, though I don't use it. Basically, it's an international system of gold-based online currency. The actual gold is held in escrow in England, and there's only about $900,000 of e-gold (as compared to about $37 trillion US Dollars).

A lot of scams abound. A lot of Ponzi schemes abound (the second group of "investors" basically pays the first group... they all run into the inevitable problem that there are only so many people to invest). At its heart, it really is a good idea. And if they had some kind of debit card system, or whatnot, it could actually be used.

But it's pretty clumsy to pay for consumer goods using e-gold, as merchants typically want concrete amounts they can predict (right now, gold is in bubble mode, and will probably burst within the next couple of years). If we could put a large enough amount into this, and balance out trade (the US has more debt than any other country in history), e-gold would be great. It'd basically be a rehashing of the Bretton Woods system.

But as-is, e-gold is one of those areas where they potential losses greatly overwhelm the potential for gain (and I'm optimistic). I have seen no legitimate enterprises funded by e-gold...

Hope that helps.

Answer 3

1) A Currency backed by Gold.
2) Most people use it to bet but you can also use it to buy or sell items or services on the Internet.
3) No.
4) Currencies are not usually investments. Unless you are a currency speculator, of course.