Is e-gold currency safe?
-
is it that once we pay to the seller, we cannot trace the transactions?
-
Once you pay the seller, the seller has to withdraw the money to a bank account. So in other words e-gold will have thier bank account number and its credentials.
So if you got conflict with the seller, you can always trace back through the bank account.
But paypal is much better than e-gold la. -
Not really leh. e-gold do not buy or sell their currency. They only manage it. However, they appoint a few cetified traders to act as currency exchangers. There are also many traders who do currency exchange but not appointed by e-gold.Originally posted by mhcampboy:Once you pay the seller, the seller has to withdraw the money to a bank account. So in other words e-gold will have thier bank account number and its credentials.
So if you got conflict with the seller, you can always trace back through the bank account.
So to trace the seller, it's going to be difficult. First, e-gold users are anonymous and does not need any verifications. So you don't know who you are trading with. Also, e-gold do not reveal the transaction done in their system, for privacy purpose. So, you've no way to find out who the seller has transacted with.
The only safe way to deal with e-gold is to trade with reliable people. Check their background first before trading.
-
I thought that's the point of using e-gold? So that you're anon and cant be traced? I read some time ago that people use it for money laundering.
-
If u want to trade egold I can recommend u a good exchanger.Originally posted by hoganrock:is it that once we pay to the seller, we cannot trace the transactions?
But if u want to save ur bank transaction fee US$30 and 4% commission(money exchanger will charge u); I can trade with u, I have some egold coming this 15th & 25th Nov.
I hate Paypal, bcos it took 9days to transfer the money into my DBS account. -
That's totally wrong. Obviously you don't know what e-gold is all about.Originally posted by mhcampboy:Once you pay the seller, the seller has to withdraw the money to a bank account. So in other words e-gold will have thier bank account number and its credentials.
So if you got conflict with the seller, you can always trace back through the bank account.
But paypal is much better than e-gold la. -
That's quite true. People use e-gold for its anonymity. One thing i prefer e-gold more than Paypal is its non-repudiation policy so that chargeback fraudster will stay away from e-gold. LOLOriginally posted by #$%^&*:I thought that's the point of using e-gold? So that you're anon and cant be traced? I read some time ago that people use it for money laundering. -
I can also trade with you if you like. You can transfer to my local bank account and i transfer you the e-gold. The rate will definitely be better than what you get from exchanger.Originally posted by hoganrock:is it that once we pay to the seller, we cannot trace the transactions? -
Go read today's sunday times
-
sold out liao. care to share?Originally posted by 12qwaszx:Go read today's sunday times -
got diamond version oso.
-
same thing here, my rate will be better than "weeie".Originally posted by weeie:I can also trade with you if you like. You can transfer to my local bank account and i transfer you the e-gold. The rate will definitely be better than what you get from exchanger. -
kk let you change with him okay.Originally posted by Totoro2006:same thing here, my rate will be better than "weeie".
i'm just trying to help .. if you don't have enough let me know.. i can sell u -
Nov 12, 2006Originally posted by weeie:sold out liao. care to share?
You can kiss your money goodbye
Net currency system hides cheaters' tracks as users are anonymous and payments difficult to track
By Jeremy Au Yong
THE group of motorists conned out of thousands of dollars by a bogus online car-parts dealer recently are unlikely to see their money again - primarily because the scammer got paid using a digital currency known as e-gold.
When The Straits Times reported the story earlier this month, few had heard of this complex form of electronic currency.
But it is particularly useful for Internet scammers, because users are anonymous and payments are very difficult to track.
It is no wonder the car-parts scammer was confident enough to taunt his victims in the online forum where he had originally advertised his services, saying: 'Find me if you can. Catch me if you can. Jail me if you can.'
Police are still investigating the case.
E-gold is a digital currency system backed by real gold.
What this means is that every dollar of the 'currency' circulating on the Internet has an equivalent amount of gold sitting in a vault, owned by the company that operates the system.
That company is Gold & Silver Reserve, which was founded by two American citizens but registered in Nevis, a small Caribbean island known as a tax haven.
Two Singaporean e-gold traders agreed to explain to The Sunday Times how it works, but declined to reveal their names. One of them is a 24-year-old university student. The other would give only his age, 23.
To start using e-gold, a client needs to get an account with e-gold.com. That process takes mere minutes and, unlike banks, the information is not verified.
'You can start an account with fake details and nobody will check,' said the 23-year-old.
The next step is to buy gold to put into the account. This is done via e-gold traders.
Traders, like the two men The Sunday Times spoke to, operate like online money changers. They convert real money into e-gold and back, making a profit on the exchange rate.
For example, the trader operating wyngold.com will sell US$1 worth of e-gold for S$1.66 and buy it back for S$1.53.
The scammer would have to go to such an exchanger to convert his e-gold into real money, but as there are traders all over the world, it is extremely difficult to find out which one he uses.
To top it off, most traders operate informally and do not register their businesses with the authorities, the university student said.
Put it all together and the result is a dubious system, said Mr Danny Lim, 50, chief executive of authentication company Creditel.
'With credit cards, there's always some regulation. The issuing bank regulates the buyer and the receiving bank regulates the seller. With e-gold there's nothing,' he said.
A Google search on e-gold throws up differing opinions on the currency. Supporters say that because it is based solely on the precious metal, e-gold is immune to currency fluctuations.
Detractors point to it being the medium of choice for online scams known as High Yield Investment Programmes, which claim to offer up to 200 per cent interest for a deposit.
According to BusinessWeek magazine, one such scam involving US-based E-Biz Ventures took in US$50 million (S$80 million) before being shut down in 2001.
A handful of personal transactions on auction site eBay and car forums like the one prowled by the scammer also use e-gold.
But Mr Lim warned that people should be wary of making any transactions using this system.
He said: 'You should be immediately suspicious of anyone who demands payment in an unconventional currency. It's like someone asking to be paid in full in cash, upfront.'
[email protected] -
weeie,Originally posted by weeie:kk let you change with him okay. i'm just trying to help .. if you don't have enough let me know.. i can sell u
how many egold u have, I'm just trying to help, if u have too much just let me know, I can help u to find buyer. -
Thanks! So this only talk about why scammer uses e-gold to receive payment. Nothing much.
Actually it's the same la. Even paypal will have its own fraudster.
Some seller on ebay can also meet fraudster who uses others' credit card number to purchase items. After collecting items, they will say byebye... Then the real owner of the credit card discovered the fradulent purchase and requested for a chargeback from bank. The bank take the money back from the seller and put it back into the real owner's bank account. Now the seller lost both items + money. BUT this kind fraudster cannot use the same way to cheat if the payment processor is e-gold cos of the non-repudiation policy by e-gold.
Every payment processor also have loophole here and there. Don't know why they make a big fuss out of this. -
have quite a lot...i dun really need to sell but if anyone needs it urgently and cannot find seller, i can take out some to sell.Originally posted by Totoro2006:weeie,
how many egold u have, I'm just trying to help, if u have too much just let me know, I can help u to find buyer.
i usually keep it then when i need money i will take out a bit by a bit loh. it's just like a bank for me to keep money. -
there's is also an article in TNP Sunday as well.
-
ehh.. paypal has verification system wor, i dun know bout egold though? which means the buyer can check if the seller is verified or not, if not verified, he can always reject the buyer leh.. to get verification from paypal, u need to send them a fax copy of your credit card statement with the same address and person's name etc.. and they'll check and verify with the bank that the card was issued.Originally posted by weeie:Thanks! So this only talk about why scammer uses e-gold to receive payment. Nothing much.
Actually it's the same la. Even paypal will have its own fraudster.
Some seller on ebay can also meet fraudster who uses others' credit card number to purchase items. After collecting items, they will say byebye... Then the real owner of the credit card discovered the fradulent purchase and requested for a chargeback from bank. The bank take the money back from the seller and put it back into the real owner's bank account. Now the seller lost both items + money. BUT this kind fraudster cannot use the same way to cheat if the payment processor is e-gold cos of the non-repudiation policy by e-gold.
Every payment processor also have loophole here and there. Don't know why they make a big fuss out of this. -
You don't know about fradulent activities conducted using Paypal/eBay despite the verfication process? Of course i know what you are trying to say. I'm talking about things like your eBay/PayPal account getting hacked? When your credit cards are stolen? Not all seller are knowledgeable enough? Session hijack? Do you know how long will Paypal hold the money(for both seller/buyer) upon a chargeback request when fraud is discovered)? Do you know how to counter all these issues? I can come up with more you see.Originally posted by 4getmenot:ehh.. paypal has verification system wor, i dun know bout egold though? which means the buyer can check if the seller is verified or not, if not verified, he can always reject the buyer leh.. to get verification from paypal, u need to send them a fax copy of your credit card statement with the same address and person's name etc.. and they'll check and verify with the bank that the card was issued.
The payment processor is only as safe as the person using it. If kenna scammed/cheated, then too bad. Don't blame the payment processor. E-gold is simply another payment processor that will eliminate most of the fradulent activities i just mentioned. With that being said, some new things come up...things like scammer will use this to cheat because it's hard to trace them. But the good thing seller are often safe as compared to using Paypal.
Every payment processor has its gd and bad la.
Webmoney is also another good processor but quite complicated for newbies.
The safest is using escrow.
-
Originally posted by weeie:You don't know about fradulent activities conducted using Paypal/eBay despite the verfication process? Of course i know what you are trying to say. I'm talking about things like your eBay/PayPal account getting hacked? When your credit cards are stolen? Not all seller are knowledgeable enough? Session hijack? Do you know how long will Paypal hold the money(for both seller/buyer) upon a chargeback request when fraud is discovered)? Do you know how to counter all these issues? I can come up with more you see.
The payment processor is only as safe as the person using it. If kenna scammed/cheated, then too bad. Don't blame the payment processor. E-gold is simply another payment processor that will eliminate most of the fradulent activities i just mentioned. With that being said, some new things come up...things like scammer will use this to cheat because it's hard to trace them. But the good thing seller are often safe as compared to using Paypal.
Every payment processor has its gd and bad la.
Webmoney is also another good processor but quite complicated for newbies.
The safest is using escrow. -
i personally trust the notes than the coins, otherwise if their hard disk corrupt, it's bye bye to ur $$
-
LOL...they don't use the hdd you use at home.Originally posted by kenn3th:i personally trust the notes than the coins, otherwise if their hard disk corrupt, it's bye bye to ur $$
if you say it this way, might as well all don't use computer for works. Might as well don't put money in bank. Might as well ask govt not to use computer to keep data?
all manual process ok?! LOL -
heheOriginally posted by weeie:LOL...they don't use the hdd you use at home.
if you say it this way, might as well all don't use computer for works. Might as well don't put money in bank. Might as well ask govt not to use computer to keep data?
all manual process ok?! LOL