IP: Chairman of e-gold Ltd. Statement

[David Farber <dave@farber.net>]

>
>Subject: re: Secret Service Raids E-Gold
>Date: Fri, 30 Mar 2001 19:05:34 -0500
>From: Douglas Jackson <djackson@omnipay.net>
>To: newsfeedback@wired.com
>CC: declan@wired.com
>
>I am the founder and Chairman of e-gold Ltd.
>
>Contrary to the luridly irresponsible and actionable headline on this
>article, there has been no raid on e-gold Ltd., or on Gold & Silver
>Reserve Inc. [dba  OmniPay http://www.omnipay.net ], the company that
>originally developed  the e-gold system and currently serves as
>Operator.
>
>The more edifying reality is that e-goldÆ is the worldís first
>electronic currency designed for borderless eCommerce, enabling the
>worldwide use of gold as money. It merges the digital transaction
>efficiencies of an electronic payment system with a universally
>acceptable basis of value.
>
>The advantages of e-gold include:
>? Low transaction fees ñ The maximum payment processing fee is 50 cents
>(US-equiv.). For a $1000 value payment, this is less than one twentieth
>as much as credit cards.
>? Immediate settlement ñ e-gold payments clear instantaneously, no
>matter how large or small the payment, no matter how far apart the
>spender and recipient.
>? Non-repudiation ñ No chargebacks. Get paid, stay paid.
>? Direct access with bi-directionality ñ Anyone can pay or be paid.
>? Automation support ñ The e-gold Shopping Cart Interface is easily
>implemented and provides immediate authenticated notification of
>completed payment.
>? Zero financial risk ñ e-gold is the worldís first remote payment
>system backed 100% by physical gold in allocated storage.
>
>e-gold is in fact succeeding where other electronic payment initiatives
>are failing because it is designed specifically for worldwide eCommerce.
>All others merely add additional layers of liability to legacy systems.
>
>Since online launch November 1996, the e-gold system has been growing at
>an accelerating pace. As of April 2000, 100,000  transactions had been
>settled. The one millionth transaction was November 2000 and the second
>million mark surpassed in March 2001.
>
>It is regrettable that the first time many people will hear of e-gold(r)
>will be this sloppy and damaging Wired headline.
>
>Dr. Douglas Jackson
>Founder of e-gold
>
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