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FIB - Scams 101 - Ye Olde Archives
Posted By: Dave Mauder (eDave) <dave@NOSPAMmauder.com> In Response To: Re: What is Currency Exchanging? (Mike S.)
Thursday, 14 April 2005, at 3:52 a.m.
In Response To: Re: What is Currency Exchanging? (Mike S.)
> Dave explain exactly how you 'made money" ? Where did they value come
> from? What changed that made your egold more valuable? Supply and demand?
> Whose supply? I guess the demand is from people wanting to convert their
> cash to e-gold? The guys that created egold? I just don't get it! In the
> case of real gold or a stock or a bond, at least you really own something.
> What do you get for egold? What can you use it for? Everyone takes real
> money, and the market creates the value of each currency.
All good questions... I make money by processing InXchanges and/or OutXchanges from my DXGold console. In other words, exchanging "funds" from dxgold to some other ecurrency (egold, intgold, ebullion), or from ecurrencies back into dxgold. Whenever an exchange is processed, I earn a small bonus for doing so. The person requesting the exchange is paying for it, and part of their fee is how my bonus is paid. It's very similar to exchanging foreign currency (in concept). If you go to another country, and want their currency, you go to an exchange center and pay a fee to exchange dollars into whatever.
There must be more demand than supply right now, otherwise it would only take hours (or minutes) for exchanges to occur. Today, if I want to exchange my own dxgold for intgold, for instance, it can sometimes take several days. If we had more supply, more merchants that is, the exchanges would happen much faster.
Most of the questions I see about this stem from a total misunderstanding of ecurrencies. There are hundreds of private currencies, all perfectly legal, and some of them are not even electronic. The Liberty Dollar is one of the biggest I know of, and there are cities and town in our own country where the Liberty Dollar is used more than the American dollar. Their website is http://www.libertydollar.org if you want to check it out. I just did a search by state on their website and found out there is a Liberty Dollar exchange center about 15 minutes from my house here in Ohio! And that is just one of about 65 exchange centers in Ohio alone!
eCurrencies are no different. Some people get attached to certain ecurrencies, sort of like eBay'ers prefer PayPal more than any other, and that's just what they like to use. If you run up against someone selling something and they only accept eGold, but you have funds in PayPal, then you need to do an exchange somewhere, right? DXGold provides the exchange service and you pay a small fee for using it.
As far as what I can get for my ecurrency, or what can I use it for... I can either spend it with a merchant selling something I want who happens to accept that particular ecurrency, or many of them have debit cards that work just like a Visa or M/C, or I can simply request a withdrawal and they (whichever ecurrency company) send me a check for the value of my ecurrency.
Hope that helps everyone understand a little bit better!
Does Your Money Matter?
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