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FIB - Scams 101 - Ye Olde Archives
Posted By: The Tim <firstname.lastname@example.org> In Response To: It's really quite simpl... (Dave Mauder (eDave))
Thursday, 14 April 2005, at 7:11 a.m.
In Response To: It's really quite simpl... (Dave Mauder (eDave))
> Hi Mike:
> 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
> Hope that helps everyone understand a little bit better!
Sensibility Without The Static
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