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Andy makes the announcement in his forum on May 13th.
As of this weekend – I will not be accepting e-gold any more for FXO spends.
The new process is CSATM – the site can be found at www.thecyberspaceatm.com. I strongly encourage you to check it out.
As many would be aware I have always supported e-gold, and a swap of process does not change this. You can use your e-gold to fund CSATM and you can be paid out of CSATM to e-gold. There is no problem with that.
What CSATM offers is a payment process that is privacy oriented. An extremely simple to use.
The technology for the system has been around for years – and the business model is sound.
You will note that unlike a payment processor – where all funds go to a central location, the model of CSATM uses a distributed reserve – whereby the exchangers network maintains the backing for the storage.
Now that said – right now there is only one exchanger – but more should be coming on board over the coming week(s).
As always your comments are welcomed. However – for new spends to FXO – I will only accepts CSATM.
This does not, btw change the status of existing spends – you spent by e-gold you will be paid via e-gold (unless of course e-gold suddenly has major problems in which case I have bank wire/CSATM options.
Ok, “no biggie”, you might say to yourself. A lot of programs are actively searching for alternatives to E-Gold. Opinion might be divided 50/50 whether this is a red flag of imminent collapse or a sign Andy is firmly committed to maintaining FXO for the long haul. Ahh, but here’s where it gets interesting. In answer to a direct question from a member regarding his relationship to CSATM, Andy responds:
Kind of my baby is a good way of putting it . . (Probably explains some of the typos *sigh*).
The concept has been around for years – and I have been working on it for a little while now. It does provie an answer to two things.
The first is privacy. The second is the distributed reserve – which means that there is no one central point for the funds to be bottlenecked.
Now that said – I recognise that more exchangers are needed, but all that is required there is you asking your favourite exchanger to consider adding CSATM to their services.
Regardless of your opinion of him, ya’ gotta admit, Andy is one very enterprising dude.
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It’s not easy to run a payment processor I tell you.. it’s not
Even with the current turmoil E-gold is facing and other processors trying to take a piece of the market, the competitors themselves have to be reasonably sound and been in the business for long.
E-bullion will most probably be the one that benefits the most out of E-gold’s indictment.
As for CSATM, the site looks a little cheesy ain’t it?
Hmmmm… yet another site running their own payment processor? Or is it an exchanger? An exchanger is a bit better than a PP. But, neither is easy, especially annonymous ones. Since Andy scammed before, this doesn’t boost any confidence in his PP/exchanger.
JMO,
Sharon
I think it’s a PP but it’s not entirely clear to me.
At either case, I’ll be giving you and Jude my EG accnt # this coming October. Just in time for my birthday.