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I just finished a couple of hours on Skype with Patrick Chkoreff, the gentleman who developed Loom Gold. Wow, it is simple, secure, private & very innovative. You can also Skype me now at ‘digitalcurrency’. This system, is better and easier then anything I’ve ever seen. Enough small talk….let me share with you what I learned. Before reading any further, forget about all other online payments you have ever known and open your mind to the ‘Loom’.

“Loom Gold” is an Open Source software platform. That’s right it is Open Source and if Patrick will allow it you might even have one running on your own server. You would not be the first Loom on the block, there are a few successful Looms already in existence. Additionally you can customize your version with fancy colors, graphics, flash or secret access pages….basically you can do anything that floats your boat. However, when you visit this original Loom Gold web site you will notice it is pretty basic and designed for simplicity and easy navigation. “Welcome to Loom” is about all you will find on the main page.

From The Main Page…..
If you are new to the Loom system, you will need to follow the link labeled create a new folder. What is a folder? This is where you keep your assets, or perhaps I should say digital money and that might be a better description for my readers. However, in Loom Gold, there are no folder names. The identifying information you need for any Loom ‘folder’ is simply the passphrase. With this system, your folder will have no identifying features beyond the passphrase. So when asked to create a folder, all you are actually doing is making up the lengthy passphrase. Loom also offers suggestions for creating that large random code which is your passphrase. That’s all the access you will need to get into your Loom Gold ‘account’ …..the passphrase. Pretty simple eh?

Creating a folder requires two steps. As listed above, step one is creating the passphrase. Step two is having the usage tokens to ‘pay’ for the folder creation.

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Read the full post of A Brief Loom Instructional

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When money became digital, it also became much more complex. Conventional banking and legacy payments do not mix well with credit card fraud and identity theft.

At Home Security With In Store Convenience?

Read the full post of The Loom Model: The New Generation Of Digital Value Transfer

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When most Internet users think of digital currency they are picturing a Bank of America ‘online banking’ account or a PayPal account. Both of these prehistoric versions of electronic money helped to revolutionize the way our world handles e-commerce.

However, if you are ‘old school’ or just an ‘old fart’ like I am, digital currency memories bring up thoughts of that original Webmoney Keeper software from years ago still installed on my laptop or learning how to access my first Pecunix account. I was using e-gold digital gold currency almost a decade ago when the account numbers were still under 250,000 and of course they are now over 4 million. That won’t mean much to those of you who pay your electric bill via Bank of America online, but to those who remember placing that x.com referral link on your web way back when…..a low e-gold account number still holds a bit of nostalgia.

Unlike ‘Online Banking‘ or ‘Online Payment Systems’ digital currencies operate outside of conventional banking operations. Digital currency is not a part of the federally regulated banking alliance in the US or pretty much any other country. Instead, digital currency provides global commerce solutions to people who may not even have a bank account or live in a country yet conquered by PayPal. This new and innovative payment method provides a great addition to regular banking channels. This is especially true with Webmoney which has become very incorporated into daily life around Russia and other parts of the world. You don’t have to go online with the bank to pay your bills, Webmoney lets you do it without a bank.

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Read the full post of Loom Gold: Beyond Digital Currency

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Continuing interview with Sylvain Falardeau a Canadian Independent exchange provider for e-gold and Pecunix. Pt.1

(Q) What other services do you think digital gold users would use if you could offer them? Reoccurring billing such as subscriptions? Gold transfers to a Visa or MasterCard debit card? Sending a Western Union using gold currency? etc.

We may offer other way of transferring from fiat money to gold in the future but the thing that is important for us is automation (at the programming level). We are not staffed and do not plan to offer a service like other exchangers (multiple payment options) because most of them are difficult to automate (like bank drafts). It only takes 5 to 10 minutes in the morning to process all the transactions and have to stay in this range to think one day to be profitable.

(Q) I’m not that familiar with banking in Canada. When you accept digital gold and make a payment to a client’s Canadian bank account…is this faster than other methods such as wire transfer? How long does it take, if a client sells today, when would that balance appear in an RBC account? Is the fee for this operation more or less than a domestic wire transfer?

Direct deposit and withdrawal in Canadian bank accounts is slower than a wire transfer but much cheaper. Depending on banks, a wire in Canada can cost from 10$ to 20$ to send and 5$ to 15$ to receive. We cannot allow 10$ transactions at 0.35$ with these bank fees. Direct deposit is the same as your electronic paycheck, there is no fee to receive it (not counting the number of transactions per month you can do in your account).

(Q) Do you have any new products on the horizon from xgold.ca?

We may accept e-bullion in the future and allow “redeem” (digital gold to bullion). No date is planned for these two features.

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Read the full post of Part2 - Xgold.ca: Interview With Independent E-gold Exchange Agent

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Today I am interviewing Mr. Sylvain Falardeau a Canadian Independent exchange provider for e-gold and Pecunix.

(Q) How long has xgold.ca been online, when did the operation begin?

We started xgold.ca on March 2005. (Please note that French is Mr. Falardeau’s primary language.)

(Q) Can you please tell us your relationship with xgold.ca and how long you have been a part of the operation?

I am the president of XSOLI inc., an IT company in Canada specialized in the development of solutions with Free Software. Our primary business is IT consulting for various clients (mostly private). I started the company in June 2001 to fulfill my dream to work with Free Software for a living. xgold.ca is one of our internal project showing our expertise in development of specialized Web applications in the banking/money industry.

(Q) Which digital currencies does xgold.ca currently handle?

We exchange e-gold and Pecunix since the business opened.

(Q) Do you work with just precious metal backed currency or would you consider other digital currency not backed by gold such as the current Webmoney model?

We only work with gold currencies for the moment. We have no plan to support non metal backed currencies with xgold.ca.

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Read the full post of Xgold.ca: Interview With Independent E-gold Exchange Agent Sylvain Falardeau, Pt.1

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Hello All,

Some additional information is available on e-gold (see post below).  This document illustrates e-gold’s prior and continued commitment to operating a legal and ethical business today, in the future and everyday over the past ten years. I suggest anyone using e-gold or interested take a good look.

Read the full post of E-gold Update

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I have 5 grams of gold ($105) in e-gold, Pecunix, Webmoney or any other. This will go to the person who can show me how to edit some video which is currently in a Real Media file. This is a three hour (47 meg) file from e-gold Congressional testimony on child porn payments. I want to cut out certain spots, and then edit them into one short 10 minute or so video for YouTube. Can anyone show me how to edit this file, cut, save and splice? I have the file downloaded to my PC and just need brief instructions. Gold is yours today. ePanama@cryptoheaven.com

Read the full post of 5 grams of gold up for grabs, video editing on e-gold tape

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Hello, I’ve just opened www.DGCtags.com . If you are familiar with Digg.com this is a clone but only for digital currency and e-currency stuff. (news, agents, debit cards etc) Anything to do with digital currency, online money, privacy, security etc. you can tag it for others to find. While visiting DGCtags.com if you see an article, post or some information you like, simply vote for it and it will appear closer to the top of the page with a higher rank for more people to read. You can also comment on any entry, there is plenty of room or that.

Read the full post of DGCtags.com For Great e-Currency Stuff

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payZ EU provides a fast and secure way of transferring money online. I consider payZ EU to be an online ewallet because account holders only share their personal details when opening or loading the account. Transactions with other account holders or merchants will not expose your personal information to any other party. The idea with this type of account is to keep your credit cards, bank account and personal information safe. This account is similar to a PayPal however, payZ EU ALLOWS online gaming, network marketing, online pharmacies and more.

Use your existing bank account to fund your payZ EU wallet from these countries Canada, UK, France, Italy, Sweden or Spain. The fees for using payZ EU seem a bit high. Sending money online is free but receiving funds will cost you $1 per transaction on personal accounts. Business/Merchant accounts have a hefty set up fee of $749 and to receive a merchant transaction will cost you $1 +3.75% of the transaction. payZ EU merchants can accept credit card payments directly from buyers without requiring user registration.

Account holders in Canada can deposit funds using E-Cheque and Interac. Europeans can use E-Cheque and Ukash (fee is $1 +6% on Ukash). Fund withdrawals via ACH/EFT in the US, plus FedEx check or plain bank wire transfer.

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Read the full post of payZ EU New Online Payment Processor

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You will probably never see Amazon or Overstock.com accepting eCache as a method of payment, however, more and more old school digital currency users are spending DBCs (digital bearer certificates). With the e-gold community still rocking in the wake of recent indictments, creative minds are now making moves towards more serious privacy.

Do you want to learn more about eCache? Then get ready to be confused….

Read the full post of eCache : Anonymous Digital Bearer Certificates

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www.usdoj.gov (actual unsealed indictment .pdf)

The E-GOLD Operation

Because of the lack of controls as compared to those present with other payment systems, E-GOLD has been a highly-favored method of payment by operators of investment scams, which generally refers to pyramids, ponzis, HYIPs (i.e., high-yield investment programs) and other “get-rich-quick”schemes. These scams typically promise abnormally high short-term returns on investments, but rather than paying investors any actual returns on real investments, the scams pay investors with new, incoming investment money from other investors in the scam.

Read the full post of e-gold Government Indictment Targeted HYIPs

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On April 24, 2007, a Federal Grand Jury handed down an indictment charging e-gold Ltd., Gold & Silver Reserve, Inc., and the Directors of both companies with money laundering, operating an unlicensed money transmitter business, and conspiracies to commit both offenses.

Dr. Douglas Jackson, Chairman and Founder of e-gold, speaking on behalf of his fellow Directors and both companies vigorously denies the charges, taking particular exception to the allegations that either company ever turned a blind eye to payments for child pornography or for the sale of stolen identity and credit card information.

Dr. Jackson states, “With regard to child pornography, the government knows full well that their allegations are false, yet they highlight these irresponsible and purposely damaging statements in order to demonize e-gold in the eyes of the public. During the Inquisition, accusations of witchcraft and heresy were used to sanctify torture and seizures of property. In post 9-11 America, child porn and terrorism serve as the denunciations of choice. e-gold, however, as a matter ofincontrovertible fact, is the most effective of all online payment systems in detecting and interdicting abuse of its system for child pornography related payments. e-gold Ltd. is a founding member of the National Center for Missing and Exploited Children’s (NCMEC) Financial Coalition to Eliminate Child Pornography. e-gold is the only member institution to demonstrate with hard, auditable data a dramatic reduction of such payments to virtually zero, while billions of child porn dollars continue to flow through other (heavily regulated) payment systems. [Most members, that is, all the banks and credit card associations are utterly unable to even provide an estimate of the volume of such payments processed by their systems. eBay’s PayPal subsidiary, who may have the ability to make such a determination, has refused to do so and has indicated they destroy payment records after two years.] What is worse, until August 2005 when NCMEC courageouslybroke ranks with US law enforcement agencies and began directly notifying e-gold of criminal sites via the CyberTipline, component agencies of the US Department of Justice purposely concealed their knowledge of child pornography abuses from e-gold’s investigators, subordinating actual crime fighting to a policy agenda designed to dirty up e-gold.”

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Read the full post of e-gold® Founder Denies Criminal Charges - Public Statement

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WebMoney is a powerful online payment tool. The proprietary client software enables Internet users to conduct real time secure transactions using multi currency WebMoney units (WM-units). This ‘WM Keeper’ software provides users direct digital money access and allow users to manage their accounts from anywhere in the world.

The Webmoney Transfer system has been widely used since 1998 and provides online payments and shopping for millions of digital money users. In 2006 the Webmoney Transfer system executed over $1.45 Billion dollars in customer transactions. You won’t need a bank account or a credit card to open an account with WebMoney Transfer plus registration is fast & free.

Today I am interviewing Peter Darakhvelidze Director of corporate affairs from WebMoney Transfer.

Q) How long has Webmoney Transfer been in operation on the Internet?

Since November 1998

(Q) What areas of Webmoney online commerce has shown the most growth and popularity in recent years?

Gambling, online games (MMORPG at first), FOREX, internet services (hosting, domains etc.) Also you use WebMoney and pay almost all MNO, ISP, IP telephony providers and even utility bills in countries of ex-USSR.

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Popularity: 4% [?]

Read the full post of Webmoney’s Inside Man - Q & A with Peter Darakhvelidze

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I recently posted some information and my opinions that ‘e-gold had hit the wall’.

It was clear early in the day, Friday, that many large e-gold accounts had been frozen or blocked by a US government action. Additional information early in the day on why or how government authorities ‘froze’ the accounts was unknown.

Late Friday afternoon the Justice Department put out a press release stating what action had taken place. This information enlightened us all on why the e-gold exchange agents’ accounts had been frozen and what may happen to e-gold Ltd. from this day forward. We’re getting copies now of the actual court docs but reading the will probably take a week.

Many facts are still unclear and everyone who reads this should remember that persons indicted are innocent until proven otherwise. So any mischief discussed here is only alleged to have occurred. Also understand that a grand jury is a tool of the prosecution. Grand jury indictments are not the final word they are the first word.

What happened?

Early Friday, it was reported on the 1MDC web site that major e-gold exchange agents’ accounts, including 1MDC, had been frozen by a US Government court order or similar document. Later in the day Friday, several news organizations released stories based on the Department of Justice press release.

The four-count indictment, handed down on April 24, 2007, and unsealed today, charges E‑Gold Ltd; Gold & Silver Reserve, Inc.; and their owners Dr. Douglas L. Jackson, of Satellite Beach, Fla.; Reid A. Jackson, of Melbourne, Fla.; and Barry K. Downey, of Woodbine, Md., each with one count of conspiracy to launder monetary instruments, one count of conspiracy to operate an unlicensed money transmitting business, one count of operating an unlicensed money transmitting business under federal law and one count of money transmission without a license under D.C. law. *usdoj.gov

The indictment alleges that the defendants conducted funds transfers on behalf of their customers, knowing that the funds involved were the proceeds of unlawful activity; namely child exploitation, credit card fraud, and wire (investment) fraud; and thereby violated federal money laundering statutes. *prnewswire.com

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Read the full post of E-gold Indictments & Current Situation

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E-gold Major Agents’ Accounts Seized By US Government and 1MDC Is No Longer Operational.

It now appears this morning that all large e-gold exchange agents doing business with US clients have had their e-gold accounts seized by US court order.

Here is what we know as of this morning.

Read the full post of e-gold Hits The Wall! Government Seizes Major Agents’ Accounts

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