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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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Egold filed a motion for an evidentiary hearing. Read the motion here. For those that aren’t sure what an evidentiary hearing is, you can read the wikipedia definition here. In addition, they asked the Court to vacate (remove) the seizure warrant and modify the post-indictment restraining order. I know that people don’t like to read legal documents, but this one is good. In the introduction they call the government’s actions draconian!

Read the full post of Egold Motions for an Evidentiary Hearing

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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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OmniPay temporarily suspends exchange to transition to OmniPay Africa

Effective immediately, G&SR will be leasing the OmniPay business to OmniPay Africa. All OmniPay exchanges will now involve e-gold transfers and money payments into/out of OmniPay Africa’s e-gold and bank accounts respectively. G&SR has contracted to serve as the Operator of OmniPay but will not be a party to actual exchanges.

Read the full post of Omnipay temporarily suspends outexchanges

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Interesting. Read more about this on our blogmaster ePanama’s publication DigitalMoneyWorld here.

You can of course, share your thoughts via Comments or Nobsnetwork.

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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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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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We do not know what the outcome of e-gold will be. It will take a while for the indictment to be processed and either cleared or justified (innocent or guilty.) Speculation helps the soul as you get your opinions off your chest. However, it is prudent to not panic and to wait for an actual outcome. If you are very worried, then move your funds out of e-gold.

Read the full post of Programs/Payment Processors Dropping Egold

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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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TSMC shows no signs of paying anytime soon. That usually equates to never paying again. Get your money out anyway you can! Curt, PonziScams, has uncovered an alternate method for getting your money out of TSMC. You can read about it here.

JMO - Sharon

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Check out this video.

With people like these that does the reports on showing the negative side, it’s tough for any ecurrency to prove themselves on how long will they last.

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There is a new exchange site on the horizon. Compumatrix announced the opening of their subsidiary, All EC Exchange. Here is the update:

All EC Exchange will be launched soon
Written by Administrator
Tuesday, 27 March 2007

Another Project of Compumatrix and Networks Interactive, Inc. is set to launch this April. AllEC-Exchange.com - An Exchange Site that converts various e-Currencies and other electronic monetary credits into CASH.

Read the full post of EC Exchange Opening In April

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If you notice a little downtime earlier on E-gold, its probably this new change that they’re doing earlier.

You’re now required most probably to update your point of contact by selecting the Country you are in.

The reason for this additional change is not known yet; I’ll email them to see if we could get an answer to that.

Read the full post of E-gold Changes - Point of Contact & Maintenance Date

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This post has been edited to add the latest update at the bottom. 3/15/2007.

I can’t believe the nazi-like behavior over at TriStar. Tow the party line or you will be eliminated!! Sheesh, I am really glad none of my money is with them. If it was, it would be stolen when they deleted my account for reporting his updates and my opinion of them! I’m sorry folks, I don’t care how big the TriStar conglomerate is, I just can’t get behind an egotistical tyrant. And he won’t even discuss the legality issue!

Read the full post of Tyrant Bob Krimm, TriStar Media Group, Has More Updates

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